Allstate Corp Grows Stake in Palantir Technologies Inc. $PLTR

Key Points

• Allstate Corp increased its stake in Palantir Technologies by 20.8% during the first quarter, now holding 72,900 shares valued at approximately $6.15 million.
• Several institutional investors, including Mechanics Financial Corp and Richardson Capital Management, recently acquired new positions in Palantir, indicating increased interest in the company from hedge funds.
• Despite insider sales totaling around $71.9 million in the last 90 days, analysts have upgraded Palantir's target price, with Bank of America raising it to $180 and maintaining a "buy" rating.

Allstate Corp boosted its stake in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 20.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 72,900 shares of the company's stock after purchasing an additional 12,556 shares during the period. Allstate Corp's holdings in Palantir Technologies were worth $6,153,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Mechanics Financial Corp purchased a new position in Palantir Technologies during the first quarter valued at $25,000. Richardson Capital Management LLC purchased a new position in shares of Palantir Technologies in the first quarter valued at about $33,000. Cornerstone Planning Group LLC lifted its position in shares of Palantir Technologies by 90.2% in the first quarter. Cornerstone Planning Group LLC now owns 390 shares of the company's stock valued at $33,000 after acquiring an additional 185 shares in the last quarter. Atlantic Edge Private Wealth Management LLC lifted its position in shares of Palantir Technologies by 45.5% in the first quarter. Atlantic Edge Private Wealth Management LLC now owns 400 shares of the company's stock valued at $34,000 after acquiring an additional 125 shares in the last quarter. Finally, Capital Analysts LLC lifted its position in shares of Palantir Technologies by 97.1% in the first quarter. Capital Analysts LLC now owns 406 shares of the company's stock valued at $34,000 after acquiring an additional 200 shares in the last quarter. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Palantir Technologies

In other news, insider Ryan D. Taylor sold 33,335 shares of the firm's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $135.31, for a total transaction of $4,510,558.85. Following the completion of the sale, the insider owned 363,755 shares in the company, valued at $49,219,689.05. This trade represents a 8.39% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Eric H. Woersching sold 17,000 shares of Palantir Technologies stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $129.29, for a total transaction of $2,197,930.00. Following the completion of the sale, the director owned 12,562 shares of the company's stock, valued at $1,624,140.98. This trade represents a 57.51% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 529,684 shares of company stock valued at $71,900,350. Company insiders own 9.23% of the company's stock.

Palantir Technologies Trading Up 0.1%

Shares of PLTR opened at $156.18 on Friday. The stock has a fifty day moving average price of $153.18 and a 200-day moving average price of $121.39. Palantir Technologies Inc. has a 12 month low of $29.31 and a 12 month high of $190.00. The firm has a market cap of $370.51 billion, a PE ratio of 520.62, a P/E/G ratio of 8.79 and a beta of 2.60.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate 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 for the quarter, compared to the consensus estimate of $939.29 million. During the same period last year, the firm earned $0.09 EPS. The firm's revenue for the quarter was up 48.0% compared to the same quarter last year. Palantir Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. As a group, research analysts forecast that Palantir Technologies Inc. will post 0.31 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on PLTR shares. Bank of America boosted their target price on Palantir Technologies from $150.00 to $180.00 and gave the stock a "buy" rating in a research report on Tuesday, August 5th. Deutsche Bank Aktiengesellschaft upgraded Palantir Technologies from a "sell" rating to a "hold" rating and boosted their price target for the company from $80.00 to $160.00 in a report on Tuesday, August 5th. The Goldman Sachs Group boosted their price target on Palantir Technologies from $90.00 to $141.00 and gave the company a "neutral" rating in a report on Wednesday, August 6th. Loop Capital boosted their price target on Palantir Technologies from $178.00 to $180.00 and gave the company a "buy" rating in a report on Tuesday, August 5th. Finally, Mizuho upgraded Palantir Technologies from an "underperform" rating to a "neutral" rating and upped their target price for the stock from $116.00 to $135.00 in a report on Wednesday, July 16th. Four investment analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Palantir Technologies has an average rating of "Hold" and a consensus target price of $136.61.

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.

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