Spotify Technology S.A. (NYSE:SPOT) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its stake in Spotify Technology S.A. (NYSE:SPOTFree Report) by 81.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 17,322 shares of the company’s stock after selling 78,093 shares during the quarter. Principal Financial Group Inc.’s holdings in Spotify Technology were worth $2,679,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. First Horizon Advisors Inc. increased its position in shares of Spotify Technology by 195.0% during the 3rd quarter. First Horizon Advisors Inc. now owns 177 shares of the company’s stock worth $27,000 after purchasing an additional 117 shares during the last quarter. Quarry LP acquired a new stake in shares of Spotify Technology during the 2nd quarter worth about $35,000. First Manhattan Co. increased its position in shares of Spotify Technology by 65.8% during the 1st quarter. First Manhattan Co. now owns 252 shares of the company’s stock worth $38,000 after purchasing an additional 100 shares during the last quarter. Covestor Ltd increased its position in shares of Spotify Technology by 110.7% during the 2nd quarter. Covestor Ltd now owns 257 shares of the company’s stock worth $42,000 after purchasing an additional 135 shares during the last quarter. Finally, Impact Partnership Wealth LLC acquired a new stake in shares of Spotify Technology during the 3rd quarter worth about $43,000. 56.89% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently commented on SPOT shares. Macquarie restated an “outperform” rating and set a $300.00 target price (up from $232.00) on shares of Spotify Technology in a report on Wednesday. Benchmark raised their target price on Spotify Technology from $260.00 to $290.00 and gave the company a “buy” rating in a report on Wednesday. Barclays raised their target price on Spotify Technology from $186.00 to $216.00 and gave the company an “overweight” rating in a report on Friday, December 8th. Truist Financial raised their target price on Spotify Technology from $176.00 to $190.00 and gave the company a “buy” rating in a report on Wednesday, October 25th. Finally, KeyCorp raised their target price on Spotify Technology from $255.00 to $300.00 and gave the company an “overweight” rating in a report on Wednesday. Six investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $223.36.

Read Our Latest Analysis on SPOT

Spotify Technology Stock Down 0.3 %

Shares of NYSE SPOT opened at $240.01 on Friday. The business has a 50-day moving average price of $201.71 and a 200 day moving average price of $172.35. The company has a quick ratio of 1.27, a current ratio of 1.27 and a debt-to-equity ratio of 0.57. The stock has a market cap of $46.84 billion, a PE ratio of -81.08 and a beta of 1.60. Spotify Technology S.A. has a 52-week low of $114.64 and a 52-week high of $248.67.

Spotify Technology (NYSE:SPOTGet Free Report) last posted its quarterly earnings data on Tuesday, February 6th. The company reported ($0.36) EPS for the quarter, beating the consensus estimate of ($0.37) by $0.01. The firm had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.72 billion. Spotify Technology had a negative return on equity of 24.35% and a negative net margin of 4.01%. The firm’s revenue was up 16.0% compared to the same quarter last year. During the same period in the prior year, the business earned ($1.43) EPS. Equities research analysts forecast that Spotify Technology S.A. will post 2.44 earnings per share for the current year.

Spotify Technology Company Profile

(Free Report)

Spotify Technology SA, together with its subsidiaries, provides audio streaming 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.

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Institutional Ownership by Quarter for Spotify Technology (NYSE:SPOT)

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