Costello Asset Management INC Acquires New Shares in Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• Costello Asset Management INC purchased 3,319 shares of Palantir Technologies, valued at approximately $280,000, marking a growing interest from institutional investors.
• Palantir reported earnings of $0.16 per share, exceeding estimates, with a revenue increase of 48.0% year-over-year to $1 billion.
• Analysts have mixed ratings for Palantir, with a consensus price target of $96.45 and fifteen analysts issuing a hold rating, while four rated it as a sell.

Costello Asset Management INC bought a new position in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 3,319 shares of the company's stock, valued at approximately $280,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Cary Street Partners Financial LLC increased its position in Palantir Technologies by 241.0% in the 1st quarter. Cary Street Partners Financial LLC now owns 36,475 shares of the company's stock valued at $3,078,000 after acquiring an additional 25,778 shares during the period. Advyzon Investment Management LLC bought a new stake in shares of Palantir Technologies in the 1st quarter valued at approximately $168,000. Thoroughbred Financial Services LLC lifted its holdings in Palantir Technologies by 81.3% in the 1st quarter. Thoroughbred Financial Services LLC now owns 16,484 shares of the company's stock valued at $1,391,000 after acquiring an additional 7,394 shares during the last quarter. Strategic Investment Solutions Inc. IL lifted its stake in Palantir Technologies by 410.3% in the 1st quarter. Strategic Investment Solutions Inc. IL now owns 3,179 shares of the company's stock worth $268,000 after acquiring an additional 2,556 shares in the last quarter. Finally, IPG Investment Advisors LLC bought a new stake in Palantir Technologies in the first quarter worth approximately $1,520,000. 45.65% of the stock is owned by institutional investors and hedge funds.

Palantir Technologies Stock Up 3.6%

NASDAQ PLTR traded up $6.27 during trading hours on Wednesday, hitting $179.54. 82,519,259 shares of the company were exchanged, compared to its average volume of 59,825,928. The company has a 50 day moving average of $142.12 and a two-hundred day moving average of $113.60. The firm has a market cap of $423.70 billion, a price-to-earnings ratio of 598.49, a PEG ratio of 14.08 and a beta of 2.60. Palantir Technologies Inc. has a 52-week low of $26.24 and a 52-week high of $180.58.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The company reported $0.16 earnings per share for the quarter, beating analysts' consensus estimates of $0.14 by $0.02. Palantir Technologies had a return on equity of 10.75% and a net margin of 22.18%. The firm had revenue of $1 billion for the quarter, compared to the consensus estimate of $939.29 million. During the same period in the previous year, the business earned $0.09 earnings per share. The company's revenue for the quarter was up 48.0% compared to the same quarter last year. On average, equities research analysts predict that Palantir Technologies Inc. will post 0.31 EPS for the current year.

Insider Transactions at Palantir Technologies

In other Palantir Technologies news, Director Lauren Elaina Friedman Stat sold 800 shares of the stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $139.61, for a total value of $111,688.00. Following the sale, the director directly owned 62,887 shares of the company's stock, valued at $8,779,654.07. This trade represents a 1.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider David A. Glazer sold 3,418 shares of the stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $125.97, for a total value of $430,565.46. Following the completion of the transaction, the insider directly owned 492,079 shares of the company's stock, valued at $61,987,191.63. This trade represents a 0.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,485,632 shares of company stock valued at $191,222,623 over the last 90 days. Corporate insiders own 9.23% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Deutsche Bank Aktiengesellschaft raised Palantir Technologies from a "sell" rating to a "hold" rating and boosted their price target for the company from $80.00 to $160.00 in a research note on Tuesday. Cantor Fitzgerald boosted their price objective on shares of Palantir Technologies from $110.00 to $155.00 and gave the stock a "neutral" rating in a research report on Tuesday. Bank of America upped their price objective on Palantir Technologies from $150.00 to $180.00 and gave the company a "buy" rating in a research note on Tuesday. Citigroup lifted their target price on Palantir Technologies from $158.00 to $177.00 and gave the stock a "neutral" rating in a report on Tuesday. Finally, DA Davidson set a $170.00 price objective on Palantir Technologies and gave the stock a "neutral" rating in a research report on Tuesday. Three equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $125.35.

Palantir Technologies 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.