Ithaka Group LLC Has $5.25 Million Holdings in Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• Ithaka Group LLC reduced its stake in Palantir Technologies by 28.9%, now holding 62,244 shares valued at $5.25 million after selling 25,305 shares in Q1.
• Insider sales included Alexander C. Karp selling 358,982 shares for nearly $45.37 million, resulting in a decrease in his ownership by 5.29%.
• Palantir reported earnings of $0.16 per share in its latest quarter, surpassing estimates, with revenue reaching $1 billion, up 48% year-over-year.

Ithaka Group LLC reduced its stake in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 28.9% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 62,244 shares of the company's stock after selling 25,305 shares during the period. Ithaka Group LLC's holdings in Palantir Technologies were worth $5,253,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Vision Financial Markets LLC boosted its position in shares of Palantir Technologies by 113.2% in the 1st quarter. Vision Financial Markets LLC now owns 2,062 shares of the company's stock worth $174,000 after purchasing an additional 1,095 shares during the last quarter. Financial Connections Group Inc. raised its stake in Palantir Technologies by 59.4% during the 1st quarter. Financial Connections Group Inc. now owns 1,140 shares of the company's stock worth $96,000 after buying an additional 425 shares during the period. iA Global Asset Management Inc. raised its stake in Palantir Technologies by 4.5% during the 1st quarter. iA Global Asset Management Inc. now owns 283,142 shares of the company's stock worth $23,897,000 after buying an additional 12,142 shares during the period. Total Investment Management Inc. acquired a new stake in Palantir Technologies during the 1st quarter worth $219,000. Finally, Cary Street Partners Investment Advisory LLC raised its stake in Palantir Technologies by 119.1% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 1,008 shares of the company's stock worth $85,000 after buying an additional 548 shares during the period. 45.65% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Palantir Technologies news, insider Shyam Sankar sold 405,000 shares of the business's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $132.08, for a total transaction of $53,492,400.00. Following the completion of the transaction, the insider directly owned 702,786 shares in the company, valued at $92,823,974.88. The trade was a 36.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Lauren Elaina Friedman Stat sold 800 shares of the business's stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $139.61, for a total transaction of $111,688.00. Following the transaction, the director owned 62,887 shares of the company's stock, valued at approximately $8,779,654.07. This represents a 1.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,485,632 shares of company stock valued at $191,222,623 in the last quarter. Company insiders own 9.23% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PLTR. DA Davidson set a $170.00 price objective on Palantir Technologies and gave the stock a "neutral" rating in a research report on Tuesday. Piper Sandler set a $182.00 price objective on Palantir Technologies in a research report on Tuesday. Wedbush set a $200.00 price objective on Palantir Technologies and gave the stock an "outperform" rating in a research report on Tuesday. Cantor Fitzgerald lifted their target price on Palantir Technologies from $110.00 to $155.00 and gave the company a "neutral" rating in a research report on Tuesday. Finally, The Goldman Sachs Group lifted their target price on Palantir Technologies from $90.00 to $141.00 and gave the company a "neutral" rating in a research report on Wednesday. Three equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $125.35.

Palantir Technologies Trading Up 3.6%

Shares of NASDAQ:PLTR traded up $6.27 during trading on Wednesday, reaching $179.54. 82,519,259 shares of the stock were exchanged, compared to its average volume of 59,825,928. Palantir Technologies Inc. has a 12 month low of $26.24 and a 12 month high of $180.58. The firm has a market cap of $423.70 billion, a PE ratio of 598.49, a PEG ratio of 14.08 and a beta of 2.60. The stock has a 50-day moving average price of $142.12 and a 200-day moving average price of $113.60.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.02. The business had revenue of $1 billion during the quarter, compared to analysts' expectations of $939.29 million. Palantir Technologies had a return on equity of 10.75% and a net margin of 22.18%. The firm's revenue for the quarter was up 48.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.09 earnings per share. On average, sell-side analysts expect that Palantir Technologies Inc. will post 0.31 earnings per share for the current fiscal year.

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.