Close Asset Management Ltd Reduces Position in Palantir Technologies Inc. (NASDAQ:PLTR)

Close Asset Management Ltd trimmed its holdings in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 41.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 6,132 shares of the company's stock after selling 4,309 shares during the quarter. Close Asset Management Ltd's holdings in Palantir Technologies were worth $517,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Mechanics Financial Corp bought a new position in shares of Palantir Technologies during the first quarter valued at approximately $25,000. Cornerstone Planning Group LLC lifted its position in Palantir Technologies by 90.2% in the first quarter. Cornerstone Planning Group LLC now owns 390 shares of the company's stock worth $33,000 after purchasing an additional 185 shares during the period. Richardson Capital Management LLC acquired a new stake in Palantir Technologies in the first quarter worth approximately $33,000. Atlantic Edge Private Wealth Management LLC lifted its position in Palantir Technologies by 45.5% in the first quarter. Atlantic Edge Private Wealth Management LLC now owns 400 shares of the company's stock worth $34,000 after purchasing an additional 125 shares during the period. Finally, CBIZ Investment Advisory Services LLC lifted its position in Palantir Technologies by 118.5% in the first quarter. CBIZ Investment Advisory Services LLC now owns 413 shares of the company's stock worth $35,000 after purchasing an additional 224 shares during the period. 45.65% of the stock is owned by hedge funds and other institutional investors.

Palantir Technologies Price Performance

Shares of Palantir Technologies stock opened at $149.07 on Wednesday. The firm has a market cap of $351.79 billion, a P/E ratio of 648.13, a P/E/G ratio of 12.96 and a beta of 2.59. The firm has a 50 day simple moving average of $134.33 and a 200 day simple moving average of $106.57. Palantir Technologies Inc. has a fifty-two week low of $21.23 and a fifty-two week high of $155.68.

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, hitting analysts' consensus estimates of $0.13. The company had revenue of $883.86 million for the quarter, compared to analysts' expectations of $863.89 million. Palantir Technologies had a net margin of 18.32% and a return on equity of 6.55%. The business's quarterly revenue was up 39.4% compared to the same quarter last year. During the same period last year, the firm posted $0.08 earnings per share. On average, sell-side analysts expect that Palantir Technologies Inc. will post 0.31 EPS for the current year.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Citigroup upped their price target on Palantir Technologies from $110.00 to $115.00 and gave the company a "neutral" rating in a report on Thursday, May 8th. Deutsche Bank Aktiengesellschaft reaffirmed a "sell" rating on shares of Palantir Technologies in a report on Tuesday, May 6th. Cantor Fitzgerald upped their price target on Palantir Technologies from $98.00 to $110.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. UBS Group reaffirmed a "positive" rating on shares of Palantir Technologies in a report on Wednesday, June 25th. Finally, Royal Bank Of Canada reaffirmed an "underperform" rating on shares of Palantir Technologies in a report on Tuesday, May 6th. Four analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $91.37.

Insiders Place Their Bets

In related news, insider Shyam Sankar sold 405,000 shares of the stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $132.08, for a total transaction of $53,492,400.00. Following the sale, the insider owned 702,786 shares in the company, valued at approximately $92,823,974.88. This trade represents a 36.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider David A. Glazer sold 30,812 shares of the stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $126.39, for a total transaction of $3,894,328.68. Following the sale, the insider owned 495,497 shares in the company, valued at $62,625,865.83. This represents a 5.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,485,632 shares of company stock worth $191,222,623 in the last 90 days. Corporate insiders own 12.93% 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.

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