Meridian Wealth Management LLC Grows Stock Position in Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• Meridian Wealth Management LLC increased its stake in Palantir Technologies by 8.6% during the 1st quarter, now owning 22,913 shares valued at approximately $1.93 million.
• Major institutional investors also boosted their holdings, with Goldman Sachs Group Inc. raising its stake by 38.5%, now owning over 15 million shares.
• Palantir reported a 48% year-over-year increase in quarterly revenue, with earnings surpassing expectations at $0.16 per share.

Meridian Wealth Management LLC lifted its stake in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 8.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,913 shares of the company's stock after buying an additional 1,813 shares during the period. Meridian Wealth Management LLC's holdings in Palantir Technologies were worth $1,934,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of PLTR. Northern Trust Corp increased its holdings in 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 purchasing an additional 3,299,779 shares during the period. Invesco Ltd. increased its holdings in Palantir Technologies by 20.3% during the 1st quarter. Invesco Ltd. now owns 17,746,956 shares of the company's stock valued at $1,497,843,000 after purchasing an additional 2,998,716 shares during the period. Goldman Sachs Group Inc. increased its holdings in Palantir Technologies by 38.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 15,180,154 shares of the company's stock valued at $1,281,205,000 after purchasing an additional 4,221,392 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Palantir Technologies by 4.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 13,614,399 shares of the company's stock valued at $1,149,055,000 after purchasing an additional 571,544 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in Palantir Technologies by 1.5% during the 1st quarter. Bank of New York Mellon Corp now owns 13,031,532 shares of the company's stock valued at $1,099,861,000 after purchasing an additional 187,860 shares during the period. Hedge funds and other institutional investors own 45.65% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. The Goldman Sachs Group boosted their price target on Palantir Technologies from $90.00 to $141.00 and gave the company a "neutral" rating in a report on Wednesday, August 6th. UBS Group restated a "neutral" rating and set a $165.00 price target (up previously from $110.00) on shares of Palantir Technologies in a report on Tuesday, August 5th. Citigroup restated a "neutral" rating and set a $177.00 price target (up previously from $158.00) on shares of Palantir Technologies in a report on Tuesday, August 5th. Loop Capital lifted their price objective on Palantir Technologies from $178.00 to $180.00 and gave the company a "buy" rating in a research report on Tuesday, August 5th. Finally, Wall Street Zen raised Palantir Technologies from a "hold" rating to a "buy" rating in a research report on Saturday. Two investment 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's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $136.61.

Insiders Place Their Bets

In related news, insider Alexander C. Karp sold 358,982 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 $45,371,734.98. Following the transaction, the insider directly owned 6,432,258 shares of the company's stock, valued at approximately $812,973,088.62. This represents a 5.29% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Shyam Sankar sold 405,000 shares of the company'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 value 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. This trade represents a 36.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,515,632 shares of company stock worth $196,472,623 in the last three months. Corporate insiders own 12.93% of the company's stock.

Palantir Technologies Stock Down 2.3%

Shares of PLTR opened at $182.68 on Tuesday. The business's 50 day moving average price is $146.65 and its 200-day moving average price is $116.86. Palantir Technologies Inc. has a 52 week low of $29.27 and a 52 week high of $187.99. The stock has a market cap of $431.11 billion, a P/E ratio of 608.95, a P/E/G ratio of 10.54 and a beta of 2.60.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last released its quarterly earnings data 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 for 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 quarterly revenue was up 48.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.09 EPS. On average, equities 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.

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