Commonwealth Financial Services LLC Purchases New Position in Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• Commonwealth Financial Services LLC invested approximately $379,000 in Palantir Technologies, acquiring 4,489 shares in the first quarter.
• Analyst ratings for Palantir have been mostly positive, with Deutsche Bank upgrading their rating from "sell" to "hold" and increasing the price target significantly.
• Insider selling activity has been notable, with the director Eric H. Woersching selling over 10,000 shares, reflecting a significant decrease in their stock position.

Commonwealth Financial Services LLC purchased a new stake in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 4,489 shares of the company's stock, valued at approximately $379,000.

A number of other large investors have also recently modified their holdings of the company. Goldman Sachs Group Inc. lifted its holdings in shares of Palantir Technologies by 38.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 15,180,154 shares of the company's stock worth $1,281,205,000 after buying an additional 4,221,392 shares during the period. Capital World Investors purchased a new stake in Palantir Technologies in the fourth quarter worth about $253,816,000. Northern Trust Corp lifted its stake in Palantir Technologies by 20.4% in the fourth quarter. Northern Trust Corp now owns 19,488,465 shares of the company's stock worth $1,473,913,000 after acquiring an additional 3,299,779 shares during the period. Clear Street Derivatives LLC bought a new position in Palantir Technologies during the 4th quarter worth about $216,953,000. Finally, Toronto Dominion Bank increased its position in Palantir Technologies by 266.2% during the 4th quarter. Toronto Dominion Bank now owns 3,932,955 shares of the company's stock valued at $297,449,000 after purchasing an additional 2,859,091 shares during the period. Hedge funds and other institutional investors own 45.65% of the company's stock.

Analyst Ratings Changes

PLTR has been the subject of several research reports. Morgan Stanley set a $155.00 price target on shares of Palantir Technologies and gave the stock an "equal weight" rating in a research report on Tuesday. 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. UBS Group reiterated a "neutral" rating and issued a $165.00 price target (up from $110.00) on shares of Palantir Technologies in a report on Tuesday. Wedbush set a $200.00 price objective on Palantir Technologies and gave the stock an "outperform" rating in a research note on Tuesday. Finally, Royal Bank Of Canada raised their price objective on Palantir Technologies from $40.00 to $45.00 and gave the company an "underperform" rating in a research report on Tuesday. Two equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $136.61.

Insider Transactions at Palantir Technologies

In other Palantir Technologies news, insider David A. Glazer sold 30,812 shares of Palantir Technologies stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $126.39, for a total transaction of $3,894,328.68. Following the completion of the sale, the insider directly owned 495,497 shares in the company, valued at approximately $62,625,865.83. The trade was a 5.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Shyam Sankar sold 405,000 shares of the company's stock in a transaction 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 completion of the sale, the insider directly owned 702,786 shares in the company, valued at $92,823,974.88. This trade represents a 36.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,515,632 shares of company stock valued at $196,472,623. 9.23% of the stock is owned by company insiders.

Palantir Technologies Price Performance

Palantir Technologies stock traded up $4.76 during mid-day trading on Friday, reaching $186.96. 62,386,781 shares of the company traded hands, compared to its average volume of 61,219,692. The firm's fifty day moving average is $144.43 and its two-hundred day moving average is $114.82. The company has a market capitalization of $441.21 billion, a price-to-earnings ratio of 828.18, a price-to-earnings-growth ratio of 11.57 and a beta of 2.60. Palantir Technologies Inc. has a fifty-two week low of $29.10 and a fifty-two week high of $187.99.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last released its earnings results on Monday, August 4th. The company reported $0.16 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $1 billion for the quarter, compared to the consensus estimate of $939.29 million. During the same period in the prior year, the firm earned $0.09 EPS. The firm's revenue was up 48.0% on a year-over-year basis. As a group, equities research analysts predict that Palantir Technologies Inc. will post 0.31 earnings per share for the current year.

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.