Spotify Technology (NYSE:SPOT) Holdings Lowered by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its stake in shares of Spotify Technology (NYSE:SPOT) by 16.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 17,448 shares of the company’s stock after selling 3,364 shares during the quarter. Principal Financial Group Inc.’s holdings in Spotify Technology were worth $9,597,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. GQG Partners LLC acquired a new position in shares of Spotify Technology in the 4th quarter worth approximately $800,725,000. Geode Capital Management LLC grew its stake in shares of Spotify Technology by 561.6% in the 4th quarter. Geode Capital Management LLC now owns 1,483,392 shares of the company’s stock worth $659,841,000 after purchasing an additional 1,259,183 shares during the last quarter. Norges Bank acquired a new position in shares of Spotify Technology in the 4th quarter worth approximately $396,028,000. Janus Henderson Group PLC grew its stake in shares of Spotify Technology by 325.9% in the 4th quarter. Janus Henderson Group PLC now owns 1,125,465 shares of the company’s stock worth $503,316,000 after purchasing an additional 861,232 shares during the last quarter. Finally, Northern Trust Corp grew its stake in shares of Spotify Technology by 103.7% in the 4th quarter. Northern Trust Corp now owns 1,426,902 shares of the company’s stock worth $638,367,000 after purchasing an additional 726,245 shares during the last quarter. 84.09% of the stock is currently owned by institutional investors.

Spotify Technology Stock Up 1.1%

NYSE SPOT opened at $716.76 on Tuesday. The stock has a market capitalization of $146.73 billion, a PE ratio of 118.87, a price-to-earnings-growth ratio of 1.88 and a beta of 1.68. The company has a 50 day moving average price of $691.37 and a two-hundred day moving average price of $604.73. Spotify Technology has a 12-month low of $288.07 and a 12-month high of $785.00.

Spotify Technology (NYSE:SPOT) last posted its earnings results on Tuesday, April 29th. The company reported $1.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.29 by ($1.16). The business had revenue of $4.41 billion during the quarter, compared to analyst estimates of $4.22 billion. Spotify Technology had a net margin of 7.19% and a return on equity of 22.53%. Spotify Technology’s revenue was up 15.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.97 earnings per share. As a group, equities analysts anticipate that Spotify Technology will post 10.3 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the stock. Phillip Securities raised shares of Spotify Technology to a “moderate sell” rating in a research note on Monday, May 5th. China Renaissance started coverage on shares of Spotify Technology in a research note on Wednesday, March 26th. They issued a “buy” rating and a $740.00 price objective on the stock. The Goldman Sachs Group lifted their target price on shares of Spotify Technology from $680.00 to $775.00 and gave the stock a “buy” rating in a research report on Wednesday, July 2nd. Guggenheim lifted their target price on shares of Spotify Technology from $725.00 to $840.00 and gave the stock a “buy” rating in a research report on Wednesday, June 25th. Finally, Canaccord Genuity Group lifted their target price on shares of Spotify Technology from $775.00 to $850.00 and gave the stock a “buy” rating in a research report on Wednesday, July 2nd. One equities 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. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $701.31.

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.