Argent Trust Co Reduces Holdings in Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• Argent Trust Co reduced its stake in Palantir Technologies by 44.5% during the first quarter, owning only 2,596 shares after selling 2,080 shares.
• Several large investors, including Assenagon Asset Management and TCW Group Inc., have increased their positions in Palantir Technologies, reflecting interest despite Argent Trust's reduction.
• Wall Street analysts have recently upgraded Palantir's stock ratings and price targets, with Wedbush raising its target from $160 to $200, indicating positive growth expectations.

Argent Trust Co lowered its position in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 44.5% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,596 shares of the company's stock after selling 2,080 shares during the quarter. Argent Trust Co's holdings in Palantir Technologies were worth $219,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently added to or reduced their stakes in PLTR. Assenagon Asset Management S.A. increased its holdings in shares of Palantir Technologies by 15.0% in the first quarter. Assenagon Asset Management S.A. now owns 49,651 shares of the company's stock valued at $4,191,000 after buying an additional 6,479 shares in the last quarter. Garrison Bradford & Associates Inc. acquired a new position in Palantir Technologies in the 1st quarter worth about $45,000. Menard Financial Group LLC lifted its stake in shares of Palantir Technologies by 8.2% in the 1st quarter. Menard Financial Group LLC now owns 25,938 shares of the company's stock valued at $2,189,000 after purchasing an additional 1,964 shares during the last quarter. TCW Group Inc. lifted its position in Palantir Technologies by 14.5% during the 1st quarter. TCW Group Inc. now owns 32,031 shares of the company's stock worth $2,703,000 after acquiring an additional 4,068 shares during the last quarter. Finally, Sagespring Wealth Partners LLC increased its position in Palantir Technologies by 36.3% in the 1st quarter. Sagespring Wealth Partners LLC now owns 24,054 shares of the company's stock worth $2,030,000 after buying an additional 6,405 shares during the period. Institutional investors and hedge funds own 45.65% of the company's stock.

Insider Buying and Selling at Palantir Technologies

In other news, insider Ryan D. Taylor sold 30,000 shares of the company's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $175.00, for a total transaction of $5,250,000.00. Following the completion of the transaction, the insider directly owned 363,755 shares in the company, valued at approximately $63,657,125. This represents a 7.62% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eric H. Woersching sold 10,214 shares of Palantir Technologies stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $130.95, for a total transaction of $1,337,523.30. Following the transaction, the director owned 2,348 shares in the company, valued at approximately $307,470.60. This trade represents a 81.31% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,515,632 shares of company stock valued at $196,472,623 over the last three months. 9.23% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft raised Palantir Technologies from a "sell" rating to a "hold" rating and lifted their price objective for the company from $80.00 to $160.00 in a report on Tuesday. Loop Capital upped their price objective on Palantir Technologies from $178.00 to $180.00 and gave the stock a "buy" rating in a report on Tuesday. Piper Sandler set a $182.00 price target on shares of Palantir Technologies in a research note on Tuesday. The Goldman Sachs Group raised their target price on Palantir Technologies from $90.00 to $141.00 and gave the stock a "neutral" rating in a report on Wednesday. Finally, Citigroup raised their price objective on Palantir Technologies from $158.00 to $177.00 and gave the stock a "neutral" rating in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $136.61.

Palantir Technologies Stock Performance

Shares of PLTR stock traded up $2.66 during midday trading on Thursday, hitting $182.20. 77,586,531 shares of the company were exchanged, compared to its average volume of 60,547,432. Palantir Technologies Inc. has a 52 week low of $26.69 and a 52 week high of $184.48. The firm has a market capitalization of $429.98 billion, a P/E ratio of 607.35, a PEG ratio of 13.07 and a beta of 2.60. The firm's 50 day moving average price is $144.43 and its two-hundred day moving average price is $114.82.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.14 by $0.02. The business had revenue of $1 billion for the quarter, compared to the consensus estimate of $939.29 million. Palantir Technologies had a net margin of 22.18% and a return on equity of 10.75%. Palantir Technologies's revenue was up 48.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.09 earnings per share. Analysts expect that Palantir Technologies Inc. will post 0.31 EPS for the current 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.