1776 Wealth LLC Decreases Stock Position in Palantir Technologies Inc. (NASDAQ:PLTR)

1776 Wealth LLC decreased its position in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 19.4% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 134,698 shares of the company's stock after selling 32,356 shares during the period. Palantir Technologies comprises approximately 5.2% of 1776 Wealth LLC's portfolio, making the stock its 4th biggest holding. 1776 Wealth LLC's holdings in Palantir Technologies were worth $11,369,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Mechanics Financial Corp acquired a new stake in Palantir Technologies in the 1st quarter worth about $25,000. Richardson Capital Management LLC acquired a new position in shares of Palantir Technologies in the 1st quarter valued at about $33,000. Cornerstone Planning Group LLC lifted its stake in shares of Palantir Technologies by 90.2% in the 1st quarter. Cornerstone Planning Group LLC now owns 390 shares of the company's stock valued at $33,000 after purchasing an additional 185 shares in the last quarter. Summit Securities Group LLC acquired a new position in shares of Palantir Technologies in the 4th quarter valued at about $34,000. Finally, Atlantic Edge Private Wealth Management LLC lifted its stake in shares of Palantir Technologies by 45.5% in the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 400 shares of the company's stock valued at $34,000 after purchasing an additional 125 shares in the last quarter. Institutional investors and hedge funds own 45.65% of the company's stock.

Analysts Set New Price Targets

PLTR has been the topic of several research analyst reports. Daiwa America raised Palantir Technologies to a "hold" rating in a research note on Tuesday, April 1st. Citigroup raised their target price on Palantir Technologies from $110.00 to $115.00 and gave the company a "neutral" rating in a report on Thursday, May 8th. Royal Bank Of Canada restated an "underperform" rating on shares of Palantir Technologies in a report on Tuesday, May 6th. Mizuho upgraded Palantir Technologies from an "underperform" rating to a "neutral" rating and boosted their price target for the company from $116.00 to $135.00 in a report on Wednesday, July 16th. Finally, DA Davidson boosted their price target on Palantir Technologies from $100.00 to $115.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Four investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $91.37.

Insider Activity

In related news, Director Eric H. Woersching sold 10,214 shares of the stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $130.95, for a total transaction of $1,337,523.30. Following the completion of the sale, the director owned 2,348 shares in the company, valued at $307,470.60. This represents a 81.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Ryan D. Taylor sold 33,335 shares of the stock in a transaction that occurred on Tuesday, July 15th. The shares were sold at an average price of $150.00, for a total value of $5,000,250.00. Following the sale, the insider owned 363,755 shares of the company's stock, valued at approximately $54,563,250. The trade was a 8.39% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,485,632 shares of company stock worth $191,222,623 over the last 90 days. Company insiders own 9.23% of the company's stock.

Palantir Technologies Stock Performance

Shares of PLTR traded up $0.15 during trading hours on Thursday, hitting $154.78. 28,093,139 shares of the company were exchanged, compared to its average volume of 94,222,547. The firm's 50 day moving average is $135.91 and its 200-day moving average is $107.70. Palantir Technologies Inc. has a 52 week low of $21.23 and a 52 week high of $155.68. The company has a market cap of $365.26 billion, a PE ratio of 673.85, a PEG ratio of 12.73 and a beta of 2.59.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last announced its earnings results on Monday, May 5th. The company reported $0.13 earnings per share for the quarter, meeting the consensus estimate of $0.13. Palantir Technologies had a return on equity of 6.55% and a net margin of 18.32%. The firm had revenue of $883.86 million during the quarter, compared to the consensus estimate of $863.89 million. During the same quarter in the prior year, the company earned $0.08 EPS. The firm's revenue for the quarter was up 39.4% compared to the same quarter last year. As a group, equities analysts forecast that Palantir Technologies Inc. will post 0.31 earnings per share for the current fiscal year.

Palantir Technologies Company Profile

Palantir Technologies, Inc engages in the business of building and deploying software platforms that serve as the central operating systems for its customers. It operates under the Commercial and Government segments. The Commercial segment focuses on customers working in non-government industries. The Government segment is involved in providing services to customers that are the United States government and non-United States government agencies.