Lazard Freres Gestion S.A.S. Buys Shares of 7,400 Spotify Technology S.A. (NYSE:SPOT)

Lazard Freres Gestion S.A.S. purchased a new position in shares of Spotify Technology S.A. (NYSE:SPOT) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 7,400 shares of the company’s stock, valued at approximately $2,727,000.

Several other large investors also recently bought and sold shares of the stock. Swedbank AB purchased a new position in shares of Spotify Technology during the 1st quarter valued at about $198,663,000. WCM Investment Management LLC boosted its position in Spotify Technology by 18.5% during the third quarter. WCM Investment Management LLC now owns 3,873,625 shares of the company’s stock worth $1,430,142,000 after purchasing an additional 605,755 shares in the last quarter. International Assets Investment Management LLC grew its stake in Spotify Technology by 36,910.0% in the 3rd quarter. International Assets Investment Management LLC now owns 347,524 shares of the company’s stock valued at $128,073,000 after acquiring an additional 346,585 shares during the period. Sei Investments Co. grew its position in shares of Spotify Technology by 106.8% in the second quarter. Sei Investments Co. now owns 646,380 shares of the company’s stock valued at $202,828,000 after purchasing an additional 333,782 shares during the period. Finally, FMR LLC raised its position in shares of Spotify Technology by 23.4% during the 3rd quarter. FMR LLC now owns 1,567,818 shares of the company’s stock worth $577,788,000 after purchasing an additional 297,035 shares during the last quarter. Hedge funds and other institutional investors own 84.09% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on SPOT shares. Rosenblatt Securities boosted their price target on shares of Spotify Technology from $399.00 to $438.00 and gave the stock a “buy” rating in a research report on Thursday, October 17th. JPMorgan Chase & Co. upped their price objective on Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a report on Wednesday, November 13th. Benchmark increased their target price on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a “buy” rating in a research note on Monday, November 11th. KeyCorp raised their price target on Spotify Technology from $490.00 to $520.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 13th. Finally, Wells Fargo & Company upped their target price on shares of Spotify Technology from $470.00 to $520.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-three have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $421.69.

Spotify Technology Stock Performance

SPOT stock traded down $2.96 during trading on Tuesday, hitting $478.42. The stock had a trading volume of 119,482 shares, compared to its average volume of 2,052,988. The stock has a market cap of $95.23 billion, a price-to-earnings ratio of 130.39 and a beta of 1.56. Spotify Technology S.A. has a 1-year low of $179.66 and a 1-year high of $489.69. The company’s 50 day moving average price is $394.43 and its two-hundred day moving average price is $345.87.

Spotify Technology (NYSE:SPOT) last released its earnings results on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.30). The firm had revenue of $3.99 billion during the quarter, compared to analysts’ expectations of $4.03 billion. Spotify Technology had a return on equity of 19.07% and a net margin of 4.66%. The firm’s revenue was up 18.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.36 earnings per share. As a group, sell-side analysts forecast that Spotify Technology S.A. will post 6.02 earnings per share for the current fiscal year.

Spotify Technology Company Profile

Spotify Technology SA, together with its subsidiaries, provides audio streaming subscription services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers unlimited online and offline streaming access to its catalog of music and podcasts without commercial breaks to its subscribers.