Lyell Wealth Management LP Purchases New Position in Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• Lyell Wealth Management LP purchased 2,450 shares of Palantir Technologies Inc. (NASDAQ:PLTR) valued at approximately $207,000 during the first quarter.
• Institutional ownership in Palantir has increased significantly, with 45.65% of the stock owned by institutional investors and hedge funds.
• Recent analyst ratings have given Palantir a consensus target price of $96.45, with the average rating being "Hold" amid mixed investor outlooks.

Lyell Wealth Management LP bought a new position in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 2,450 shares of the company's stock, valued at approximately $207,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Allegiance Financial Group Advisory Services LLC grew its position in shares of Palantir Technologies by 3.0% in the 1st quarter. Allegiance Financial Group Advisory Services LLC now owns 2,917 shares of the company's stock valued at $246,000 after buying an additional 84 shares during the last quarter. Sovran Advisors LLC grew its holdings in shares of Palantir Technologies by 1.8% in the first quarter. Sovran Advisors LLC now owns 5,453 shares of the company's stock valued at $460,000 after acquiring an additional 94 shares in the last quarter. Lodestone Wealth Management LLC grew its stake in Palantir Technologies by 1.1% in the 1st quarter. Lodestone Wealth Management LLC now owns 8,950 shares of the company's stock valued at $755,000 after purchasing an additional 97 shares during the period. Continuum Advisory LLC boosted its holdings in shares of Palantir Technologies by 3.8% in the fourth quarter. Continuum Advisory LLC now owns 2,670 shares of the company's stock worth $202,000 after acquiring an additional 98 shares during the period. Finally, Kathmere Capital Management LLC increased its holdings in shares of Palantir Technologies by 0.5% in the first quarter. Kathmere Capital Management LLC now owns 18,145 shares of the company's stock worth $1,531,000 after buying an additional 99 shares during the period. 45.65% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PLTR. Wedbush set a $160.00 price objective on Palantir Technologies in a research report on Thursday, July 10th. UBS Group reissued a "positive" rating on shares of Palantir Technologies in a research report on Wednesday, June 25th. Royal Bank Of Canada reaffirmed an "underperform" rating on shares of Palantir Technologies in a research note on Tuesday, May 6th. Loop Capital boosted their price target on Palantir Technologies from $155.00 to $178.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, Piper Sandler assumed coverage on Palantir Technologies in a research report on Friday, July 25th. They issued an "overweight" rating and a $170.00 price target on the stock. Four equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $96.45.

Insider Buying and Selling

In other Palantir Technologies news, insider Shyam Sankar sold 405,000 shares of the firm's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $132.08, for a total value of $53,492,400.00. Following the completion of the sale, the insider directly owned 702,786 shares in the company, valued at $92,823,974.88. This trade represents a 36.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ryan D. Taylor sold 35,480 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $126.39, for a total transaction of $4,484,317.20. Following the completion of the sale, the insider owned 367,691 shares of the company's stock, valued at approximately $46,472,465.49. This trade represents a 8.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,485,632 shares of company stock valued at $191,222,623 over the last 90 days. 9.23% of the stock is owned by insiders.

Palantir Technologies Trading Down 2.6%

PLTR traded down $4.08 during trading hours on Friday, hitting $154.27. The company's stock had a trading volume of 60,986,881 shares, compared to its average volume of 52,655,748. Palantir Technologies Inc. has a 12 month low of $21.23 and a 12 month high of $160.89. The business's 50-day moving average price is $140.37 and its 200-day moving average price is $111.96. The stock has a market cap of $364.06 billion, a price-to-earnings ratio of 670.74, a P/E/G ratio of 13.50 and a beta of 2.60.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported $0.13 earnings per share for the quarter, hitting the consensus estimate of $0.13. Palantir Technologies had a return on equity of 6.55% and a net margin of 18.32%. The company had revenue of $883.86 million for the quarter, compared to analysts' expectations of $863.89 million. During the same period in the previous year, the firm posted $0.08 earnings per share. The firm's revenue for the quarter was up 39.4% on a year-over-year basis. On average, analysts forecast that Palantir Technologies Inc. will post 0.31 earnings per share for the current year.

About Palantir Technologies

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.