Allianz SE Cuts Stock Position in Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• Allianz SE has reduced its stake in Palantir Technologies by 43%, now holding 3,590 shares valued at approximately $303,000.
• Palantir Technologies reported a revenue of $883.86 million for the last quarter, exceeding analyst estimates, with a year-over-year growth of 39.4%.
• Multiple research firms have recently adjusted their price targets for Palantir, with Loop Capital setting a new target of $178.00 and maintaining a "buy" rating on the stock.

Allianz SE reduced its stake in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 43.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,590 shares of the company's stock after selling 2,710 shares during the period. Allianz SE's holdings in Palantir Technologies were worth $303,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Revolve Wealth Partners LLC purchased a new stake in shares of Palantir Technologies during the fourth quarter worth about $450,000. World Investment Advisors increased its stake in shares of Palantir Technologies by 137.7% during the fourth quarter. World Investment Advisors now owns 22,144 shares of the company's stock worth $1,675,000 after purchasing an additional 12,828 shares in the last quarter. Pitcairn Co. purchased a new stake in shares of Palantir Technologies during the fourth quarter worth about $281,000. Prudential PLC increased its stake in shares of Palantir Technologies by 18.6% during the fourth quarter. Prudential PLC now owns 33,917 shares of the company's stock worth $2,565,000 after purchasing an additional 5,316 shares in the last quarter. Finally, Smith Moore & CO. acquired a new position in Palantir Technologies during the fourth quarter worth about $423,000. 45.65% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Bank of America boosted their price target on shares of Palantir Technologies from $150.00 to $180.00 and gave the stock a "buy" rating in a research report on Tuesday. Mizuho upgraded shares of Palantir Technologies from an "underperform" rating to a "neutral" rating and boosted their target price for the company from $116.00 to $135.00 in a report on Wednesday, July 16th. Deutsche Bank Aktiengesellschaft upgraded shares of Palantir Technologies from a "sell" rating to a "hold" rating and increased their target price for the stock from $80.00 to $160.00 in a report on Tuesday. Wedbush set a $200.00 price objective on shares of Palantir Technologies and gave the company an "outperform" rating in a report on Tuesday. Finally, Loop Capital reaffirmed a "buy" rating and issued a $180.00 target price (up from $178.00) on shares of Palantir Technologies in a research report on Tuesday. Two investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Palantir Technologies presently has an average rating of "Hold" and a consensus target price of $136.61.

Palantir Technologies Stock Up 1.9%

Shares of PLTR stock traded up $3.34 during mid-day trading on Thursday, reaching $182.88. 12,595,124 shares of the stock traded hands, compared to its average volume of 92,132,000. The company has a market cap of $431.58 billion, a price-to-earnings ratio of 607.91, a price-to-earnings-growth ratio of 14.08 and a beta of 2.60. The stock's fifty day simple moving average is $143.23 and its two-hundred day simple moving average is $114.06. Palantir Technologies Inc. has a 1-year low of $26.69 and a 1-year high of $181.98.

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, topping 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 company had revenue of $1 billion during the quarter, compared to the consensus estimate of $939.29 million. During the same period last year, the company earned $0.09 earnings per share. The firm's revenue was up 48.0% compared to the same quarter last year. On average, equities research analysts anticipate that Palantir Technologies Inc. will post 0.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other Palantir Technologies news, Director Eric H. Woersching sold 10,214 shares of the firm's stock in a transaction that occurred 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 of the company's stock, valued at approximately $307,470.60. This trade represents a 81.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Shyam Sankar sold 405,000 shares of the firm's stock in a transaction that occurred on 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 $92,823,974.88. This trade represents a 36.56% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,485,632 shares of company stock valued at $191,222,623 in the last 90 days. Company insiders own 9.23% of the company's stock.

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.