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

Key Points

• Federated Hermes Inc. raised its stake in Spotify Technology by 1.2%, now owning 554,124 shares valued at approximately $304.79 million, making it 27th in their investment portfolio.
• The stock price of Spotify Technology has increased by 1.2%, with a current trading price around $701.61 and a market capitalization of $143.63 billion.
• Spotify reported earnings of $1.13 per share for the last quarter, missing analysts' expectations, but revenue rose by 15.2% year-over-year to $4.41 billion.

Federated Hermes Inc. lifted its position in shares of Spotify Technology (NYSE:SPOT - Free Report) by 1.2% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 554,124 shares of the company's stock after purchasing an additional 6,455 shares during the quarter. Spotify Technology comprises approximately 0.7% of Federated Hermes Inc.'s holdings, making the stock its 27th largest holding. Federated Hermes Inc. owned approximately 0.27% of Spotify Technology worth $304,785,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Jennison Associates LLC raised its position in shares of Spotify Technology by 42.3% during the 1st quarter. Jennison Associates LLC now owns 4,247,940 shares of the company's stock valued at $2,336,494,000 after acquiring an additional 1,262,614 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Spotify Technology by 3.3% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 3,526,988 shares of the company's stock valued at $1,939,949,000 after acquiring an additional 112,553 shares in the last quarter. FMR LLC raised its position in shares of Spotify Technology by 30.2% during the 4th quarter. FMR LLC now owns 2,041,387 shares of the company's stock valued at $913,276,000 after acquiring an additional 473,569 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Spotify Technology by 561.6% during the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company's stock valued at $659,841,000 after acquiring an additional 1,259,183 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of Spotify Technology by 103.7% during the 4th quarter. Northern Trust Corp now owns 1,426,902 shares of the company's stock valued at $638,367,000 after acquiring an additional 726,245 shares in the last quarter. Hedge funds and other institutional investors own 84.09% of the company's stock.

Spotify Technology Stock Down 0.0%

Shares of SPOT traded down $0.20 during midday trading on Friday, reaching $626.34. 1,959,376 shares of the stock were exchanged, compared to its average volume of 2,338,871. Spotify Technology has a 12-month low of $300.57 and a 12-month high of $785.00. The firm has a 50 day simple moving average of $701.27 and a 200-day simple moving average of $622.44. The company has a market cap of $128.22 billion, a price-to-earnings ratio of 151.86, a P/E/G ratio of 1.84 and a beta of 1.68.

Spotify Technology (NYSE:SPOT - Get Free Report) last issued its quarterly earnings data 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 net margin of 4.76% and a return on equity of 13.67%. The company had revenue of $4.41 billion during the quarter, compared to the consensus estimate of $4.22 billion. During the same period in the previous year, the business posted $0.97 earnings per share. The firm's revenue was up 15.2% on a year-over-year basis. Research analysts expect that Spotify Technology will post 10.3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

SPOT has been the topic of several analyst reports. Wolfe Research raised Spotify Technology from a "peer perform" rating to an "outperform" rating and set a $660.00 target price on the stock in a research report on Monday, April 21st. Bank of America increased their target price on Spotify Technology from $700.00 to $900.00 and gave the stock a "buy" rating in a research report on Thursday, June 26th. Rosenblatt Securities dropped their target price on Spotify Technology from $703.00 to $679.00 and set a "neutral" rating on the stock in a research report on Wednesday. Cantor Fitzgerald increased their target price on Spotify Technology from $610.00 to $640.00 and gave the stock a "neutral" rating in a research report on Wednesday, June 18th. Finally, DZ Bank raised Spotify Technology from a "sell" rating to a "hold" rating and set a $652.00 price target on the stock in a report on Wednesday. Nine investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $718.90.

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.