EFG Asset Management Americas Corp. Lowers Position in Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• EFG Asset Management Americas Corp. sold 15,365 shares of Palantir Technologies, reducing its stake by 17.8%, now holding 71,094 shares valued at approximately $6 million.
• Insiders sold a total of 1,485,632 shares of Palantir stock over the last quarter, with significant sales occurring by Ryan D. Taylor and Shyam Sankar, leading to a 9.23% ownership by insiders.
• Palantir's average stock rating is currently a Hold, with a consensus target price of $96.45, despite recent analyst upgrades and downgrades.

EFG Asset Management Americas Corp. reduced its holdings in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 17.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 71,094 shares of the company's stock after selling 15,365 shares during the period. Palantir Technologies makes up 1.2% of EFG Asset Management Americas Corp.'s holdings, making the stock its 23rd biggest position. EFG Asset Management Americas Corp.'s holdings in Palantir Technologies were worth $6,000,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Mechanics Financial Corp purchased a new stake in shares of Palantir Technologies in the 1st quarter valued at approximately $25,000. Richardson Capital Management LLC purchased a new stake in shares of Palantir Technologies in the 1st quarter valued at approximately $33,000. Cornerstone Planning Group LLC raised its stake in shares of Palantir Technologies by 90.2% in the 1st quarter. Cornerstone Planning Group LLC now owns 390 shares of the company's stock valued at $33,000 after acquiring an additional 185 shares during the period. Atlantic Edge Private Wealth Management LLC raised its stake in shares of Palantir Technologies by 45.5% in the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 400 shares of the company's stock valued at $34,000 after acquiring an additional 125 shares during the period. Finally, Godsey & Gibb Inc. raised its stake in shares of Palantir Technologies by 740.0% in the 1st quarter. Godsey & Gibb Inc. now owns 420 shares of the company's stock valued at $35,000 after acquiring an additional 370 shares during the period. 45.65% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on PLTR shares. Royal Bank Of Canada reissued an "underperform" rating on shares of Palantir Technologies in a research note on Tuesday, May 6th. Morgan Stanley lifted their price objective on shares of Palantir Technologies from $90.00 to $98.00 and gave the company an "equal weight" rating in a report on Tuesday, May 6th. Cantor Fitzgerald lifted their price objective on shares of Palantir Technologies from $98.00 to $110.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. DA Davidson lifted their price objective on shares of Palantir Technologies from $100.00 to $115.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Finally, Loop Capital lifted their price objective on shares of Palantir Technologies from $155.00 to $178.00 and gave the company a "buy" rating in a report on Wednesday. Four analysts have rated the stock with a sell rating, fifteen have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $96.45.

Palantir Technologies Price Performance

Shares of Palantir Technologies stock traded down $0.26 during trading hours on Thursday, hitting $158.35. The company had a trading volume of 45,023,016 shares, compared to its average volume of 52,479,240. The company's 50-day moving average is $139.76 and its two-hundred day moving average is $111.35. Palantir Technologies Inc. has a twelve month low of $21.23 and a twelve month high of $160.89. The company has a market cap of $373.69 billion, a P/E ratio of 688.48, a price-to-earnings-growth ratio of 13.52 and a beta of 2.59.

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

Insider Activity

In other Palantir Technologies news, insider David A. Glazer sold 3,418 shares of the firm's stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $125.97, for a total transaction of $430,565.46. Following the transaction, the insider directly owned 492,079 shares of the company's stock, valued at approximately $61,987,191.63. This trade represents a 0.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Eric H. Woersching sold 10,214 shares of the firm's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $130.95, for a total transaction of $1,337,523.30. Following the transaction, the director directly owned 2,348 shares in the company, valued at $307,470.60. The trade was a 81.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,485,632 shares of company stock worth $191,222,623 over the last 90 days. 9.23% of the stock is owned by corporate insiders.

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.