Hedeker Wealth LLC Sells 46,400 Shares of Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• Hedeker Wealth LLC reduced its holdings in Palantir Technologies by 12.3%, but it remains the fund's largest position, comprising 7.5% of its portfolio valued at approximately $28 million.
• Insider trading activity included significant sales by Ryan D. Taylor and Alexander C. Karp, with a total of 1.5 million shares sold valued at around $191 million in the last three months.
• Palantir's recent earnings report showed a net margin of 18.32% and a year-over-year revenue increase of 39.4%, matching analysts' earnings per share forecasts.

Hedeker Wealth LLC cut its stake in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 12.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 332,318 shares of the company's stock after selling 46,400 shares during the period. Palantir Technologies makes up about 7.5% of Hedeker Wealth LLC's portfolio, making the stock its biggest holding. Hedeker Wealth LLC's holdings in Palantir Technologies were worth $28,048,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Revolve Wealth Partners LLC bought a new position in shares of Palantir Technologies in the 4th quarter valued at $450,000. Congress Wealth Management LLC DE bought a new position in shares of Palantir Technologies in the 4th quarter valued at $648,000. Modern Wealth Management LLC bought a new position in shares of Palantir Technologies in the 4th quarter valued at $576,000. Zions Bancorporation N.A. increased its stake in shares of Palantir Technologies by 191.3% in the 4th quarter. Zions Bancorporation N.A. now owns 2,115 shares of the company's stock valued at $160,000 after purchasing an additional 1,389 shares during the last quarter. Finally, Signature Estate & Investment Advisors LLC bought a new stake in Palantir Technologies during the 4th quarter worth $222,000. 45.65% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on PLTR shares. Royal Bank Of Canada restated an "underperform" rating on shares of Palantir Technologies in a research report on Tuesday, May 6th. The Goldman Sachs Group boosted their price objective on Palantir Technologies from $80.00 to $90.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Citigroup boosted their price objective on Palantir Technologies from $110.00 to $115.00 and gave the stock a "neutral" rating in a research report on Thursday, May 8th. Wedbush set a $160.00 price target on Palantir Technologies in a research report on Thursday, July 10th. Finally, Loop Capital set a $155.00 price target on Palantir Technologies and gave the company a "buy" rating in a research report on Thursday, June 12th. Four analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $95.30.

Insiders Place Their Bets

In other news, insider Stephen Andrew Cohen sold 309,696 shares of the company's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $126.39, for a total value of $39,142,477.44. Following the completion of the transaction, the insider directly owned 592 shares in the company, valued at approximately $74,822.88. This represents a 99.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Alexander C. Karp sold 358,982 shares of the firm's 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 completion of the transaction, the insider owned 6,432,258 shares in the company, valued at approximately $812,973,088.62. The trade was a 5.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,485,632 shares of company stock valued at $191,222,623. 12.93% of the stock is currently owned by insiders.

Palantir Technologies Price Performance

Shares of PLTR stock traded down $0.89 during trading hours on Monday, hitting $157.91. The company had a trading volume of 30,150,966 shares, compared to its average volume of 93,570,648. The company's fifty day moving average is $137.03 and its 200 day moving average is $109.42. Palantir Technologies Inc. has a fifty-two week low of $21.23 and a fifty-two week high of $160.39. The stock has a market capitalization of $372.66 billion, a PE ratio of 687.00, a price-to-earnings-growth ratio of 13.54 and a beta of 2.59.

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