Covenant Asset Management LLC Raises Holdings in Palantir Technologies Inc. $PLTR

Key Points

• Covenant Asset Management LLC significantly increased its investment in Palantir Technologies Inc. by 228.1% during Q2, now owning 13,155 shares valued at approximately $1.79 million.
• Insider trading activity showed substantial sales, including Shyam Sankar selling 375,000 shares for over $56 million, reducing his stake by 34.79%.
• Analyst price targets for Palantir have been raised, with Goldman Sachs and Cantor Fitzgerald setting new targets of $141.00 and $155.00 respectively, reflecting a mixed sentiment from analysts with a majority rating it as "Hold."

Covenant Asset Management LLC boosted its stake in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 228.1% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,155 shares of the company's stock after acquiring an additional 9,146 shares during the quarter. Covenant Asset Management LLC's holdings in Palantir Technologies were worth $1,793,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the stock. Moss Adams Wealth Advisors LLC boosted its holdings in Palantir Technologies by 16.5% during the 2nd quarter. Moss Adams Wealth Advisors LLC now owns 7,562 shares of the company's stock valued at $1,031,000 after acquiring an additional 1,071 shares during the period. GC Wealth Management RIA LLC raised its position in Palantir Technologies by 165.0% during the 2nd quarter. GC Wealth Management RIA LLC now owns 16,565 shares of the company's stock valued at $2,258,000 after purchasing an additional 10,315 shares during the last quarter. Enclave Advisors LLC raised its position in Palantir Technologies by 12.9% during the 2nd quarter. Enclave Advisors LLC now owns 46,149 shares of the company's stock valued at $6,291,000 after purchasing an additional 5,286 shares during the last quarter. Capital Insight Partners LLC bought a new position in Palantir Technologies during the 2nd quarter valued at approximately $249,000. Finally, Forefront Wealth Management Inc. bought a new position in Palantir Technologies during the 2nd quarter valued at approximately $226,000. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Palantir Technologies

In related news, insider Shyam Sankar sold 375,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 20th. The stock was sold at an average price of $151.20, for a total transaction of $56,700,000.00. Following the completion of the transaction, the insider owned 702,786 shares of the company's stock, valued at $106,261,243.20. This trade represents a 34.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ryan D. Taylor sold 36,048 shares of the firm's stock in a transaction that occurred on Friday, September 5th. The shares were sold at an average price of $158.35, for a total value of $5,708,200.80. Following the transaction, the insider directly owned 307,470 shares of the company's stock, valued at approximately $48,687,874.50. This trade represents a 10.49% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,634,634 shares of company stock worth $250,524,804 over the last quarter. 12.93% of the stock is currently owned by company insiders.

Palantir Technologies Stock Down 0.9%

PLTR stock opened at $177.57 on Monday. Palantir Technologies Inc. has a twelve month low of $36.05 and a twelve month high of $190.00. The firm has a market cap of $421.26 billion, a PE ratio of 591.92, a price-to-earnings-growth ratio of 9.91 and a beta of 2.59. The business has a 50 day moving average of $166.16 and a 200 day moving average of $134.01.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The company reported $0.16 earnings per share for the quarter, beating analysts' consensus estimates of $0.14 by $0.02. Palantir Technologies had a return on equity of 10.75% and a net margin of 22.18%.The company had revenue of $1 billion during the quarter, compared to analyst estimates of $939.29 million. During the same quarter last year, the company earned $0.09 EPS. The firm's revenue for the quarter was up 48.0% on a year-over-year basis. Palantir Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. On average, research analysts expect that Palantir Technologies Inc. will post 0.31 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. The Goldman Sachs Group upped their price target on Palantir Technologies from $90.00 to $141.00 and gave the company a "neutral" rating in a research report on Wednesday, August 6th. Cantor Fitzgerald upped their price target on Palantir Technologies from $110.00 to $155.00 and gave the company a "neutral" rating in a research report on Tuesday, August 5th. Loop Capital upped their price target on Palantir Technologies from $178.00 to $180.00 and gave the company a "buy" rating in a research report on Tuesday, August 5th. Deutsche Bank Aktiengesellschaft raised Palantir Technologies from a "sell" rating to a "hold" rating and upped their price target for the company from $80.00 to $160.00 in a research report on Tuesday, August 5th. Finally, Wedbush set a $200.00 price target on Palantir Technologies and gave the company an "outperform" rating in a research report on Tuesday, August 5th. Four investment analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Palantir Technologies currently has an average rating of "Hold" and an average price target of $140.22.

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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