Grove Bank & Trust Sells 4,900 Shares of Palantir Technologies Inc. (NASDAQ:PLTR)

Grove Bank & Trust lessened its stake in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 93.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 346 shares of the company's stock after selling 4,900 shares during the quarter. Grove Bank & Trust's holdings in Palantir Technologies were worth $29,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of PLTR. Norges Bank bought a new position in Palantir Technologies during the fourth quarter worth about $1,360,191,000. Geode Capital Management LLC lifted its stake in shares of Palantir Technologies by 8.6% during the 4th 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 in the last quarter. Wellington Management Group LLP boosted its holdings in Palantir Technologies by 504.0% in the 4th quarter. Wellington Management Group LLP now owns 4,682,230 shares of the company's stock worth $354,117,000 after buying an additional 3,907,022 shares during the period. Invesco Ltd. boosted its holdings in Palantir Technologies by 31.2% in the 4th quarter. Invesco Ltd. now owns 14,748,240 shares of the company's stock worth $1,115,409,000 after buying an additional 3,509,311 shares during the period. Finally, Capital World Investors purchased a new position in Palantir Technologies in the 4th quarter valued at approximately $253,816,000. Hedge funds and other institutional investors own 45.65% of the company's stock.

Palantir Technologies Price Performance

PLTR stock traded up $1.76 during mid-day trading on Thursday, hitting $139.96. 58,100,428 shares of the stock were exchanged, compared to its average volume of 81,096,965. The business has a fifty day moving average price of $118.64 and a 200 day moving average price of $96.13. Palantir Technologies Inc. has a 12 month low of $21.23 and a 12 month high of $144.86. The stock has a market capitalization of $330.29 billion, a price-to-earnings ratio of 608.52, a PEG ratio of 11.66 and a beta of 2.64.

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

Insiders Place Their Bets

In related news, insider Ryan D. Taylor sold 98,177 shares of the stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $82.80, for a total transaction of $8,129,055.60. Following the completion of the sale, the insider now directly owns 403,171 shares in the company, valued at $33,382,558.80. This represents a 19.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Shyam Sankar sold 405,000 shares of the firm's stock in a transaction that occurred 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 now owns 702,786 shares in the company, 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. Over the last ninety days, insiders have sold 1,506,925 shares of company stock valued at $188,456,658. 9.23% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on PLTR shares. 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 report on Tuesday, May 6th. Daiwa America upgraded shares of Palantir Technologies to a "hold" rating in a research report on Tuesday, April 1st. Morgan Stanley upped their target price on shares of Palantir Technologies from $90.00 to $98.00 and gave the stock an "equal weight" rating in a report on Tuesday, May 6th. Citigroup increased their target price on shares of Palantir Technologies from $110.00 to $115.00 and gave the stock a "neutral" rating in a research note on Thursday, May 8th. Finally, Loop Capital set a $155.00 price target on shares of Palantir Technologies and gave the company a "buy" rating in a research report on Thursday, June 12th. Five analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $89.32.

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.