Federated Hermes Inc. Acquires 51,766 Shares of Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• Federated Hermes Inc. increased its stake in Palantir Technologies by 1.9%, now holding 2,730,801 shares valued at approximately $230.5 million.
• Multiple analysts raised their price targets for Palantir Technologies, with Morgan Stanley adjusting from $90.00 to $98.00 and Citigroup from $110.00 to $115.00, indicating a strong future outlook.
• Palantir reported a 39.4% increase in revenue year-over-year, with earnings per share meeting expectations at $0.13 for the last quarter.

Federated Hermes Inc. boosted its holdings in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 1.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,730,801 shares of the company's stock after buying an additional 51,766 shares during the period. Federated Hermes Inc. owned approximately 0.12% of Palantir Technologies worth $230,480,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of PLTR. Mechanics Financial Corp bought a new position in Palantir Technologies in the first quarter valued at $25,000. Cornerstone Planning Group LLC lifted its stake in shares of Palantir Technologies by 90.2% during the 1st quarter. Cornerstone Planning Group LLC now owns 390 shares of the company's stock worth $33,000 after buying an additional 185 shares during the last quarter. Richardson Capital Management LLC acquired a new stake in Palantir Technologies in the 1st quarter worth about $33,000. Atlantic Edge Private Wealth Management LLC raised its stake in Palantir Technologies by 45.5% in the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 400 shares of the company's stock worth $34,000 after purchasing an additional 125 shares in the last quarter. Finally, CBIZ Investment Advisory Services LLC raised its stake in Palantir Technologies by 118.5% in the 1st quarter. CBIZ Investment Advisory Services LLC now owns 413 shares of the company's stock worth $35,000 after purchasing an additional 224 shares in the last quarter. 45.65% of the stock is currently owned by institutional investors and hedge funds.

Palantir Technologies Stock Down 2.4%

NASDAQ PLTR traded down $3.79 during trading hours on Friday, reaching $154.56. 50,206,965 shares of the company were exchanged, compared to its average volume of 92,459,664. Palantir Technologies Inc. has a 1 year low of $21.23 and a 1 year high of $160.89. The business's 50 day simple moving average is $139.76 and its 200-day simple moving average is $111.35. The stock has a market capitalization of $364.74 billion, a P/E ratio of 672.33, a P/E/G ratio of 13.52 and a beta of 2.59.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The company reported $0.13 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates 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 the consensus estimate of $863.89 million. During the same quarter last year, the company posted $0.08 earnings per share. The firm's quarterly revenue was up 39.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Palantir Technologies Inc. will post 0.31 earnings per share for the current year.

Insider Activity

In other Palantir Technologies news, insider Shyam Sankar sold 405,000 shares of the 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 owned 702,786 shares in the company, valued at $92,823,974.88. This trade represents a 36.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Alexander C. Karp sold 358,982 shares of the stock in a transaction dated Tuesday, May 20th. The stock was 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 of the company's stock, valued at $812,973,088.62. This represents a 5.29% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,485,632 shares of company stock valued at $191,222,623. 9.23% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

PLTR has been the topic of several recent analyst reports. Royal Bank Of Canada reissued an "underperform" rating on shares of Palantir Technologies in a report on Tuesday, May 6th. Mizuho upgraded shares of Palantir Technologies from an "underperform" rating to a "neutral" rating and upped their price objective for the stock from $116.00 to $135.00 in a research report on Wednesday, July 16th. Cantor Fitzgerald upped their price objective on shares of Palantir Technologies from $98.00 to $110.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. DA Davidson upped their price objective on shares of Palantir Technologies from $100.00 to $115.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Finally, Morgan Stanley upped their price objective on shares of Palantir Technologies from $90.00 to $98.00 and gave the stock an "equal weight" rating in a research report on Tuesday, May 6th. Four analysts have rated the stock with a sell rating, fifteen have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Palantir Technologies currently has an average rating of "Hold" and an average price target of $96.45.

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.