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

Principal Financial Group Inc. cut its stake in shares of Spotify Technology S.A. (NYSE:SPOT) by 47.4% 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 20,812 shares of the company’s stock after selling 18,766 shares during the period. Principal Financial Group Inc.’s holdings in Spotify Technology were worth $9,311,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Aigen Investment Management LP raised its position in Spotify Technology by 42.4% during the third quarter. Aigen Investment Management LP now owns 9,800 shares of the company’s stock valued at $3,612,000 after purchasing an additional 2,918 shares during the period. Jennison Associates LLC bought a new position in shares of Spotify Technology during the fourth quarter valued at approximately $1,335,575,000. Marks Group Wealth Management Inc bought a new position in shares of Spotify Technology during the fourth quarter valued at approximately $535,000. Patriot Financial Group Insurance Agency LLC bought a new position in shares of Spotify Technology during the fourth quarter valued at approximately $214,000. Finally, Pathway Capital Management LP grew its stake in shares of Spotify Technology by 23.8% during the third quarter. Pathway Capital Management LP now owns 57,340 shares of the company’s stock valued at $21,132,000 after buying an additional 11,042 shares during the last quarter. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Spotify Technology Trading Up 2.9 %

Shares of SPOT opened at $608.16 on Friday. Spotify Technology S.A. has a 12 month low of $249.58 and a 12 month high of $652.63. The stock has a fifty day moving average price of $536.90 and a 200-day moving average price of $444.91. The firm has a market cap of $121.06 billion, a PE ratio of 102.21 and a beta of 1.63.

Analysts Set New Price Targets

SPOT has been the topic of a number of analyst reports. KeyCorp upped their target price on Spotify Technology from $555.00 to $600.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Macquarie upped their target price on Spotify Technology from $500.00 to $600.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Rosenblatt Securities reissued a “neutral” rating and issued a $658.00 price objective (up previously from $473.00) on shares of Spotify Technology in a research note on Wednesday, February 5th. UBS Group increased their price objective on Spotify Technology from $485.00 to $540.00 and gave the stock a “buy” rating in a research note on Wednesday, January 15th. Finally, Benchmark increased their price objective on Spotify Technology from $600.00 to $720.00 and gave the stock a “buy” rating in a research note on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat, Spotify Technology presently has an average rating of “Moderate Buy” and an average price target of $529.43.

Spotify Technology 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.