Principal Financial Group Inc. Buys Shares of 142,832 Bumble Inc. (NASDAQ:BMBL)

Principal Financial Group Inc. purchased a new position in shares of Bumble Inc. (NASDAQ:BMBL) during the 3rd quarter, Holdings Channel.com reports. The institutional investor purchased 142,832 shares of the company’s stock, valued at approximately $911,000.

A number of other hedge funds and other institutional investors have also modified their holdings of BMBL. Point72 Asset Management L.P. acquired a new stake in Bumble during the second quarter worth approximately $24,121,000. Vanguard Group Inc. lifted its stake in shares of Bumble by 6.0% during the 1st quarter. Vanguard Group Inc. now owns 10,822,610 shares of the company’s stock worth $122,837,000 after purchasing an additional 613,759 shares during the period. Joho Capital LLC acquired a new stake in shares of Bumble during the first quarter worth $6,242,000. The Manufacturers Life Insurance Company grew its position in shares of Bumble by 17.0% in the second quarter. The Manufacturers Life Insurance Company now owns 2,042,599 shares of the company’s stock valued at $21,468,000 after purchasing an additional 297,057 shares during the period. Finally, AXA S.A. increased its stake in Bumble by 1,589.8% in the second quarter. AXA S.A. now owns 191,064 shares of the company’s stock valued at $2,008,000 after purchasing an additional 179,757 shares during the last quarter. 94.85% of the stock is currently owned by hedge funds and other institutional investors.

Bumble Price Performance

BMBL stock opened at $8.18 on Friday. The firm has a market cap of $884.91 million, a P/E ratio of -1.67 and a beta of 1.62. The company has a debt-to-equity ratio of 0.75, a quick ratio of 2.09 and a current ratio of 2.09. Bumble Inc. has a 1 year low of $4.80 and a 1 year high of $15.90. The stock has a 50-day simple moving average of $7.09 and a 200-day simple moving average of $8.45.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. Royal Bank of Canada decreased their price target on Bumble from $16.00 to $8.00 and set an “outperform” rating on the stock in a research note on Thursday, August 8th. KeyCorp downgraded shares of Bumble from an “overweight” rating to a “sector weight” rating in a report on Friday, September 27th. BTIG Research downgraded shares of Bumble from a “buy” rating to a “neutral” rating in a research note on Thursday, August 8th. Morgan Stanley lowered their price objective on shares of Bumble from $12.00 to $6.00 and set an “equal weight” rating for the company in a research note on Thursday, August 8th. Finally, The Goldman Sachs Group increased their target price on Bumble from $9.00 to $10.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. One equities research analyst has rated the stock with a sell rating, fourteen have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Bumble has an average rating of “Hold” and an average price target of $8.38.

About Bumble

Bumble Inc provides online dating and social networking platforms in North America, Europe, internationally. It owns and operates websites and applications that offers subscription and in-app purchases dating products. The company operates apps, including Bumble, a dating app built with women at the center, where women make the first move; Badoo, the web and mobile free-to-use dating app; Official app where users connect their profile with that of their partner enabling a shared, linked product experience; Bumble BFF and Bumble Bizz Modes that have a format similar to the date mode requiring users to set up profiles and matching users through yes and no votes, similar to the dating platform; and Bumble for Friends, a friendship app where people in all stages of life can meet people nearby and create meaningful platonic connections, as well as Fruitz app is centered around encouraging honesty and transparency by sharing dating intentions from the first touch point.