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

Principal Financial Group Inc. lifted its holdings in shares of Spotify Technology S.A. (NYSE:SPOT) by 11.8% during the 3rd quarter, Holdings Channel reports. The firm owned 39,578 shares of the company’s stock after buying an additional 4,192 shares during the period. Principal Financial Group Inc.’s holdings in Spotify Technology were worth $14,586,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Hanseatic Management Services Inc. raised its holdings in Spotify Technology by 23.3% in the third quarter. Hanseatic Management Services Inc. now owns 386 shares of the company’s stock valued at $142,000 after acquiring an additional 73 shares in the last quarter. Concurrent Investment Advisors LLC raised its holdings in Spotify Technology by 4.8% in the third quarter. Concurrent Investment Advisors LLC now owns 1,538 shares of the company’s stock valued at $567,000 after acquiring an additional 71 shares in the last quarter. Geneva Partners LLC acquired a new stake in Spotify Technology in the third quarter valued at approximately $1,698,000. Amalgamated Bank raised its holdings in Spotify Technology by 4.2% in the third quarter. Amalgamated Bank now owns 10,227 shares of the company’s stock valued at $3,769,000 after acquiring an additional 415 shares in the last quarter. Finally, Impax Asset Management Group plc raised its holdings in Spotify Technology by 36.5% in the third quarter. Impax Asset Management Group plc now owns 3,381 shares of the company’s stock valued at $1,246,000 after acquiring an additional 904 shares in the last quarter. Institutional investors and hedge funds own 84.09% of the company’s stock.

Spotify Technology Stock Performance

Spotify Technology stock opened at $458.49 on Friday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.56 and a current ratio of 1.56. The stock has a fifty day moving average of $375.44 and a two-hundred day moving average of $336.64. The company has a market capitalization of $91.26 billion, a price-to-earnings ratio of 128.37 and a beta of 1.56. Spotify Technology S.A. has a fifty-two week low of $170.62 and a fifty-two week high of $489.69.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Morgan Stanley raised their target price on shares of Spotify Technology from $430.00 to $460.00 and gave the company an “overweight” rating in a report on Wednesday. Barclays increased their price target on shares of Spotify Technology from $385.00 to $475.00 and gave the company an “overweight” rating in a research note on Wednesday. JPMorgan Chase & Co. increased their price target on shares of Spotify Technology from $425.00 to $530.00 and gave the company an “overweight” rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft increased their price target on shares of Spotify Technology from $430.00 to $440.00 and gave the company a “buy” rating in a research note on Wednesday, November 6th. Finally, Evercore ISI increased their price target on shares of Spotify Technology from $420.00 to $460.00 and gave the company an “outperform” rating in a research note on Thursday, August 29th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and twenty-three have given a buy rating to the company’s stock. According to MarketBeat, Spotify Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $421.69.

Spotify Technology 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.