Spotify Technology $SPOT Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. boosted its position in Spotify Technology (NYSE:SPOT) by 53.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 989,667 shares of the company’s stock after buying an additional 344,471 shares during the period. Principal Financial Group Inc.’s holdings in Spotify Technology were worth $479,899,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the business. KERR FINANCIAL PLANNING Corp purchased a new position in shares of Spotify Technology during the third quarter worth $26,000. Portus Wealth Advisors LLC purchased a new stake in Spotify Technology in the first quarter valued at $32,000. Kemnay Advisory Services Inc. purchased a new stake in Spotify Technology in the fourth quarter valued at $32,000. Whipplewood Advisors LLC grew its holdings in Spotify Technology by 423.1% during the first quarter. Whipplewood Advisors LLC now owns 68 shares of the company’s stock worth $33,000 after acquiring an additional 55 shares during the period. Finally, Newbridge Financial Services Group Inc. acquired a new stake in Spotify Technology during the fourth quarter worth about $35,000. 84.09% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on SPOT. The Goldman Sachs Group cut their price objective on shares of Spotify Technology from $670.00 to $600.00 and set a “buy” rating for the company in a report on Wednesday, April 29th. Barclays boosted their price target on Spotify Technology from $500.00 to $565.00 and gave the stock an “overweight” rating in a research report on Friday, May 22nd. Canaccord Genuity Group lowered their target price on shares of Spotify Technology from $750.00 to $720.00 and set a “buy” rating on the stock in a research note on Wednesday, April 29th. Weiss Ratings downgraded shares of Spotify Technology from a “hold (c+)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. Finally, Morgan Stanley lifted their price target on shares of Spotify Technology from $590.00 to $610.00 and gave the company an “overweight” rating in a research report on Friday, May 22nd. Two research analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, Spotify Technology currently has an average rating of “Moderate Buy” and a consensus price target of $638.58.

Spotify Technology Stock Performance

Spotify Technology stock opened at $480.14 on Tuesday. Spotify Technology has a fifty-two week low of $405.00 and a fifty-two week high of $748.30. The company has a market capitalization of $98.85 billion, a P/E ratio of 38.26, a PEG ratio of 1.18 and a beta of 1.56. The stock has a 50-day simple moving average of $471.78 and a 200-day simple moving average of $494.04.

Spotify Technology (NYSE:SPOT) last released its quarterly earnings data on Tuesday, April 28th. The company reported $4.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.41 by $0.63. Spotify Technology had a return on equity of 35.73% and a net margin of 15.56%.The firm had revenue of $5.25 billion during the quarter, compared to analysts’ expectations of $5.23 billion. During the same quarter in the prior year, the business posted $1.07 earnings per share. Spotify Technology’s revenue was up 8.2% compared to the same quarter last year. As a group, analysts forecast that Spotify Technology will post 14.62 earnings per share for the current year.

Insider Activity at Spotify Technology

In other Spotify Technology news, CEO Gustav Soderstrom sold 20,833 shares of the company’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $430.72, for a total value of $8,973,189.76. Following the sale, the chief executive officer owned 20,492 shares of the company’s stock, valued at $8,826,314.24. This represents a 50.41% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Christopher P. Marshall sold 2,650 shares of Spotify Technology stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $519.86, for a total transaction of $1,377,629.00. Following the completion of the sale, the director directly owned 4,039 shares of the company’s stock, valued at $2,099,714.54. The trade was a 39.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 111,442 shares of company stock valued at $54,757,553 in the last quarter. 0.40% of the stock is owned by corporate insiders.

Spotify Technology Profile

Spotify Technology is a digital audio streaming company best known for its on-demand music service and a growing portfolio of spoken-word content. Founded in Sweden in 2006 by Daniel Ek and Martin Lorentzon and launched commercially in 2008, the company offers a cross-platform app that enables users to discover, stream and organize music, podcasts and other audio. Its primary consumer products include a free, ad-supported tier and a paid Spotify Premium subscription that provides ad-free listening, offline playback and higher-quality audio streams.