Federated Hermes Inc. Has $76.22 Million Position in Spotify Technology S.A. (NYSE:SPOT)

Federated Hermes Inc. cut its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 19.2% during the fourth quarter, Holdings Channel reports. The fund owned 405,633 shares of the company’s stock after selling 96,293 shares during the quarter. Federated Hermes Inc.’s holdings in Spotify Technology were worth $76,222,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the business. Slow Capital Inc. increased its holdings in shares of Spotify Technology by 0.5% during the 4th quarter. Slow Capital Inc. now owns 18,487 shares of the company’s stock worth $3,474,000 after acquiring an additional 94 shares during the last quarter. Phoenix Wealth Advisors acquired a new position in Spotify Technology in the 4th quarter valued at $204,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Spotify Technology by 8.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,470 shares of the company’s stock valued at $276,000 after buying an additional 109 shares in the last quarter. Canton Hathaway LLC acquired a new position in Spotify Technology in the 4th quarter valued at $170,000. Finally, Vontobel Holding Ltd. grew its holdings in Spotify Technology by 16.3% in the 4th quarter. Vontobel Holding Ltd. now owns 38,815 shares of the company’s stock valued at $7,294,000 after buying an additional 5,437 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $289.20 on Friday. Spotify Technology S.A. has a twelve month low of $128.67 and a twelve month high of $313.16. The business has a fifty day simple moving average of $266.24 and a 200 day simple moving average of $213.35.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, February 6th. The company reported ($0.36) EPS for the quarter, beating the consensus estimate of ($0.37) by $0.01. The firm had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.72 billion. Spotify Technology had a negative return on equity of 23.43% and a negative net margin of 4.01%. The business’s quarterly revenue was up 16.0% on a year-over-year basis. During the same period last year, the company earned ($1.43) earnings per share. On average, equities research analysts expect that Spotify Technology S.A. will post 3.51 EPS for the current fiscal year.

Analysts Set New Price Targets

SPOT has been the topic of a number of research reports. Pivotal Research upped their price objective on Spotify Technology from $330.00 to $390.00 and gave the company a “buy” rating in a report on Friday, April 5th. Barclays upped their price objective on Spotify Technology from $270.00 to $335.00 and gave the company an “overweight” rating in a report on Wednesday, April 10th. DZ Bank raised Spotify Technology from a “sell” rating to a “hold” rating and set a $240.00 price objective on the stock in a report on Wednesday, February 7th. TheStreet upgraded Spotify Technology from a “d+” rating to a “c-” rating in a research report on Friday, February 9th. Finally, Raymond James upped their target price on Spotify Technology from $260.00 to $320.00 and gave the company an “outperform” rating in a research report on Monday. Six analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $265.24.

Spotify Technology 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.