Financial Management Network Inc. Makes New $223,000 Investment in Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• Financial Management Network Inc. has invested approximately $223,000 in Palantir Technologies Inc. by purchasing 2,868 shares during the first quarter, as disclosed in their Form 13F filing with the SEC.
• Multiple institutional investors, including Geode Capital Management and Wellington Management Group, have significantly increased their stakes in Palantir, indicating strong interest in the stock.
• Palantir reported a 39.4% year-over-year increase in quarterly revenue, with earnings of $0.13 EPS, meeting analysts' expectations.

Financial Management Network Inc. purchased a new stake in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 2,868 shares of the company's stock, valued at approximately $223,000.

A number of other institutional investors also recently modified their holdings of PLTR. Geode Capital Management LLC raised its stake in Palantir Technologies by 8.6% in the fourth quarter. Geode Capital Management LLC now owns 52,074,232 shares of the company's stock valued at $3,929,401,000 after buying an additional 4,127,306 shares during the period. Northern Trust Corp raised its stake in Palantir Technologies by 20.4% in the fourth quarter. Northern Trust Corp now owns 19,488,465 shares of the company's stock valued at $1,473,913,000 after buying an additional 3,299,779 shares during the period. FMR LLC raised its stake in Palantir Technologies by 22.6% in the fourth quarter. FMR LLC now owns 15,296,371 shares of the company's stock valued at $1,156,864,000 after buying an additional 2,818,090 shares during the period. Invesco Ltd. raised its stake in Palantir Technologies by 31.2% in the fourth quarter. Invesco Ltd. now owns 14,748,240 shares of the company's stock valued at $1,115,409,000 after buying an additional 3,509,311 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in Palantir Technologies by 1.5% in the first quarter. Bank of New York Mellon Corp now owns 13,031,532 shares of the company's stock valued at $1,099,861,000 after buying an additional 187,860 shares during the period. 45.65% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Lauren Elaina Friedman Stat sold 800 shares of the firm's stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $139.61, for a total value of $111,688.00. Following the sale, the director directly owned 62,887 shares of the company's stock, valued at $8,779,654.07. This trade represents a 1.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Ryan D. Taylor sold 33,335 shares of the firm's stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $150.00, for a total value of $5,000,250.00. Following the completion of the sale, the insider directly owned 363,755 shares in the company, valued at $54,563,250. The trade was a 8.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,485,632 shares of company stock valued at $191,222,623 over the last ninety days. Corporate insiders own 9.23% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on PLTR. Cantor Fitzgerald upped their price objective on Palantir Technologies from $98.00 to $110.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Loop Capital increased their target price on Palantir Technologies from $155.00 to $178.00 and gave the stock a "buy" rating in a research note on Wednesday. The Goldman Sachs Group increased their target price on Palantir Technologies from $80.00 to $90.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. UBS Group restated a "positive" rating on shares of Palantir Technologies in a research note on Wednesday, June 25th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "sell" rating on shares of Palantir Technologies in a report on Tuesday, May 6th. Four equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $96.45.

Palantir Technologies Trading Down 0.1%

Shares of NASDAQ:PLTR traded down $0.16 on Thursday, reaching $158.45. 33,622,350 shares of the company traded hands, compared to its average volume of 92,677,438. The business's 50-day simple moving average is $139.03 and its 200 day simple moving average is $110.71. Palantir Technologies Inc. has a 52 week low of $21.23 and a 52 week high of $160.89. The stock has a market capitalization of $373.93 billion, a P/E ratio of 689.72, a price-to-earnings-growth ratio of 13.32 and a beta of 2.59.

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

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.