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

Principal Financial Group Inc. boosted its position in shares of Spotify Technology S.A. (NYSE:SPOT - Free Report) by 11.8% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 39,578 shares of the company's stock after acquiring an additional 4,192 shares during the quarter. Principal Financial Group Inc.'s holdings in Spotify Technology were worth $14,586,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in SPOT. GQG Partners LLC acquired a new position in Spotify Technology in the 1st quarter worth approximately $610,040,000. Bamco Inc. NY increased its stake in shares of Spotify Technology by 28.3% in the first quarter. Bamco Inc. NY now owns 864,584 shares of the company's stock worth $228,164,000 after acquiring an additional 190,931 shares during the period. Swedbank AB raised its holdings in shares of Spotify Technology by 13.2% during the second quarter. Swedbank AB now owns 852,526 shares of the company's stock worth $267,514,000 after purchasing an additional 99,730 shares during the last quarter. Perpetual Ltd raised its holdings in shares of Spotify Technology by 24.3% during the third quarter. Perpetual Ltd now owns 759,681 shares of the company's stock worth $279,965,000 after purchasing an additional 148,431 shares during the last quarter. Finally, D1 Capital Partners L.P. lifted its holdings in shares of Spotify Technology by 5.6% in the 2nd quarter. D1 Capital Partners L.P. now owns 680,061 shares of the company's stock valued at $213,396,000 after buying an additional 36,000 shares during the period. Hedge funds and other institutional investors own 84.09% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on SPOT shares. JPMorgan Chase & Co. upped their price objective on Spotify Technology from $425.00 to $530.00 and gave the stock an "overweight" rating in a research report on Wednesday. Deutsche Bank Aktiengesellschaft increased their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the stock a "buy" rating in a report on Wednesday, November 6th. Rosenblatt Securities upped their price objective on shares of Spotify Technology from $399.00 to $438.00 and gave the stock a "buy" rating in a research report on Thursday, October 17th. Pivotal Research raised their target price on Spotify Technology from $510.00 to $565.00 and gave the company a "buy" rating in a research report on Wednesday. Finally, Macquarie upped their price target on Spotify Technology from $395.00 to $500.00 and gave the stock an "outperform" rating in a report on Wednesday. One analyst has rated the stock with a sell rating, five have given a hold rating and twenty-three have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $421.69.

Spotify Technology Trading Down 4.0 %

Spotify Technology stock traded down $19.18 during mid-day trading on Friday, hitting $458.32. The company's stock had a trading volume of 3,024,154 shares, compared to its average volume of 1,936,045. The stock's fifty day moving average is $378.15 and its two-hundred day moving average is $337.83. The company has a current ratio of 1.56, a quick ratio of 1.56 and a debt-to-equity ratio of 0.31. The firm has a market capitalization of $91.23 billion, a PE ratio of 124.54 and a beta of 1.56. Spotify Technology S.A. has a 1 year low of $170.62 and a 1 year high of $489.69.

Spotify Technology (NYSE:SPOT - Get Free Report) last released its quarterly earnings results on Tuesday, November 12th. The company reported $1.45 earnings per share for the quarter, missing analysts' consensus estimates of $1.75 by ($0.30). The business had revenue of $3.99 billion for the quarter, compared to analysts' expectations of $4.03 billion. Spotify Technology had a return on equity of 20.99% and a net margin of 4.66%. The business's revenue for the quarter was up 18.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.36 earnings per share. On average, analysts anticipate that Spotify Technology S.A. will post 6.19 EPS for the current year.

Spotify Technology Company 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.