Principal Financial Group Inc. Sells 3,364 Shares of Spotify Technology (NYSE:SPOT)

Principal Financial Group Inc. cut its stake in Spotify Technology (NYSE:SPOT - Free Report) by 16.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,448 shares of the company's stock after selling 3,364 shares during the period. Principal Financial Group Inc.'s holdings in Spotify Technology were worth $9,597,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Proficio Capital Partners LLC purchased a new stake in shares of Spotify Technology in the 4th quarter valued at about $281,000. Wealthfront Advisers LLC lifted its holdings in shares of Spotify Technology by 42.6% in the 4th quarter. Wealthfront Advisers LLC now owns 1,125 shares of the company's stock valued at $503,000 after purchasing an additional 336 shares during the last quarter. HighTower Advisors LLC lifted its holdings in shares of Spotify Technology by 5.0% in the 4th quarter. HighTower Advisors LLC now owns 17,383 shares of the company's stock valued at $7,777,000 after purchasing an additional 834 shares during the last quarter. Sequoia Financial Advisors LLC lifted its holdings in shares of Spotify Technology by 69.2% in the 4th quarter. Sequoia Financial Advisors LLC now owns 2,066 shares of the company's stock valued at $924,000 after purchasing an additional 845 shares during the last quarter. Finally, Great Lakes Advisors LLC purchased a new stake in shares of Spotify Technology in the 4th quarter valued at about $270,000. 84.09% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SPOT has been the topic of a number of recent research reports. Robert W. Baird boosted their target price on Spotify Technology from $700.00 to $730.00 and gave the company an "outperform" rating in a report on Thursday, May 1st. Macquarie boosted their target price on Spotify Technology from $600.00 to $665.00 and gave the stock an "outperform" rating in a research report on Friday, April 25th. Loop Capital boosted their target price on Spotify Technology from $435.00 to $550.00 and gave the stock a "hold" rating in a research report on Friday, May 2nd. JPMorgan Chase & Co. boosted their target price on Spotify Technology from $730.00 to $780.00 and gave the stock an "overweight" rating in a research report on Friday, July 11th. Finally, Evercore ISI boosted their target price on Spotify Technology from $650.00 to $750.00 and gave the stock an "outperform" rating in a research report on Monday, June 16th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nineteen have given a buy rating to the company. Based on data from MarketBeat.com, Spotify Technology has an average rating of "Moderate Buy" and a consensus price target of $701.31.

Spotify Technology Stock Performance

Shares of SPOT stock traded down $31.42 during mid-day trading on Friday, reaching $689.49. The company's stock had a trading volume of 1,290,034 shares, compared to its average volume of 2,215,687. The company has a market cap of $141.14 billion, a P/E ratio of 114.23, a PEG ratio of 1.88 and a beta of 1.68. Spotify Technology has a 1-year low of $288.07 and a 1-year high of $785.00. The firm's 50-day moving average is $695.14 and its two-hundred day moving average is $608.01.

Spotify Technology (NYSE:SPOT - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The company reported $1.13 earnings per share for the quarter, missing the consensus estimate of $2.29 by ($1.16). The firm had revenue of $4.41 billion for the quarter, compared to analyst estimates of $4.22 billion. Spotify Technology had a return on equity of 22.53% and a net margin of 7.19%. The business's quarterly revenue was up 15.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.97 EPS. Sell-side analysts anticipate that Spotify Technology will post 10.3 EPS for the current year.

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.