Spotify Technology $SPOT Holdings Cut by Federated Hermes Inc.

Federated Hermes Inc. reduced its stake in Spotify Technology (NYSE:SPOT) by 14.1% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 475,716 shares of the company’s stock after selling 78,408 shares during the period. Spotify Technology accounts for about 0.7% of Federated Hermes Inc.’s investment portfolio, making the stock its 25th biggest holding. Federated Hermes Inc.’s holdings in Spotify Technology were worth $365,036,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Sapient Capital LLC bought a new stake in Spotify Technology in the 2nd quarter valued at about $322,000. Integrated Wealth Concepts LLC grew its position in Spotify Technology by 39.8% in the 1st quarter. Integrated Wealth Concepts LLC now owns 2,702 shares of the company’s stock worth $1,486,000 after purchasing an additional 769 shares during the last quarter. Swedbank AB increased its stake in shares of Spotify Technology by 1.4% in the first quarter. Swedbank AB now owns 959,587 shares of the company’s stock valued at $527,802,000 after purchasing an additional 13,458 shares during the period. Legacy Capital Group California Inc. raised its holdings in shares of Spotify Technology by 110.9% during the second quarter. Legacy Capital Group California Inc. now owns 3,896 shares of the company’s stock valued at $2,990,000 after buying an additional 2,049 shares during the last quarter. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Spotify Technology during the second quarter valued at approximately $18,877,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Argus started coverage on Spotify Technology in a research report on Monday, September 29th. They issued a “buy” rating and a $845.00 target price on the stock. Oppenheimer raised their price target on Spotify Technology from $750.00 to $825.00 and gave the company an “outperform” rating in a report on Monday, August 18th. Rosenblatt Securities cut their price objective on shares of Spotify Technology from $700.00 to $670.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 5th. Phillip Securities raised shares of Spotify Technology from a “hold” rating to a “moderate buy” rating in a report on Monday, November 10th. Finally, Benchmark raised their target price on shares of Spotify Technology from $800.00 to $860.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, Spotify Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $758.86.

Spotify Technology Stock Up 0.8%

NYSE:SPOT opened at $565.62 on Friday. The business’s 50-day moving average price is $642.44 and its 200 day moving average price is $679.32. Spotify Technology has a 52-week low of $443.21 and a 52-week high of $785.00. The firm has a market cap of $116.46 billion, a P/E ratio of 88.93, a PEG ratio of 1.87 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last issued its quarterly earnings results on Tuesday, November 4th. The company reported $3.83 earnings per share for the quarter, beating analysts’ consensus estimates of $1.87 by $1.96. Spotify Technology had a net margin of 8.46% and a return on equity of 21.68%. The company had revenue of $5.01 billion during the quarter, compared to the consensus estimate of $4.23 billion. During the same period in the prior year, the company earned $1.45 EPS. Spotify Technology’s revenue was up 7.1% on a year-over-year basis. Sell-side analysts expect that Spotify Technology will post 10.3 EPS for the current year.

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.