King Luther Capital Management Corp Buys 42,902 Shares of Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• King Luther Capital Management Corp increased its stake in Palantir Technologies by 153.5% in the first quarter, acquiring an additional 42,902 shares, bringing its total holdings to 70,852 shares valued at nearly $5.98 million.
• Several brokerages have recently adjusted their price targets for Palantir Technologies, with Cantor Fitzgerald increasing it from $110 to $155 and Wedbush setting a target of $200, while the consensus rating remains at "Hold".
• Despite the recent growth, insiders have sold approximately 1.5 million shares in the last 90 days, significantly impacting their ownership, with insiders now owning 12.93% of the company's stock.

King Luther Capital Management Corp boosted its stake in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 153.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 70,852 shares of the company's stock after acquiring an additional 42,902 shares during the quarter. King Luther Capital Management Corp's holdings in Palantir Technologies were worth $5,980,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in PLTR. Revolve Wealth Partners LLC bought a new stake in Palantir Technologies during the fourth quarter worth approximately $450,000. Bessemer Group Inc. increased its stake in Palantir Technologies by 59.0% during the fourth quarter. Bessemer Group Inc. now owns 22,364 shares of the company's stock worth $1,691,000 after acquiring an additional 8,299 shares during the last quarter. Argent Trust Co bought a new stake in Palantir Technologies during the fourth quarter worth approximately $354,000. Townsquare Capital LLC increased its stake in Palantir Technologies by 29.3% during the fourth quarter. Townsquare Capital LLC now owns 49,157 shares of the company's stock worth $3,718,000 after acquiring an additional 11,151 shares during the last quarter. Finally, Sagespring Wealth Partners LLC bought a new stake in Palantir Technologies during the fourth quarter worth approximately $1,335,000. 45.65% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on PLTR. Cantor Fitzgerald boosted 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, August 5th. Citigroup restated a "neutral" rating and set a $177.00 target price (up previously from $158.00) on shares of Palantir Technologies in a research report on Tuesday, August 5th. DA Davidson set a $170.00 target price on Palantir Technologies and gave the company a "neutral" rating in a research report on Tuesday, August 5th. Wedbush set a $200.00 target price on Palantir Technologies and gave the company an "outperform" rating in a research report on Tuesday, August 5th. Finally, Wall Street Zen upgraded Palantir Technologies from a "hold" rating to a "buy" rating in a research report on Saturday. Two analysts have rated the stock with a sell rating, seventeen have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $136.61.

Palantir Technologies Stock Up 2.6%

Palantir Technologies stock opened at $186.96 on Monday. The business has a fifty day moving average of $145.64 and a two-hundred day moving average of $116.13. The firm has a market cap of $441.21 billion, a P/E ratio of 623.22, a P/E/G ratio of 10.54 and a beta of 2.60. Palantir Technologies Inc. has a twelve month low of $29.10 and a twelve month high of $187.99.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last posted its earnings results on Monday, August 4th. The company reported $0.16 earnings per share for the quarter, topping analysts' consensus estimates of $0.14 by $0.02. The company had revenue of $1 billion during the quarter, compared to analyst estimates of $939.29 million. Palantir Technologies had a return on equity of 10.75% and a net margin of 22.18%. Palantir Technologies's revenue was up 48.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.09 earnings per share. Equities analysts expect that Palantir Technologies Inc. will post 0.31 earnings per share for the current year.

Insider Activity at Palantir Technologies

In other news, insider Shyam Sankar sold 405,000 shares of the company's stock in a transaction on 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 directly owned 702,786 shares of the company's stock, valued at approximately $92,823,974.88. This represents a 36.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Eric H. Woersching sold 10,214 shares of the company's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $130.95, for a total value of $1,337,523.30. Following the transaction, the director directly owned 2,348 shares in the company, valued at approximately $307,470.60. The trade was a 81.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,515,632 shares of company stock valued at $196,472,623 over the last 90 days. Insiders own 12.93% of the company's stock.

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.

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