Institute for Wealth Management LLC. Sells 6,009 Shares of Palantir Technologies Inc. (NASDAQ:PLTR)

Institute for Wealth Management LLC. cut its position in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 43.3% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,875 shares of the company's stock after selling 6,009 shares during the quarter. Institute for Wealth Management LLC.'s holdings in Palantir Technologies were worth $665,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of PLTR. Geode Capital Management LLC boosted its stake in Palantir Technologies by 8.6% during the fourth 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 during the period. Northern Trust Corp boosted its position in shares of Palantir Technologies by 20.4% during the 4th quarter. Northern Trust Corp now owns 19,488,465 shares of the company's stock valued at $1,473,913,000 after acquiring an additional 3,299,779 shares during the last quarter. Norges Bank bought a new stake in shares of Palantir Technologies during the 4th quarter valued at about $1,360,191,000. FMR LLC grew its holdings in shares of Palantir Technologies by 22.6% during the fourth quarter. FMR LLC now owns 15,296,371 shares of the company's stock worth $1,156,864,000 after purchasing an additional 2,818,090 shares in the last quarter. Finally, Invesco Ltd. increased its position in shares of Palantir Technologies by 31.2% in the fourth quarter. Invesco Ltd. now owns 14,748,240 shares of the company's stock worth $1,115,409,000 after purchasing an additional 3,509,311 shares during the last quarter. 45.65% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on PLTR shares. Morgan Stanley lifted their target price on shares of Palantir Technologies from $90.00 to $98.00 and gave the company an "equal weight" rating in a research report on Tuesday, May 6th. Daiwa Capital Markets assumed coverage on shares of Palantir Technologies in a report on Tuesday, April 1st. They set a "neutral" rating and a $90.00 price objective for the company. Deutsche Bank Aktiengesellschaft reiterated a "sell" rating on shares of Palantir Technologies in a research report on Tuesday, May 6th. DA Davidson raised their price target on Palantir Technologies from $100.00 to $115.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. Finally, The Goldman Sachs Group upped their price objective on Palantir Technologies from $80.00 to $90.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Five equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Palantir Technologies currently has an average rating of "Hold" and an average price target of $89.32.

Palantir Technologies Stock Performance

NASDAQ:PLTR opened at $139.96 on Friday. The firm has a market cap of $330.29 billion, a PE ratio of 608.52, a price-to-earnings-growth ratio of 11.95 and a beta of 2.64. Palantir Technologies Inc. has a fifty-two week low of $21.23 and a fifty-two week high of $144.86. The business has a 50 day moving average price of $119.67 and a 200-day moving average price of $96.64.

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

Insider Activity

In related news, insider Ryan D. Taylor sold 98,177 shares of Palantir Technologies stock in a transaction on Monday, March 31st. The shares were sold at an average price of $82.80, for a total value of $8,129,055.60. Following the sale, the insider now owns 403,171 shares in the company, valued at $33,382,558.80. The trade was a 19.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Lauren Elaina Friedman Stat sold 800 shares of the business's stock in a transaction on Thursday, April 3rd. The shares were sold at an average price of $81.25, for a total transaction of $65,000.00. Following the transaction, the director now directly owns 61,339 shares in the company, valued at approximately $4,983,793.75. The trade was a 1.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,506,925 shares of company stock valued at $188,456,658. Insiders own 9.23% of the company's stock.

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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