Avanza Fonder AB Reduces Stock Position in Palantir Technologies Inc. (NASDAQ:PLTR)

Avanza Fonder AB cut its holdings in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 32.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 43,245 shares of the company's stock after selling 21,028 shares during the quarter. Avanza Fonder AB's holdings in Palantir Technologies were worth $3,782,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Tallon Kerry Patrick bought a new position in shares of Palantir Technologies in the 4th quarter valued at approximately $289,000. Union Bancaire Privee UBP SA bought a new stake in shares of Palantir Technologies during the fourth quarter valued at approximately $15,177,000. Revolve Wealth Partners LLC bought a new stake in shares of Palantir Technologies during the fourth quarter valued at approximately $450,000. Empowered Funds LLC grew its position in Palantir Technologies by 16.2% in the fourth quarter. Empowered Funds LLC now owns 84,969 shares of the company's stock valued at $6,426,000 after acquiring an additional 11,874 shares during the period. Finally, Angeles Wealth Management LLC acquired a new position in Palantir Technologies in the fourth quarter worth $325,000. 45.65% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on PLTR. Daiwa America raised Palantir Technologies to a "hold" rating in a research note on Tuesday, April 1st. The Goldman Sachs Group raised their price objective on Palantir Technologies from $80.00 to $90.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. DA Davidson upped their target price on Palantir Technologies from $100.00 to $115.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. Cantor Fitzgerald boosted their price target on Palantir Technologies from $98.00 to $110.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Finally, Morgan Stanley boosted their price target on Palantir Technologies from $90.00 to $98.00 and gave the stock an "equal weight" rating in a report on Tuesday, May 6th. Five investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat, Palantir Technologies currently has an average rating of "Hold" and a consensus price target of $86.30.

Palantir Technologies Trading Up 1.6%

PLTR stock traded up $2.21 during midday trading on Friday, hitting $137.40. The company had a trading volume of 93,318,005 shares, compared to its average volume of 81,017,198. Palantir Technologies Inc. has a 52 week low of $21.23 and a 52 week high of $140.00. The stock's 50 day moving average price is $115.48 and its 200 day moving average price is $94.61. The stock has a market cap of $324.25 billion, a price-to-earnings ratio of 723.20, a PEG ratio of 10.84 and a beta of 2.64.

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 analysts' consensus estimates of $0.13. The company had revenue of $883.86 million during the quarter, compared to the consensus estimate of $863.89 million. Palantir Technologies had a return on equity of 6.85% and a net margin of 16.13%. The firm's revenue for the quarter was up 39.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.08 earnings per share. Analysts predict that Palantir Technologies Inc. will post 0.31 earnings per share for the current year.

Insider Transactions at Palantir Technologies

In related news, Director Eric H. Woersching sold 17,000 shares of Palantir Technologies stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $129.29, for a total transaction of $2,197,930.00. Following the sale, the director now owns 12,562 shares of the company's stock, valued at approximately $1,624,140.98. This trade represents a 57.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Shyam Sankar sold 405,000 shares of Palantir Technologies 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 sale, the insider now directly owns 702,786 shares in the company, 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. Over the last three months, insiders have sold 1,816,925 shares of company stock valued at $215,448,358. 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.