Lazard Asset Management LLC Sells 17,491,591 Shares of Spotify Technology S.A. (NYSE:SPOT)

Lazard Asset Management LLC trimmed its stake in Spotify Technology S.A. (NYSE:SPOT - Free Report) by 99.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 34,038 shares of the company's stock after selling 17,491,591 shares during the period. Lazard Asset Management LLC's holdings in Spotify Technology were worth $15,226,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Hillsdale Investment Management Inc. bought a new stake in Spotify Technology during the 4th quarter valued at about $27,000. Quent Capital LLC increased its stake in Spotify Technology by 135.7% during the 4th quarter. Quent Capital LLC now owns 99 shares of the company's stock valued at $44,000 after purchasing an additional 57 shares in the last quarter. Noble Wealth Management PBC bought a new stake in Spotify Technology during the 4th quarter valued at about $52,000. Colonial Trust Co SC increased its stake in Spotify Technology by 1,009.1% during the 4th quarter. Colonial Trust Co SC now owns 122 shares of the company's stock valued at $55,000 after purchasing an additional 111 shares in the last quarter. Finally, Larson Financial Group LLC increased its stake in Spotify Technology by 48.5% during the 4th quarter. Larson Financial Group LLC now owns 144 shares of the company's stock valued at $64,000 after purchasing an additional 47 shares in the last quarter. 84.09% of the stock is owned by hedge funds and other institutional investors.

Spotify Technology Stock Performance

Shares of SPOT traded up $15.84 during mid-day trading on Friday, reaching $656.02. The stock had a trading volume of 2,222,366 shares, compared to its average volume of 2,191,867. The firm has a market cap of $134.29 billion, a price-to-earnings ratio of 110.26 and a beta of 1.72. Spotify Technology S.A. has a 12 month low of $288.07 and a 12 month high of $663.55. The business has a fifty day moving average of $585.62 and a 200 day moving average of $532.52.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing analysts' consensus estimates of $2.29 by ($1.16). The firm had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. Spotify Technology had a return on equity of 25.56% and a net margin of 7.26%. The business's revenue for the quarter was up 15.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.97 earnings per share. On average, research analysts forecast that Spotify Technology S.A. will post 10.3 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have weighed in on SPOT shares. Guggenheim raised their price objective on shares of Spotify Technology from $675.00 to $725.00 and gave the company a "buy" rating in a research note on Monday, May 12th. KeyCorp reduced their price objective on shares of Spotify Technology from $675.00 to $625.00 and set an "overweight" rating for the company in a research note on Wednesday, April 9th. Canaccord Genuity Group raised their price objective on shares of Spotify Technology from $650.00 to $700.00 and gave the company a "buy" rating in a research note on Wednesday, February 5th. Wells Fargo & Company raised their price objective on shares of Spotify Technology from $690.00 to $740.00 and gave the company an "overweight" rating in a research note on Friday, March 28th. Finally, Benchmark raised their price objective on shares of Spotify Technology from $600.00 to $720.00 and gave the company a "buy" rating in a research note on Wednesday, February 5th. Eight investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $606.48.

About Spotify Technology

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.