King Wealth Management Group Sells 3,521 Shares of Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• King Wealth Management Group reduced its stake in Palantir Technologies by 11.5%, now holding 27,182 shares valued at approximately $2.29 million.
• Palantir announced a 39.4% year-over-year revenue growth, reporting $883.86 million for the latest quarter, along with earnings per share of $0.13.
• Analysts have varied opinions on Palantir's stock, with a consensus rating of "Hold" and an average price target of $96.45, despite recent upgrades from companies like Citigroup and Morgan Stanley.

King Wealth Management Group reduced its position in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 11.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 27,182 shares of the company's stock after selling 3,521 shares during the quarter. King Wealth Management Group's holdings in Palantir Technologies were worth $2,294,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. Mechanics Financial Corp acquired a new position in Palantir Technologies during the first quarter valued at $25,000. Cornerstone Planning Group LLC increased its stake in shares of Palantir Technologies by 90.2% during the first quarter. Cornerstone Planning Group LLC now owns 390 shares of the company's stock worth $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 during the first quarter worth about $33,000. Atlantic Edge Private Wealth Management LLC grew its stake in Palantir Technologies by 45.5% during the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 400 shares of the company's stock valued at $34,000 after acquiring an additional 125 shares in the last quarter. Finally, CBIZ Investment Advisory Services LLC grew its stake in Palantir Technologies by 118.5% during the 1st 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 in the last quarter. 45.65% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PLTR. Cantor Fitzgerald boosted their target price on shares of Palantir Technologies from $98.00 to $110.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Citigroup increased their target price on shares of Palantir Technologies from $110.00 to $115.00 and gave the stock a "neutral" rating in a report on Thursday, May 8th. Royal Bank Of Canada reissued an "underperform" rating on shares of Palantir Technologies in a research report on Tuesday, May 6th. UBS Group reaffirmed a "positive" rating on shares of Palantir Technologies in a research report on Wednesday, June 25th. Finally, Wedbush set a $160.00 price target on shares of Palantir Technologies in a research note on Thursday, July 10th. Four equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Palantir Technologies currently has an average rating of "Hold" and a consensus price target of $96.45.

Insider Activity at Palantir Technologies

In related news, insider Ryan D. Taylor sold 35,480 shares of the business's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $126.39, for a total value of $4,484,317.20. Following the completion of the transaction, the insider directly owned 367,691 shares in the company, valued at approximately $46,472,465.49. The trade was a 8.80% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider David A. Glazer sold 30,812 shares of the company's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $126.39, for a total value of $3,894,328.68. Following the transaction, the insider directly owned 495,497 shares of the company's stock, valued at approximately $62,625,865.83. This trade represents a 5.85% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,485,632 shares of company stock worth $191,222,623. 9.23% of the stock is owned by company insiders.

Palantir Technologies Stock Down 2.6%

PLTR stock traded down $4.08 during midday trading on Friday, hitting $154.27. 60,986,881 shares of the company traded hands, compared to its average volume of 52,655,748. The business has a 50 day simple moving average of $139.76 and a 200-day simple moving average of $111.35. The stock has a market capitalization of $364.06 billion, a price-to-earnings ratio of 670.74, a price-to-earnings-growth ratio of 13.50 and a beta of 2.60. Palantir Technologies Inc. has a twelve month low of $21.23 and a twelve month high of $160.89.

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