Palantir Technologies Inc. (NASDAQ:PLTR) Position Lowered by Fox Hill Wealth Management

Key Points

• Fox Hill Wealth Management reduced its stake in Palantir Technologies by 28.7% during the 1st quarter, now holding 39,145 shares worth approximately $3.3 million.
• Insider Stephen Andrew Cohen sold 309,696 shares of Palantir stock, a significant reduction resulting in a 99.81% decrease in his position.
• Goldman Sachs and Cantor Fitzgerald have increased their price targets for Palantir, with Goldman now at $141 and Cantor Fitzgerald at $155, while the stock has an average target price of $136.61.

Fox Hill Wealth Management lowered its position in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 28.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 39,145 shares of the company's stock after selling 15,769 shares during the period. Palantir Technologies makes up about 2.0% of Fox Hill Wealth Management's investment portfolio, making the stock its 12th biggest position. Fox Hill Wealth Management's holdings in Palantir Technologies were worth $3,304,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PLTR. Mechanics Financial Corp acquired a new position in Palantir Technologies during the first quarter worth $25,000. Richardson Capital Management LLC acquired a new position in Palantir Technologies during the first quarter worth $33,000. Cornerstone Planning Group LLC raised its position 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 purchasing an additional 185 shares during the last quarter. Atlantic Edge Private Wealth Management LLC raised its position in shares of Palantir Technologies by 45.5% during 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 during the last quarter. Finally, Godsey & Gibb Inc. raised its position in shares of Palantir Technologies by 740.0% during the 1st quarter. Godsey & Gibb Inc. now owns 420 shares of the company's stock worth $35,000 after purchasing an additional 370 shares during the last quarter. 45.65% of the stock is owned by institutional investors and hedge funds.

Palantir Technologies Stock Performance

Palantir Technologies stock traded down $2.60 during trading on Wednesday, reaching $184.37. 53,416,270 shares of the company's stock were exchanged, compared to its average volume of 60,256,280. The company's 50-day moving average is $148.82 and its two-hundred day moving average is $117.81. Palantir Technologies Inc. has a 52-week low of $29.31 and a 52-week high of $190.00. The firm has a market cap of $435.10 billion, a price-to-earnings ratio of 614.59, a PEG ratio of 10.54 and a beta of 2.60.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported $0.16 earnings per share for the quarter, topping analysts' consensus estimates of $0.14 by $0.02. Palantir Technologies had a net margin of 22.18% and a return on equity of 10.75%. The firm had revenue of $1 billion during the quarter, compared to analysts' expectations of $939.29 million. During the same period in the prior year, the company earned $0.09 EPS. The firm's revenue was up 48.0% on a year-over-year basis. Analysts anticipate that Palantir Technologies Inc. will post 0.31 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently issued reports on PLTR. Wedbush set a $200.00 price objective on Palantir Technologies and gave the stock an "outperform" rating in a research report on Tuesday, August 5th. Wall Street Zen upgraded Palantir Technologies from a "hold" rating to a "buy" rating in a research report on Saturday. The Goldman Sachs Group lifted their price objective on Palantir Technologies from $90.00 to $141.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 6th. Royal Bank Of Canada lifted their price objective on Palantir Technologies from $40.00 to $45.00 and gave the stock an "underperform" rating in a research report on Tuesday, August 5th. Finally, Loop Capital boosted their price target on Palantir Technologies from $178.00 to $180.00 and gave the company a "buy" rating in a report on Tuesday, August 5th. Two investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, Palantir Technologies presently has an average rating of "Hold" and an average price target of $136.61.

Insider Activity

In other Palantir Technologies news, insider David A. Glazer sold 3,418 shares of the company's stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $125.97, for a total value of $430,565.46. Following the completion of the transaction, the insider directly owned 492,079 shares of the company's stock, valued at $61,987,191.63. This represents a 0.69% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 completion of the transaction, the insider directly owned 702,786 shares of the company's stock, valued at approximately $92,823,974.88. The trade was a 36.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,515,632 shares of company stock worth $196,472,623 in the last quarter. Insiders own 9.23% of the company's stock.

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.