Inspire Advisors LLC Lowers Stock Position in Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• Inspire Advisors LLC has reduced its stake in Palantir Technologies by 18.0%, holding 17,343 shares valued at approximately $1.46 million.
• Palantir Technologies reported a 39.4% increase in revenue year-over-year, achieving $883.86 million for the quarter, with earnings per share of $0.13.
• A number of analysts have given Palantir a consensus rating of "Hold" with a target price averaging $95.30, while four analysts rated it as a sell and five as a buy.

Inspire Advisors LLC cut its stake in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 18.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 17,343 shares of the company's stock after selling 3,799 shares during the period. Inspire Advisors LLC's holdings in Palantir Technologies were worth $1,464,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Mechanics Financial Corp purchased a new stake in shares of Palantir Technologies in the first quarter valued at approximately $25,000. Cornerstone Planning Group LLC grew its position in shares of Palantir Technologies by 90.2% in the first quarter. Cornerstone Planning Group LLC now owns 390 shares of the company's stock valued at $33,000 after purchasing an additional 185 shares in the last quarter. Richardson Capital Management LLC purchased a new stake in shares of Palantir Technologies in the first quarter valued at approximately $33,000. Atlantic Edge Private Wealth Management LLC grew its position in shares of Palantir Technologies by 45.5% in the first quarter. Atlantic Edge Private Wealth Management LLC now owns 400 shares of the company's stock valued at $34,000 after purchasing an additional 125 shares in the last quarter. Finally, CBIZ Investment Advisory Services LLC lifted its holdings in Palantir Technologies by 118.5% in the first quarter. CBIZ Investment Advisory Services LLC now owns 413 shares of the company's stock valued at $35,000 after acquiring an additional 224 shares during the last quarter. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

Palantir Technologies Stock Up 1.3%

Palantir Technologies stock traded up $1.99 during midday trading on Wednesday, reaching $158.23. The company's stock had a trading volume of 22,745,973 shares, compared to its average volume of 92,970,203. Palantir Technologies Inc. has a fifty-two week low of $21.23 and a fifty-two week high of $160.39. The company has a market cap of $373.40 billion, a P/E ratio of 688.19, a P/E/G ratio of 13.46 and a beta of 2.59. The business has a 50-day simple moving average of $138.27 and a 200-day simple moving average of $110.37.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last issued its quarterly earnings data 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 analyst estimates of $863.89 million. Palantir Technologies had a return on equity of 6.55% and a net margin of 18.32%. The business's quarterly revenue was up 39.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.08 earnings per share. As a group, equities analysts forecast that Palantir Technologies Inc. will post 0.31 earnings per share for the current year.

Insider Activity at Palantir Technologies

In related news, insider Shyam Sankar sold 405,000 shares of the firm's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $132.08, for a total transaction of $53,492,400.00. Following the transaction, the insider owned 702,786 shares of the company's stock, valued at $92,823,974.88. This trade represents a 36.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Stephen Andrew Cohen sold 309,696 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 value of $39,142,477.44. Following 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 position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,485,632 shares of company stock valued at $191,222,623. Corporate insiders own 12.93% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on PLTR shares. Wedbush set a $160.00 price objective on Palantir Technologies in a report on Thursday, July 10th. DA Davidson upped their price target on Palantir Technologies from $100.00 to $115.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Morgan Stanley upped their price target on Palantir Technologies from $90.00 to $98.00 and gave the stock an "equal weight" rating in a research note on Tuesday, May 6th. The Goldman Sachs Group lifted their target price on Palantir Technologies from $80.00 to $90.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Finally, Mizuho upgraded Palantir Technologies from an "underperform" rating to a "neutral" rating and lifted their target price for the company from $116.00 to $135.00 in a report on Wednesday, July 16th. Four research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, Palantir Technologies presently has an average rating of "Hold" and an average target price of $96.45.

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.