Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. decreased its stake in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 19.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 405,633 shares of the company's stock after selling 96,293 shares during the quarter. Federated Hermes Inc. owned about 0.21% of Spotify Technology worth $76,222,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. First Horizon Advisors Inc. boosted its position in shares of Spotify Technology by 195.0% during the third quarter. First Horizon Advisors Inc. now owns 177 shares of the company's stock worth $27,000 after acquiring an additional 117 shares during the last quarter. Pinnacle Bancorp Inc. bought a new position in Spotify Technology during the fourth quarter valued at $29,000. Quarry LP bought a new position in Spotify Technology during the second quarter valued at $35,000. First Manhattan Co. lifted its position in Spotify Technology by 65.8% during the first quarter. First Manhattan Co. now owns 252 shares of the company's stock valued at $38,000 after purchasing an additional 100 shares during the last quarter. Finally, Beaird Harris Wealth Management LLC lifted its position in Spotify Technology by 2,540.0% during the third quarter. Beaird Harris Wealth Management LLC now owns 264 shares of the company's stock valued at $41,000 after purchasing an additional 254 shares during the last quarter. Institutional investors own 84.09% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Barclays increased their price objective on shares of Spotify Technology from $270.00 to $335.00 and gave the company an "overweight" rating in a research report on Wednesday, April 10th. The Goldman Sachs Group increased their price objective on shares of Spotify Technology from $235.00 to $277.00 and gave the company a "neutral" rating in a research report on Wednesday. Pivotal Research increased their price objective on shares of Spotify Technology from $330.00 to $390.00 and gave the company a "buy" rating in a research report on Friday, April 5th. Bank of America increased their target price on shares of Spotify Technology from $265.00 to $315.00 and gave the company a "buy" rating in a research note on Wednesday, March 20th. Finally, UBS Group increased their target price on shares of Spotify Technology from $274.00 to $375.00 and gave the company a "buy" rating in a research note on Friday, April 5th. Six research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $265.24.

Spotify Technology Stock Performance

Spotify Technology stock traded down $13.41 during midday trading on Friday, hitting $275.79. 4,245,134 shares of the company's stock were exchanged, compared to its average volume of 1,937,432. Spotify Technology S.A. has a 12 month low of $128.67 and a 12 month high of $313.16. The firm has a 50-day moving average of $266.94 and a two-hundred day moving average of $214.16. The company has a market cap of $54.70 billion, a PE ratio of -93.17 and a beta of 1.63.

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

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.