Federated Hermes Inc. lifted its holdings in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 16.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 547,669 shares of the company's stock after purchasing an additional 77,651 shares during the quarter. Federated Hermes Inc. owned 0.28% of Spotify Technology worth $245,037,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of the stock. Jennison Associates LLC bought a new position in Spotify Technology during the fourth quarter worth $1,335,575,000. GQG Partners LLC bought a new position in shares of Spotify Technology in the 4th quarter valued at $800,725,000. Forsta AP Fonden acquired a new position in Spotify Technology during the fourth quarter worth about $619,600,000. Geode Capital Management LLC lifted its stake in Spotify Technology by 561.6% in the 4th 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. Finally, Norges Bank acquired a new position in Spotify Technology in the 4th quarter worth about $396,028,000. 84.09% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
SPOT has been the topic of a number of recent research reports. China Renaissance assumed coverage on shares of Spotify Technology in a report on Wednesday, March 26th. They set a "buy" rating and a $740.00 price target on the stock. FBN Securities initiated coverage on Spotify Technology in a report on Friday, March 28th. They set a "sector perform" rating and a $645.00 target price on the stock. The Goldman Sachs Group upped their target price on Spotify Technology from $550.00 to $695.00 and gave the company a "buy" rating in a report on Thursday, February 6th. Guggenheim restated a "buy" rating and set a $675.00 price target on shares of Spotify Technology in a report on Monday, February 24th. Finally, Barclays upped their price objective on shares of Spotify Technology from $475.00 to $710.00 and gave the company an "overweight" rating in a research note 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.com, Spotify Technology currently has an average rating of "Moderate Buy" and a consensus target price of $555.30.
Read Our Latest Report on SPOT
Spotify Technology Price Performance
Shares of SPOT stock traded down $7.51 on Friday, hitting $545.51. The stock had a trading volume of 1,013,063 shares, compared to its average volume of 2,170,224. Spotify Technology S.A. has a 12-month low of $267.76 and a 12-month high of $652.63. The stock has a market cap of $111.67 billion, a price-to-earnings ratio of 91.71 and a beta of 1.75. The business has a 50 day moving average of $583.39 and a 200 day moving average of $491.92.
Spotify Technology Company Profile
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Free Report)
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.
Further Reading
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