Investment Management Corp of Ontario Cuts Holdings in Palantir Technologies Inc. $PLTR

Key Points

• Investment Management Corp of Ontario trimmed its stake in Palantir by 21.1%, selling 38,630 shares and leaving 144,292 shares valued at $19.67 million at the end of the quarter.
• Company insiders have been heavy net sellers recently — over the last 90 days insiders sold 1,029,844 shares worth about $168.16 million, including Stephen Andrew Cohen (39,136 shares) and Jeffrey Buckley (1,252 shares).
• Palantir posted a strong quarter (EPS $0.21 vs. $0.17 estimate; revenue $1.18B, up 62.8% y/y), yet analysts have mostly raised targets while the consensus rating remains Hold with a $172.28 target.

Investment Management Corp of Ontario trimmed its position in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 21.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 144,292 shares of the company's stock after selling 38,630 shares during the quarter. Investment Management Corp of Ontario's holdings in Palantir Technologies were worth $19,670,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Signature Resources Capital Management LLC bought a new stake in Palantir Technologies in the second quarter worth $25,000. Wealth Preservation Advisors LLC bought a new position in Palantir Technologies during the first quarter valued at $27,000. 1248 Management LLC purchased a new position in shares of Palantir Technologies in the 1st quarter worth $27,000. Briaud Financial Planning Inc bought a new stake in shares of Palantir Technologies in the 2nd quarter worth about $27,000. Finally, LFA Lugano Financial Advisors SA purchased a new stake in shares of Palantir Technologies during the 2nd quarter valued at about $27,000. 45.65% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Palantir Technologies news, insider Stephen Andrew Cohen sold 39,136 shares of Palantir Technologies stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $156.25, for a total value of $6,115,000.00. Following the completion of the sale, the insider owned 592 shares in the company, valued at $92,500. The trade was a 98.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jeffrey Buckley sold 1,252 shares of the company's stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $157.50, for a total transaction of $197,190.00. Following the transaction, the insider directly owned 47,044 shares of the company's stock, valued at approximately $7,409,430. This represents a 2.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 1,029,844 shares of company stock valued at $168,161,111. 12.93% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

PLTR has been the subject of several recent research reports. Citigroup lifted their price target on Palantir Technologies from $190.00 to $210.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 5th. CICC Research raised their price objective on Palantir Technologies from $128.00 to $150.00 and gave the company a "neutral" rating in a research note on Wednesday, November 12th. Robert W. Baird lifted their target price on Palantir Technologies from $170.00 to $200.00 and gave the stock a "neutral" rating in a report on Tuesday, November 4th. UBS Group boosted their target price on Palantir Technologies from $165.00 to $205.00 and gave the company a "neutral" rating in a research report on Tuesday, November 4th. Finally, HSBC raised their price target on Palantir Technologies from $181.00 to $197.00 and gave the stock a "hold" rating in a research report on Wednesday, November 5th. Four research analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $172.28.

Palantir Technologies Price Performance

Shares of NASDAQ PLTR opened at $181.49 on Tuesday. The company has a 50-day simple moving average of $179.05 and a 200-day simple moving average of $162.16. The company has a market cap of $432.57 billion, a PE ratio of 432.13, a price-to-earnings-growth ratio of 7.05 and a beta of 1.50. Palantir Technologies Inc. has a 12 month low of $63.40 and a 12 month high of $207.52.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last announced its earnings results on Monday, November 3rd. The company reported $0.21 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.17 by $0.04. The firm had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.09 billion. Palantir Technologies had a net margin of 28.11% and a return on equity of 15.48%. Palantir Technologies's revenue was up 62.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.10 earnings per share. On average, analysts anticipate that Palantir Technologies Inc. will post 0.31 EPS 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.

Want to see what other hedge funds are holding PLTR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Palantir Technologies Inc. (NASDAQ:PLTR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.