Convergence Investment Partners LLC Sells 28,316 Shares of Palantir Technologies Inc. (NASDAQ:PLTR)

Convergence Investment Partners LLC reduced its holdings in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 61.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 17,674 shares of the company's stock after selling 28,316 shares during the quarter. Convergence Investment Partners LLC's holdings in Palantir Technologies were worth $1,492,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Assenagon Asset Management S.A. raised its stake 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 during the period. Pitcairn Co. bought a new stake in shares of Palantir Technologies during the 4th quarter valued at $281,000. Sagespring Wealth Partners LLC raised its stake in shares of Palantir Technologies by 36.3% during the 1st quarter. Sagespring Wealth Partners LLC now owns 24,054 shares of the company's stock valued at $2,030,000 after purchasing an additional 6,405 shares during the period. CX Institutional bought a new stake in shares of Palantir Technologies during the 1st quarter valued at $62,000. Finally, Bessemer Group Inc. raised its stake in shares of Palantir Technologies by 13.6% during the 1st quarter. Bessemer Group Inc. now owns 25,414 shares of the company's stock valued at $2,145,000 after purchasing an additional 3,050 shares during the period. 45.65% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PLTR has been the topic of a number of analyst reports. Loop Capital set a $155.00 price objective on Palantir Technologies and gave the company a "buy" rating in a research note on Thursday, June 12th. Daiwa America upgraded Palantir Technologies to a "hold" rating in a research report on Tuesday, April 1st. Morgan Stanley boosted their target price on Palantir Technologies from $90.00 to $98.00 and gave the stock an "equal weight" rating in a research report on Tuesday, May 6th. Daiwa Capital Markets initiated coverage on Palantir Technologies in a research report on Tuesday, April 1st. They set a "neutral" rating and a $90.00 target price for the company. Finally, Cantor Fitzgerald boosted their target price on Palantir Technologies from $98.00 to $110.00 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 given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $95.30.

Insider Activity at Palantir Technologies

In other news, insider Shyam Sankar sold 405,000 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $132.08, for a total transaction of $53,492,400.00. Following the transaction, the insider owned 702,786 shares of the company's stock, valued at approximately $92,823,974.88. This represents a 36.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Eric H. Woersching sold 10,214 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $130.95, for a total value of $1,337,523.30. Following the transaction, the director directly owned 2,348 shares in the company, valued at approximately $307,470.60. This represents a 81.31% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,485,632 shares of company stock valued at $191,222,623 over the last ninety days. 9.23% of the stock is currently owned by company insiders.

Palantir Technologies Price Performance

Shares of PLTR stock traded up $3.94 during trading hours on Friday, hitting $158.80. The stock had a trading volume of 57,540,972 shares, compared to its average volume of 94,045,109. Palantir Technologies Inc. has a one year low of $21.23 and a one year high of $160.39. The stock's 50-day moving average price is $136.44 and its two-hundred day moving average price is $108.24. The stock has a market capitalization of $374.75 billion, a price-to-earnings ratio of 690.43, a PEG ratio of 13.20 and a beta of 2.59.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported $0.13 earnings per share for the quarter, hitting the consensus estimate of $0.13. Palantir Technologies had a return on equity of 6.55% and a net margin of 18.32%. The company had revenue of $883.86 million for the quarter, compared to analysts' expectations of $863.89 million. During the same period in the previous year, the firm posted $0.08 earnings per share. The firm's revenue for the quarter was up 39.4% 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 fiscal 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.