Principal Financial Group Inc. Raises Position in Spotify Technology S.A. (NYSE:SPOT)

Principal Financial Group Inc. boosted its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 11.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,578 shares of the company’s stock after buying an additional 4,192 shares during the period. Principal Financial Group Inc.’s holdings in Spotify Technology were worth $14,586,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Aigen Investment Management LP lifted its stake in shares of Spotify Technology by 42.4% during the third quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock worth $3,612,000 after buying an additional 2,918 shares during the period. Pathway Capital Management LP lifted its position in Spotify Technology by 23.8% during the 3rd quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock worth $21,132,000 after acquiring an additional 11,042 shares during the period. Perpetual Ltd grew its stake in Spotify Technology by 24.3% during the 3rd quarter. Perpetual Ltd now owns 759,681 shares of the company’s stock valued at $279,965,000 after purchasing an additional 148,431 shares during the last quarter. Covenant Asset Management LLC acquired a new position in shares of Spotify Technology in the third quarter valued at about $3,364,000. Finally, Jag Capital Management LLC purchased a new position in shares of Spotify Technology in the third quarter worth about $13,569,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Stock Down 0.3 %

Spotify Technology stock opened at $456.48 on Friday. The company has a fifty day simple moving average of $444.57 and a 200-day simple moving average of $373.84. The firm has a market capitalization of $90.86 billion, a price-to-earnings ratio of 124.04 and a beta of 1.61. Spotify Technology S.A. has a 52-week low of $185.37 and a 52-week high of $506.47.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, November 12th. The company reported $1.45 EPS for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.30). The business had revenue of $3.99 billion during the quarter, compared to analyst estimates of $4.03 billion. Spotify Technology had a net margin of 4.66% and a return on equity of 19.07%. The firm’s revenue was up 18.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.36 EPS. On average, research analysts anticipate that Spotify Technology S.A. will post 6.02 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently weighed in on SPOT. Cantor Fitzgerald reiterated a “neutral” rating and issued a $340.00 price target on shares of Spotify Technology in a report on Monday, October 7th. Barclays increased their price objective on shares of Spotify Technology from $385.00 to $475.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 13th. Benchmark boosted their target price on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research report on Monday, November 11th. Pivotal Research increased their price target on Spotify Technology from $510.00 to $565.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. Finally, Canaccord Genuity Group boosted their price objective on Spotify Technology from $525.00 to $560.00 and gave the company a “buy” rating in a report on Monday, December 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and twenty-two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $429.96.

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.