Principal Financial Group Inc. Purchases 555,752 Shares of Spotify Technology $SPOT

Principal Financial Group Inc. boosted its holdings in Spotify Technology (NYSE:SPOT) by 3,534.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 571,474 shares of the company’s stock after purchasing an additional 555,752 shares during the quarter. Principal Financial Group Inc. owned about 0.28% of Spotify Technology worth $398,889,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Helios Capital Management PTE. Ltd. increased its position in Spotify Technology by 56.3% in the third quarter. Helios Capital Management PTE. Ltd. now owns 7,500 shares of the company’s stock worth $5,235,000 after buying an additional 2,700 shares during the last quarter. Generali Asset Management SPA SGR increased its holdings in Spotify Technology by 30.9% in the 3rd quarter. Generali Asset Management SPA SGR now owns 68,023 shares of the company’s stock worth $46,692,000 after acquiring an additional 16,054 shares during the last quarter. Ownership Capital B.V. bought a new stake in Spotify Technology in the 3rd quarter valued at about $2,769,000. Cynosure Group LLC purchased a new stake in Spotify Technology during the third quarter valued at about $2,862,000. Finally, Commonwealth Equity Services LLC lifted its holdings in Spotify Technology by 12.2% during the third quarter. Commonwealth Equity Services LLC now owns 18,676 shares of the company’s stock valued at $13,036,000 after purchasing an additional 2,032 shares during the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Down 0.8%

Shares of SPOT stock opened at $499.69 on Friday. The business has a 50-day moving average price of $558.79 and a two-hundred day moving average price of $637.01. Spotify Technology has a 12-month low of $475.01 and a 12-month high of $785.00. The firm has a market cap of $102.88 billion, a P/E ratio of 78.57, a price-to-earnings-growth ratio of 0.96 and a beta of 1.66.

Spotify Technology (NYSE:SPOT) last announced its quarterly earnings data 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. The company had revenue of $5.01 billion for the quarter, compared to analysts’ expectations of $4.23 billion. Spotify Technology had a return on equity of 21.68% and a net margin of 8.46%.Spotify Technology’s revenue for the quarter was up 7.1% compared to the same quarter last year. During the same period last year, the firm posted $1.45 EPS. As a group, research analysts expect that Spotify Technology will post 10.3 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on SPOT. UBS Group reduced their target price on shares of Spotify Technology from $850.00 to $800.00 and set a “buy” rating for the company in a research note on Friday, January 9th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Spotify Technology in a research note on Monday, December 29th. Wells Fargo & Company lowered their target price on shares of Spotify Technology from $750.00 to $710.00 and set an “overweight” rating on the stock in a report on Tuesday, January 13th. Phillip Securities raised Spotify Technology from a “hold” rating to a “moderate buy” rating in a report on Monday, November 10th. Finally, Pivotal Research reduced their price target on Spotify Technology from $900.00 to $875.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, Spotify Technology currently has a consensus rating of “Moderate Buy” and an average price target of $727.71.

Spotify Technology Profile

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.