Federated Hermes Inc. Has $304.79 Million Stock Holdings in Spotify Technology (NYSE:SPOT)

Federated Hermes Inc. increased its stake in shares of Spotify Technology (NYSE:SPOT) by 1.2% in the first quarter, Holdings Channel.com reports. The firm owned 554,124 shares of the company’s stock after buying an additional 6,455 shares during the quarter. Spotify Technology comprises approximately 0.7% of Federated Hermes Inc.’s investment portfolio, making the stock its 27th biggest position. Federated Hermes Inc.’s holdings in Spotify Technology were worth $304,785,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Jennison Associates LLC increased its position in shares of Spotify Technology by 42.3% during the first quarter. Jennison Associates LLC now owns 4,247,940 shares of the company’s stock worth $2,336,494,000 after buying an additional 1,262,614 shares during the period. Geode Capital Management LLC raised its holdings in shares of Spotify Technology by 561.6% in the fourth quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock valued at $659,841,000 after purchasing an additional 1,259,183 shares during the last quarter. Janus Henderson Group PLC increased its holdings in Spotify Technology by 325.9% during the fourth quarter. Janus Henderson Group PLC now owns 1,125,465 shares of the company’s stock worth $503,316,000 after buying an additional 861,232 shares during the last quarter. Northern Trust Corp increased its holdings in Spotify Technology by 103.7% during the fourth quarter. Northern Trust Corp now owns 1,426,902 shares of the company’s stock worth $638,367,000 after buying an additional 726,245 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of Spotify Technology by 75,856.5% in the first quarter. GAMMA Investing LLC now owns 717,789 shares of the company’s stock worth $394,805,000 after purchasing an additional 716,844 shares in the last quarter. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently commented on SPOT. Rosenblatt Securities cut their price objective on shares of Spotify Technology from $658.00 to $657.00 and set a “neutral” rating for the company in a research report on Wednesday, April 30th. Robert W. Baird upped their price target on shares of Spotify Technology from $700.00 to $730.00 and gave the company an “outperform” rating in a report on Thursday, May 1st. Loop Capital boosted their price objective on shares of Spotify Technology from $435.00 to $550.00 and gave the company a “hold” rating in a research report on Friday, May 2nd. Guggenheim upped their target price on shares of Spotify Technology from $725.00 to $840.00 and gave the stock a “buy” rating in a research report on Wednesday, June 25th. Finally, Sanford C. Bernstein increased their price objective on shares of Spotify Technology from $825.00 to $840.00 and gave the company an “outperform” rating in a research report on Tuesday, July 8th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat.com, Spotify Technology presently has a consensus rating of “Moderate Buy” and an average target price of $727.52.

Spotify Technology Price Performance

SPOT opened at $701.61 on Tuesday. The business’s 50-day moving average is $702.10 and its two-hundred day moving average is $621.08. Spotify Technology has a 1 year low of $300.57 and a 1 year high of $785.00. The firm has a market capitalization of $143.63 billion, a PE ratio of 116.35, a price-to-earnings-growth ratio of 1.87 and a beta of 1.68.

Spotify Technology (NYSE:SPOT) last issued 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). Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The business had revenue of $4.41 billion for the quarter, compared to analysts’ expectations of $4.22 billion. During the same quarter in the previous year, the firm posted $0.97 EPS. Spotify Technology’s revenue was up 15.2% on a year-over-year basis. As a group, sell-side analysts expect that Spotify Technology will post 10.3 EPS for the current year.

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.