Coastal Bridge Advisors LLC Purchases Shares of 3,086 Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• Coastal Bridge Advisors LLC acquired 3,086 shares of Palantir Technologies Inc., valued at approximately $260,000, during the first quarter of the year.
• Several institutional investors have also made moves regarding Palantir stock, with Cornerstone Planning Group LLC increasing its stake by 90.2% and multiple firms acquiring new stakes.
• Analysts have raised their target prices for Palantir Technologies, with estimates now ranging from $90.00 to $135.00, while maintaining a general "hold" rating for the stock.

Coastal Bridge Advisors LLC acquired a new stake in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund acquired 3,086 shares of the company's stock, valued at approximately $260,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Assenagon Asset Management S.A. raised its stake in Palantir Technologies by 15.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 49,651 shares of the company's stock worth $4,191,000 after buying an additional 6,479 shares during the period. Garrison Bradford & Associates Inc. bought a new stake in Palantir Technologies during the 1st quarter worth approximately $45,000. Menard Financial Group LLC increased its holdings in Palantir Technologies by 8.2% during the 1st quarter. Menard Financial Group LLC now owns 25,938 shares of the company's stock worth $2,189,000 after purchasing an additional 1,964 shares in the last quarter. Pitcairn Co. bought a new stake in Palantir Technologies during the 4th quarter worth approximately $281,000. Finally, TCW Group Inc. increased its holdings in Palantir Technologies by 14.5% during the 1st quarter. TCW Group Inc. now owns 32,031 shares of the company's stock worth $2,703,000 after purchasing an additional 4,068 shares in the last quarter. 45.65% of the stock is owned by institutional investors and hedge funds.

Palantir Technologies Stock Performance

NASDAQ PLTR traded down $0.26 on Thursday, hitting $158.35. 45,023,016 shares of the stock traded hands, compared to its average volume of 52,479,240. The business's fifty day moving average is $139.76 and its two-hundred day moving average is $111.35. Palantir Technologies Inc. has a 12 month low of $21.23 and a 12 month high of $160.89. The firm has a market capitalization of $373.69 billion, a price-to-earnings ratio of 688.48, a PEG ratio of 13.52 and a beta of 2.59.

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

Insider Activity

In related news, insider Ryan D. Taylor sold 33,335 shares of the stock in a transaction on Tuesday, July 15th. The stock was 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 in the company, valued at approximately $54,563,250. This trade represents a 8.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Eric H. Woersching sold 10,214 shares of the stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $130.95, for a total value 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 trade represents a 81.31% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,485,632 shares of company stock valued at $191,222,623. 9.23% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of analysts have commented on the company. Loop Capital boosted their price objective on Palantir Technologies from $155.00 to $178.00 and gave the stock a "buy" rating in a report on Wednesday. Piper Sandler initiated coverage on Palantir Technologies in a report on Friday, July 25th. They set an "overweight" rating and a $170.00 price objective for the company. Cantor Fitzgerald upped their target price on Palantir Technologies from $98.00 to $110.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. UBS Group reaffirmed a "positive" rating on shares of Palantir Technologies in a report on Wednesday, June 25th. Finally, The Goldman Sachs Group upped their target price on Palantir Technologies from $80.00 to $90.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Four research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $96.45.

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.