Corton Capital Inc. Sells 4,845 Shares of Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• Corton Capital Inc. reduced its stake in Palantir Technologies Inc. by 57.7%, selling 4,845 shares and now holding 3,546 shares valued at approximately $299,000.
• Institutional investors collectively own 45.65% of Palantir, with Geode Capital Management increasing its holdings by 8.6% and Wellington Management by 504.0% during the fourth quarter.
• Palantir's quarterly earnings report met estimates with earnings per share of $0.13 while revenue showed a 39.4% year-over-year increase, totaling $883.86 million.

Corton Capital Inc. decreased its stake in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 57.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,546 shares of the company's stock after selling 4,845 shares during the period. Palantir Technologies comprises about 1.0% of Corton Capital Inc.'s investment portfolio, making the stock its 17th biggest position. Corton Capital Inc.'s holdings in Palantir Technologies were worth $299,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the stock. Geode Capital Management LLC grew its holdings in shares of Palantir Technologies by 8.6% during the 4th quarter. Geode Capital Management LLC now owns 52,074,232 shares of the company's stock valued at $3,929,401,000 after purchasing an additional 4,127,306 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Palantir Technologies by 504.0% during the 4th quarter. Wellington Management Group LLP now owns 4,682,230 shares of the company's stock valued at $354,117,000 after purchasing an additional 3,907,022 shares during the last quarter. Invesco Ltd. grew its holdings in shares of Palantir Technologies by 31.2% during the 4th quarter. Invesco Ltd. now owns 14,748,240 shares of the company's stock valued at $1,115,409,000 after purchasing an additional 3,509,311 shares during the last quarter. Capital World Investors bought a new position in shares of Palantir Technologies during the 4th quarter valued at $253,816,000. Finally, Northern Trust Corp grew its holdings in shares of Palantir Technologies by 20.4% during the 4th quarter. Northern Trust Corp now owns 19,488,465 shares of the company's stock valued at $1,473,913,000 after purchasing an additional 3,299,779 shares during the last quarter. Institutional investors own 45.65% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PLTR. 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 report on Tuesday, May 6th. Loop Capital set a $155.00 price target on shares of Palantir Technologies and gave the stock a "buy" rating in a report on Thursday, June 12th. Piper Sandler began coverage on shares of Palantir Technologies in a report on Friday. They issued an "overweight" rating and a $170.00 price target on the stock. DA Davidson raised their price target on shares of Palantir Technologies from $100.00 to $115.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Finally, Daiwa Capital Markets began coverage on shares of Palantir Technologies in a report on Tuesday, April 1st. They issued a "neutral" rating and a $90.00 price target on the stock. Four equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $95.30.

Palantir Technologies Price Performance

Shares of NASDAQ PLTR opened at $158.80 on Friday. Palantir Technologies Inc. has a 1 year low of $21.23 and a 1 year high of $160.39. The stock has a market cap of $374.75 billion, a P/E ratio of 690.43, a price-to-earnings-growth ratio of 13.56 and a beta of 2.59. The firm has a 50-day moving average of $137.03 and a 200 day moving average of $109.13.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The company reported $0.13 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.13. Palantir Technologies had a net margin of 18.32% and a return on equity of 6.55%. The company had revenue of $883.86 million during the quarter, compared to analysts' expectations of $863.89 million. During the same period last year, the company posted $0.08 EPS. Palantir Technologies's revenue was up 39.4% on a year-over-year basis. Research analysts expect that Palantir Technologies Inc. will post 0.31 earnings per share for the current fiscal year.

Insider Activity at Palantir Technologies

In related news, insider Shyam Sankar sold 405,000 shares of Palantir Technologies stock in a transaction dated 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 transaction, the insider directly owned 702,786 shares of the company's stock, valued at $92,823,974.88. This trade represents a 36.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Stephen Andrew Cohen sold 309,696 shares of Palantir Technologies stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $126.39, for a total transaction of $39,142,477.44. Following the transaction, the insider directly owned 592 shares of the company's stock, valued at approximately $74,822.88. This trade represents a 99.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,485,632 shares of company stock worth $191,222,623 over the last 90 days. 9.23% of the stock is currently owned by insiders.

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.

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