ARK Investment Management LLC Has $530.47 Million Position in Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• ARK Investment Management LLC has reduced its stake in Palantir Technologies Inc. by 19.4%, now holding 6,285,179 shares valued at approximately $530.47 million, which is 5.2% of its portfolio.
• Several analysts have provided mixed ratings on Palantir, with Daiwa America upgrading the stock to a "hold" and Citigroup raising its price target from $110 to $115, while the overall consensus rating remains a "hold" with a target price of $95.30.
• Insiders at Palantir Technologies sold a significant amount of shares recently, with one selling 405,000 shares for approximately $53.49 million, leading to a notable 9.23% of the company's stock now being owned by corporate insiders.

ARK Investment Management LLC reduced its stake in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 19.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,285,179 shares of the company's stock after selling 1,508,264 shares during the quarter. Palantir Technologies comprises 5.2% of ARK Investment Management LLC's portfolio, making the stock its 3rd biggest position. ARK Investment Management LLC owned 0.27% of Palantir Technologies worth $530,469,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of PLTR. Assenagon Asset Management S.A. boosted its holdings in Palantir Technologies by 15.0% during the first quarter. Assenagon Asset Management S.A. now owns 49,651 shares of the company's stock worth $4,191,000 after purchasing an additional 6,479 shares during the last quarter. Garrison Bradford & Associates Inc. bought a new position in Palantir Technologies in the first quarter valued at approximately $45,000. Pitcairn Co. acquired a new position in shares of Palantir Technologies during the 4th quarter worth approximately $281,000. Sagespring Wealth Partners LLC grew its stake in shares of Palantir Technologies by 36.3% in the first quarter. Sagespring Wealth Partners LLC now owns 24,054 shares of the company's stock valued at $2,030,000 after buying an additional 6,405 shares in the last quarter. Finally, CX Institutional bought a new stake in shares of Palantir Technologies in the 1st quarter valued at about $62,000. Institutional investors own 45.65% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Daiwa America upgraded Palantir Technologies to a "hold" rating in a research note on Tuesday, April 1st. Citigroup boosted their price objective on Palantir Technologies from $110.00 to $115.00 and gave the stock a "neutral" rating in a report on Thursday, May 8th. Morgan Stanley boosted their price target 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. Mizuho raised Palantir Technologies from an "underperform" rating to a "neutral" rating and lifted their target price for the stock from $116.00 to $135.00 in a report on Wednesday, July 16th. Finally, The Goldman Sachs Group raised their price target on shares of Palantir Technologies from $80.00 to $90.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Four 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's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $95.30.

Insider Buying and Selling at Palantir Technologies

In other news, insider David A. Glazer sold 3,418 shares of Palantir Technologies stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $125.97, for a total value of $430,565.46. Following the completion of the transaction, the insider directly owned 492,079 shares of the company's stock, valued at approximately $61,987,191.63. This trade represents a 0.69% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Shyam Sankar sold 405,000 shares of the business's stock in a transaction dated 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 transaction, the insider directly owned 702,786 shares in the company, valued at $92,823,974.88. This represents a 36.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,485,632 shares of company stock valued at $191,222,623. 9.23% of the stock is owned by corporate insiders.

Palantir Technologies Stock Up 2.5%

Shares of NASDAQ:PLTR opened at $158.80 on Friday. The firm has a market cap of $374.75 billion, a P/E ratio of 690.43, a P/E/G ratio of 13.22 and a beta of 2.59. Palantir Technologies Inc. has a 12-month low of $21.23 and a 12-month high of $160.39. The business has a fifty day simple moving average of $137.03 and a 200 day simple moving average of $108.85.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last announced its earnings results on Monday, May 5th. The company reported $0.13 EPS for the quarter, meeting the consensus estimate of $0.13. The business had revenue of $883.86 million for 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%. The firm's revenue was up 39.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.08 earnings per share. As a group, equities research analysts expect that Palantir Technologies Inc. will post 0.31 EPS for the current year.

Palantir Technologies 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.

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