Allspring Global Investments Holdings LLC Grows Stock Position in Palantir Technologies Inc. (NASDAQ:PLTR)

Allspring Global Investments Holdings LLC raised its holdings in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 134.0% during the first quarter, according to its most recent filing with the SEC. The firm owned 417,677 shares of the company's stock after purchasing an additional 239,178 shares during the period. Allspring Global Investments Holdings LLC's holdings in Palantir Technologies were worth $35,369,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of PLTR. Norges Bank bought a new stake in Palantir Technologies during the 4th quarter valued at $1,360,191,000. Geode Capital Management LLC boosted its position in Palantir Technologies by 8.6% during the fourth quarter. Geode Capital Management LLC now owns 52,074,232 shares of the company's stock valued at $3,929,401,000 after purchasing an additional 4,127,306 shares in the last quarter. Wellington Management Group LLP grew its stake in Palantir Technologies by 504.0% in the fourth quarter. Wellington Management Group LLP now owns 4,682,230 shares of the company's stock valued at $354,117,000 after purchasing an additional 3,907,022 shares during the last quarter. Invesco Ltd. raised its holdings in Palantir Technologies by 31.2% in the fourth quarter. Invesco Ltd. now owns 14,748,240 shares of the company's stock worth $1,115,409,000 after purchasing an additional 3,509,311 shares in the last quarter. Finally, Capital World Investors purchased a new stake in shares of Palantir Technologies during the fourth quarter valued at about $253,816,000. Institutional investors own 45.65% of the company's stock.

Insiders Place Their Bets

In related news, insider Stephen Andrew Cohen sold 309,696 shares of Palantir Technologies stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $126.39, for a total value of $39,142,477.44. Following the completion of the transaction, the insider owned 592 shares in the company, valued at $74,822.88. The trade was a 99.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider David A. Glazer sold 30,812 shares of the business's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $126.39, for a total value of $3,894,328.68. Following the completion of the sale, the insider owned 495,497 shares of the company's stock, valued at $62,625,865.83. This trade represents a 5.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,408,748 shares of company stock valued at $180,327,603. Insiders own 9.23% of the company's stock.

Analysts Set New Price Targets

PLTR has been the subject of several recent analyst reports. Cantor Fitzgerald boosted their price objective on shares of Palantir Technologies from $98.00 to $110.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. DA Davidson upped their price target on Palantir Technologies from $100.00 to $115.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Royal Bank Of Canada reiterated an "underperform" rating on shares of Palantir Technologies in a report on Tuesday, May 6th. William Blair set a $84.00 target price on Palantir Technologies in a research note on Wednesday, March 5th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "sell" rating on shares of Palantir Technologies in a research note on Tuesday, May 6th. Five research analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $89.32.

Palantir Technologies Trading Up 1.1%

PLTR traded up $1.44 during midday trading on Wednesday, hitting $132.12. 59,500,085 shares of the company were exchanged, compared to its average volume of 82,817,618. The company's 50 day simple moving average is $126.89 and its 200 day simple moving average is $100.44. The firm has a market capitalization of $311.79 billion, a price-to-earnings ratio of 574.43, a price-to-earnings-growth ratio of 11.16 and a beta of 2.59. Palantir Technologies Inc. has a 1-year low of $21.23 and a 1-year high of $148.22.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported $0.13 earnings per share for the quarter, meeting the consensus estimate of $0.13. The company had revenue of $883.86 million during the quarter, compared to analysts' expectations of $863.89 million. Palantir Technologies had a return on equity of 6.55% and a net margin of 18.32%. Palantir Technologies's quarterly revenue was up 39.4% on a year-over-year basis. During the same period last year, the business earned $0.08 earnings per share. On average, equities analysts anticipate that Palantir Technologies Inc. will post 0.31 EPS for the current year.

About Palantir Technologies

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.