Nuveen LLC Buys Shares of 6,163,892 Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• Nuveen LLC acquired 6,163,892 shares of Palantir Technologies, valued at approximately $520 million, representing about 0.26% of the company.
• Insiders have been selling shares, with one insider, Shyam Sankar, selling 405,000 shares for over $53 million, decreasing their ownership by 36.56%.
• Analysts have set new price targets for Palantir Technologies, with Bank of America raising its target from $150 to $180 and Piper Sandler setting a target price of $182.

Nuveen LLC acquired a new stake in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 6,163,892 shares of the company's stock, valued at approximately $520,232,000. Nuveen LLC owned about 0.26% of Palantir Technologies as of its most recent SEC filing.

A number of other large investors have also modified their holdings of PLTR. Allegiance Financial Group Advisory Services LLC boosted its position in shares of Palantir Technologies by 3.0% during the first quarter. Allegiance Financial Group Advisory Services LLC now owns 2,917 shares of the company's stock worth $246,000 after buying an additional 84 shares during the period. Sovran Advisors LLC boosted its position in shares of Palantir Technologies by 1.8% during the first quarter. Sovran Advisors LLC now owns 5,453 shares of the company's stock worth $460,000 after buying an additional 94 shares during the period. Lodestone Wealth Management LLC boosted its position in shares of Palantir Technologies by 1.1% during the first quarter. Lodestone Wealth Management LLC now owns 8,950 shares of the company's stock worth $755,000 after buying an additional 97 shares during the period. Continuum Advisory LLC boosted its position in shares of Palantir Technologies by 3.8% during the fourth quarter. Continuum Advisory LLC now owns 2,670 shares of the company's stock worth $202,000 after buying an additional 98 shares during the period. Finally, Kathmere Capital Management LLC boosted its position in shares of Palantir Technologies by 0.5% during 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 owned by hedge funds and other institutional investors.

Palantir Technologies Stock Down 2.3%

NASDAQ:PLTR traded down $4.24 during trading hours on Thursday, reaching $180.13. The company had a trading volume of 40,905,579 shares, compared to its average volume of 91,305,977. The firm has a market cap of $425.09 billion, a price-to-earnings ratio of 600.57, a P/E/G ratio of 10.54 and a beta of 2.60. The business's 50-day simple moving average is $148.82 and its two-hundred day simple moving average is $117.81. Palantir Technologies Inc. has a twelve month low of $29.31 and a twelve month high of $190.00.

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

Wall Street Analysts Forecast Growth

Several brokerages have commented on PLTR. The Goldman Sachs Group boosted their price target on shares of Palantir Technologies from $90.00 to $141.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 6th. Loop Capital boosted their price target on shares of Palantir Technologies from $178.00 to $180.00 and gave the stock a "buy" rating in a research report on Tuesday, August 5th. Piper Sandler set a $182.00 price target on shares of Palantir Technologies in a research report on Tuesday, August 5th. UBS Group reissued a "neutral" rating and set a $165.00 price target (up from $110.00) on shares of Palantir Technologies in a research report on Tuesday, August 5th. Finally, Cantor Fitzgerald boosted their price target on shares of Palantir Technologies from $110.00 to $155.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 5th. Two investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $136.61.

Insider Activity

In related news, insider Stephen Andrew Cohen sold 309,696 shares of the business's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $126.39, for a total transaction of $39,142,477.44. Following the transaction, the insider directly owned 592 shares in the company, valued at approximately $74,822.88. The trade was a 99.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Ryan D. Taylor sold 35,480 shares of the business's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $126.39, for a total transaction of $4,484,317.20. Following the transaction, the insider owned 367,691 shares in the company, 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. Over the last three months, insiders sold 1,515,632 shares of company stock valued at $196,472,623. 9.23% of the stock is currently owned by insiders.

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.