Envestnet Asset Management Inc. Purchases 343,874 Shares of Palantir Technologies Inc. (NASDAQ:PLTR)

Envestnet Asset Management Inc. raised its position in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 58.0% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 936,286 shares of the company's stock after acquiring an additional 343,874 shares during the period. Envestnet Asset Management Inc.'s holdings in Palantir Technologies were worth $79,023,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the company. Penserra Capital Management LLC increased its position in Palantir Technologies by 14.4% during the first quarter. Penserra Capital Management LLC now owns 225,698 shares of the company's stock valued at $19,047,000 after acquiring an additional 28,374 shares during the last quarter. Crew Capital Management Ltd. purchased a new stake in shares of Palantir Technologies during the first quarter valued at $874,000. Chilton Capital Management LLC purchased a new stake in shares of Palantir Technologies during the first quarter valued at $49,000. Traveka Wealth LLC purchased a new stake in shares of Palantir Technologies during the first quarter valued at $296,000. Finally, Argentarii LLC boosted its stake in shares of Palantir Technologies by 37.3% during the first quarter. Argentarii LLC now owns 6,790 shares of the company's stock valued at $573,000 after purchasing an additional 1,843 shares during the period. Institutional investors own 45.65% of the company's stock.

Insider Activity

In other news, insider Shyam Sankar sold 405,000 shares of the company's 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 transaction, the insider owned 702,786 shares in the company, valued at $92,823,974.88. This represents a 36.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Alexander C. Karp sold 358,982 shares of the company's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $126.39, for a total transaction of $45,371,734.98. Following the transaction, the insider owned 6,432,258 shares in the company, valued at approximately $812,973,088.62. This trade represents a 5.29% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,451,497 shares of company stock valued at $186,110,685. 9.23% of the stock is owned by company insiders.

Palantir Technologies Stock Performance

PLTR stock opened at $142.50 on Friday. The firm has a market cap of $336.29 billion, a price-to-earnings ratio of 619.57, a PEG ratio of 12.22 and a beta of 2.59. The firm has a 50-day simple moving average of $130.45 and a two-hundred day simple moving average of $103.25. Palantir Technologies Inc. has a one year low of $21.23 and a one year high of $148.22.

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

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. UBS Group reissued a "positive" rating on shares of Palantir Technologies in a research note on Wednesday, June 25th. DA Davidson boosted their target price on shares of Palantir Technologies from $100.00 to $115.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Loop Capital set a $155.00 target price on shares of Palantir Technologies and gave the company a "buy" rating in a research note on Thursday, June 12th. The Goldman Sachs Group boosted their target price on shares of Palantir Technologies from $80.00 to $90.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Finally, Morgan Stanley boosted their target price on shares of Palantir Technologies from $90.00 to $98.00 and gave the company an "equal weight" rating in a research note on Tuesday, May 6th. Five equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $89.32.

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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