Frank Rimerman Advisors LLC Boosts Stock Position in Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• Frank Rimerman Advisors LLC increased its stake in Palantir Technologies by 6.0%, bringing their total holdings to nearly 30,000 shares worth approximately $2.5 million.
• Multiple institutional investors, including Assenagon Asset Management and TCW Group, also raised their stakes in Palantir Technologies during the first quarter.
• Palantir reported earnings of $0.16 per share, exceeding analysts' expectations, with revenue growing 48.0% year-over-year to $1 billion.

Frank Rimerman Advisors LLC raised its stake in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 6.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 29,943 shares of the company's stock after acquiring an additional 1,682 shares during the period. Frank Rimerman Advisors LLC's holdings in Palantir Technologies were worth $2,527,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. raised its stake in Palantir Technologies by 15.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 49,651 shares of the company's stock valued at $4,191,000 after acquiring an additional 6,479 shares during the last quarter. Garrison Bradford & Associates Inc. purchased a new position in shares of Palantir Technologies during the 1st quarter worth approximately $45,000. Menard Financial Group LLC raised its stake in shares of Palantir Technologies by 8.2% during the 1st quarter. Menard Financial Group LLC now owns 25,938 shares of the company's stock worth $2,189,000 after buying an additional 1,964 shares in the last quarter. TCW Group Inc. raised its stake in shares of Palantir Technologies by 14.5% during the 1st quarter. TCW Group Inc. now owns 32,031 shares of the company's stock worth $2,703,000 after buying an additional 4,068 shares in the last quarter. Finally, Sagespring Wealth Partners LLC raised its stake in shares of Palantir Technologies by 36.3% during the 1st quarter. Sagespring Wealth Partners LLC now owns 24,054 shares of the company's stock worth $2,030,000 after buying an additional 6,405 shares in the last quarter. 45.65% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Palantir Technologies

In other Palantir Technologies news, insider Stephen Andrew Cohen sold 309,696 shares of the stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $126.39, for a total transaction of $39,142,477.44. Following the transaction, the insider owned 592 shares of the company's stock, valued at $74,822.88. This represents a 99.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Shyam Sankar sold 405,000 shares of the stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $132.08, for a total value of $53,492,400.00. Following the transaction, the insider directly owned 702,786 shares in the company, valued at approximately $92,823,974.88. This represents a 36.56% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,515,632 shares of company stock worth $196,472,623. Company insiders own 9.23% of the company's stock.

Analyst Upgrades and Downgrades

PLTR has been the subject of a number of analyst reports. DA Davidson set a $170.00 target price on Palantir Technologies and gave the stock a "neutral" rating in a research note on Tuesday. Mizuho raised Palantir Technologies from an "underperform" rating to a "neutral" rating and increased their target price for the stock from $116.00 to $135.00 in a research note on Wednesday, July 16th. Piper Sandler set a $182.00 price target on Palantir Technologies in a report on Tuesday. Loop Capital upped their price target on Palantir Technologies from $178.00 to $180.00 and gave the stock a "buy" rating in a report on Tuesday. Finally, Bank of America upped their price target on Palantir Technologies from $150.00 to $180.00 and gave the stock a "buy" rating in a report on Tuesday. Two analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $136.61.

Palantir Technologies Stock Performance

Shares of NASDAQ:PLTR opened at $186.96 on Friday. The business's fifty day moving average price is $145.64 and its two-hundred day moving average price is $115.61. The stock has a market cap of $441.21 billion, a PE ratio of 623.22, a price-to-earnings-growth ratio of 11.57 and a beta of 2.60. Palantir Technologies Inc. has a one year low of $29.10 and a one year high of $187.99.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last issued 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 return on equity of 10.75% and a net margin of 22.18%. The company had revenue of $1 billion for the quarter, compared to analyst estimates of $939.29 million. During the same quarter in the prior year, the company posted $0.09 EPS. The business's revenue for the quarter was up 48.0% compared to the same quarter last year. As a group, equities research analysts predict that Palantir Technologies Inc. will post 0.31 earnings per share for the current fiscal year.

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.

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