Allen Operations LLC Sells 256,568 Shares of Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• Allen Operations LLC reduced its stake in Palantir Technologies Inc. by 17.6%, selling 256,568 shares, and now holds 1,200,000 shares, which represent about 16.7% of its investment portfolio.
• Several hedge funds recently made moves regarding Palantir, with Assenagon Asset Management S.A. increasing its position by 15% and 45.65% of the stock now owned by institutional investors.
• Analysts have diverse opinions on Palantir's stock, with a consensus rating of "Hold" and an average price target of $95.30, while Goldman Sachs increased its target to $90.00.

Allen Operations LLC lowered its stake in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 17.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,200,000 shares of the company's stock after selling 256,568 shares during the period. Palantir Technologies makes up 16.7% of Allen Operations LLC's portfolio, making the stock its biggest position. Allen Operations LLC owned approximately 0.05% of Palantir Technologies worth $101,280,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PLTR. Mechanics Financial Corp acquired a new position in shares of Palantir Technologies in the 1st quarter valued at approximately $25,000. Richardson Capital Management LLC acquired a new position in shares of Palantir Technologies in the 1st quarter valued at approximately $33,000. Cornerstone Planning Group LLC grew its position in shares of Palantir Technologies by 90.2% in the 1st quarter. Cornerstone Planning Group LLC now owns 390 shares of the company's stock valued at $33,000 after purchasing an additional 185 shares during the period. Summit Securities Group LLC acquired a new position in shares of Palantir Technologies in the 4th quarter valued at approximately $34,000. Finally, Atlantic Edge Private Wealth Management LLC grew its position in shares of Palantir Technologies by 45.5% in the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 400 shares of the company's stock valued at $34,000 after purchasing an additional 125 shares during the period. Institutional investors own 45.65% of the company's stock.

Palantir Technologies Stock Down 1.0%

Shares of PLTR stock traded down $1.59 during trading on Tuesday, reaching $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 market capitalization of $368.83 billion, a PE ratio of 679.42, a PEG ratio of 13.54 and a beta of 2.59. Palantir Technologies Inc. has a twelve month low of $21.23 and a twelve month high of $160.39. The firm's fifty day moving average price is $137.66 and its 200-day moving average price is $110.05.

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

Insider Transactions at Palantir Technologies

In other Palantir Technologies news, insider David A. Glazer sold 30,812 shares of the company's stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $126.39, for a total value of $3,894,328.68. Following the transaction, the insider directly owned 495,497 shares of the company's stock, valued at $62,625,865.83. This represents a 5.85% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Ryan D. Taylor sold 35,480 shares of the company's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $126.39, for a total value of $4,484,317.20. Following the completion of the transaction, the insider directly owned 367,691 shares in the company, valued at approximately $46,472,465.49. This represents a 8.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,485,632 shares of company stock worth $191,222,623. 9.23% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PLTR. Citigroup boosted their price objective on Palantir Technologies from $110.00 to $115.00 and gave the company a "neutral" rating in a research report on Thursday, May 8th. Daiwa America upgraded Palantir Technologies to a "hold" rating in a research note on Tuesday, April 1st. Wedbush set a $160.00 target price on Palantir Technologies in a research note on Thursday, July 10th. Morgan Stanley boosted their target price on Palantir Technologies from $90.00 to $98.00 and gave the company an "equal weight" rating in a research note on Tuesday, May 6th. Finally, UBS Group restated a "positive" rating on shares of Palantir Technologies in a research note on Wednesday, June 25th. Four equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Palantir Technologies has an average rating of "Hold" and an average target price of $95.30.

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.