Federated Hermes Inc. Buys 77,651 Shares of Spotify Technology S.A. (NYSE:SPOT)

Federated Hermes Inc. boosted its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 16.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 547,669 shares of the company’s stock after acquiring an additional 77,651 shares during the period. Federated Hermes Inc.’s holdings in Spotify Technology were worth $245,037,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SPOT. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Spotify Technology by 34.8% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,189 shares of the company’s stock worth $807,000 after acquiring an additional 565 shares during the period. HighTower Advisors LLC raised its position in Spotify Technology by 25.2% during the third quarter. HighTower Advisors LLC now owns 16,549 shares of the company’s stock valued at $6,073,000 after purchasing an additional 3,330 shares in the last quarter. Integrated Wealth Concepts LLC raised its position in Spotify Technology by 5.6% during the third quarter. Integrated Wealth Concepts LLC now owns 1,743 shares of the company’s stock valued at $642,000 after purchasing an additional 93 shares in the last quarter. Royal London Asset Management Ltd. lifted its stake in Spotify Technology by 6.8% during the third quarter. Royal London Asset Management Ltd. now owns 62,661 shares of the company’s stock worth $23,092,000 after purchasing an additional 3,984 shares during the last quarter. Finally, Quantinno Capital Management LP boosted its holdings in shares of Spotify Technology by 14.2% in the 3rd quarter. Quantinno Capital Management LP now owns 9,500 shares of the company’s stock valued at $3,501,000 after purchasing an additional 1,180 shares in the last quarter. 84.09% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on SPOT shares. China Renaissance began coverage on Spotify Technology in a research report on Wednesday, March 26th. They set a “buy” rating and a $740.00 price objective for the company. Macquarie increased their target price on shares of Spotify Technology from $500.00 to $600.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Rosenblatt Securities reaffirmed a “neutral” rating and set a $658.00 price target (up from $473.00) on shares of Spotify Technology in a report on Wednesday, February 5th. Redburn Atlantic started coverage on shares of Spotify Technology in a research note on Tuesday, March 11th. They issued a “neutral” rating and a $545.00 price objective for the company. Finally, JPMorgan Chase & Co. raised their target price on shares of Spotify Technology from $555.00 to $730.00 and gave the company an “overweight” rating in a research report on Wednesday, February 5th. Nine research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $557.47.

Spotify Technology Stock Performance

Shares of SPOT stock opened at $502.90 on Friday. The company has a market cap of $102.95 billion, a P/E ratio of 84.52 and a beta of 1.75. Spotify Technology S.A. has a fifty-two week low of $267.76 and a fifty-two week high of $652.63. The stock has a 50 day simple moving average of $583.28 and a two-hundred day simple moving average of $485.42.

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.