Allen Investment Management LLC Sells 24,368 Shares of Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• Allen Investment Management LLC reduced its stock position in Palantir Technologies Inc. by 17.8%, now owning 112,863 shares valued at approximately $9.5 million.
• Several other institutional investors increased their stakes, with 45.65% of the stock currently owned by institutional investors and hedge funds.
• Palantir reported a 39.4% year-over-year revenue increase for the quarter, with earnings per share matching expectations at $0.13.

Allen Investment Management LLC reduced its stake in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 17.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 112,863 shares of the company's stock after selling 24,368 shares during the quarter. Allen Investment Management LLC's holdings in Palantir Technologies were worth $9,526,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Mechanics Financial Corp bought a new position in Palantir Technologies in the 1st quarter valued at about $25,000. Richardson Capital Management LLC acquired a new position in shares of Palantir Technologies during the 1st quarter worth approximately $33,000. Cornerstone Planning Group LLC grew its position in shares of Palantir Technologies by 90.2% during the 1st quarter. Cornerstone Planning Group LLC now owns 390 shares of the company's stock worth $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 during the 4th quarter worth approximately $34,000. Finally, Atlantic Edge Private Wealth Management LLC grew its position in shares of Palantir Technologies by 45.5% during the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 400 shares of the company's stock worth $34,000 after purchasing an additional 125 shares in the last quarter. 45.65% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Palantir Technologies news, insider Shyam Sankar sold 405,000 shares of the company's stock in a transaction dated 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 of the company's stock, valued at approximately $92,823,974.88. This represents a 36.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider David A. Glazer sold 3,418 shares of the stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $125.97, for a total transaction of $430,565.46. Following the transaction, the insider directly owned 492,079 shares of the company's stock, valued at $61,987,191.63. This represents a 0.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,485,632 shares of company stock worth $191,222,623 in the last ninety days. 9.23% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on PLTR shares. Morgan Stanley increased their target price on shares of Palantir Technologies from $90.00 to $98.00 and gave the stock an "equal weight" rating in a research report on Tuesday, May 6th. Citigroup increased their price target on shares of Palantir Technologies from $110.00 to $115.00 and gave the stock a "neutral" rating in a research report on Thursday, May 8th. Daiwa Capital Markets assumed coverage on shares of Palantir Technologies in a research report on Tuesday, April 1st. They set a "neutral" rating and a $90.00 price target on the stock. Daiwa America upgraded shares of Palantir Technologies to a "hold" rating in a research report on Tuesday, April 1st. Finally, Cantor Fitzgerald raised their target price on shares of Palantir Technologies from $98.00 to $110.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. Four investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, Palantir Technologies has a consensus rating of "Hold" and a consensus target price of $95.30.

Palantir Technologies Price Performance

Shares of NASDAQ:PLTR traded down $1.59 during midday trading on Tuesday, hitting $156.29. 28,586,589 shares of the company's stock were exchanged, compared to its average volume of 93,362,734. The stock has a 50 day moving average price of $137.66 and a 200-day moving average price of $110.05. The company has a market cap of $368.83 billion, a PE ratio of 679.42, a price-to-earnings-growth ratio of 13.54 and a beta of 2.59. Palantir Technologies Inc. has a 12 month low of $21.23 and a 12 month high of $160.39.

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 (EPS) for the quarter, hitting analysts' consensus estimates of $0.13. Palantir Technologies had a net margin of 18.32% and a return on equity of 6.55%. The business had revenue of $883.86 million during the quarter, compared to the consensus estimate of $863.89 million. During the same period in the prior year, the firm posted $0.08 EPS. The firm's quarterly revenue was up 39.4% compared to the same quarter last year. On average, analysts anticipate that Palantir Technologies Inc. will post 0.31 EPS 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.