Lazard Freres Gestion S.A.S. Grows Position in Spotify Technology $SPOT

Lazard Freres Gestion S.A.S. raised its stake in Spotify Technology (NYSE:SPOT) by 4.6% in the third quarter, HoldingsChannel.com reports. The fund owned 32,960 shares of the company’s stock after purchasing an additional 1,459 shares during the quarter. Lazard Freres Gestion S.A.S.’s holdings in Spotify Technology were worth $23,006,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Knuff & Co LLC purchased a new stake in Spotify Technology during the 2nd quarter worth about $27,000. Total Investment Management Inc. acquired a new stake in shares of Spotify Technology during the 2nd quarter worth about $29,000. Heartwood Wealth Advisors LLC acquired a new stake in shares of Spotify Technology during the 3rd quarter worth about $27,000. Sound Income Strategies LLC grew its holdings in shares of Spotify Technology by 156.3% during the second quarter. Sound Income Strategies LLC now owns 41 shares of the company’s stock worth $31,000 after buying an additional 25 shares in the last quarter. Finally, GFG Capital LLC acquired a new position in shares of Spotify Technology in the second quarter valued at approximately $33,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on SPOT shares. Guggenheim reduced their price objective on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. Barclays cut their price target on Spotify Technology from $750.00 to $700.00 and set an “overweight” rating for the company in a report on Wednesday, November 5th. BNP Paribas upgraded Spotify Technology to a “strong-buy” rating in a report on Tuesday, September 16th. Benchmark upped their target price on Spotify Technology from $800.00 to $860.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. Finally, BNP Paribas Exane began coverage on Spotify Technology in a research report on Tuesday, September 16th. They set an “outperform” rating and a $900.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $760.23.

Spotify Technology Stock Up 0.9%

SPOT stock opened at $581.66 on Friday. The company has a market cap of $119.76 billion, a price-to-earnings ratio of 91.46, a PEG ratio of 1.87 and a beta of 1.66. The business has a fifty day simple moving average of $603.82 and a 200-day simple moving average of $666.83. Spotify Technology has a 52 week low of $443.21 and a 52 week high of $785.00.

Spotify Technology (NYSE:SPOT) last posted its quarterly earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.87 by $1.96. The firm had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.23 billion. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.The firm’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.45 earnings per share. As a group, analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Spotify Technology Profile

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.