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

Key Points

• MGB Wealth Management LLC increased its stake in Palantir Technologies by 64.4%, acquiring an additional 2,365 shares to hold a total of 6,035 shares worth $510,000 as of the end of the last quarter.
• Palantir Technologies reported a 48.0% year-over-year increase in revenue, reaching $1 billion for the quarter, and exceeded the expected earnings per share (EPS) by $0.02.
• Institutional ownership of Palantir Technologies stands at 45.65%, reflecting significant interest from several institutional investors, including Allegiance Financial Group and Lodestone Wealth Management.

MGB Wealth Management LLC boosted its holdings in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 64.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,035 shares of the company's stock after acquiring an additional 2,365 shares during the period. MGB Wealth Management LLC's holdings in Palantir Technologies were worth $510,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PLTR. Mechanics Financial Corp acquired a new position in shares of Palantir Technologies in the first quarter worth about $25,000. Richardson Capital Management LLC bought a new position in shares of Palantir Technologies during the first quarter worth about $33,000. Cornerstone Planning Group LLC boosted its position 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 buying an additional 185 shares during the period. Atlantic Edge Private Wealth Management LLC grew its stake in shares of Palantir Technologies by 45.5% in the first quarter. Atlantic Edge Private Wealth Management LLC now owns 400 shares of the company's stock worth $34,000 after purchasing an additional 125 shares in the last quarter. Finally, Godsey & Gibb Inc. increased its stake in Palantir Technologies by 740.0% during the 1st quarter. Godsey & Gibb Inc. now owns 420 shares of the company's stock valued at $35,000 after buying an additional 370 shares during the period. Hedge funds and other institutional investors own 45.65% of the company's stock.

Palantir Technologies Stock Performance

Shares of PLTR traded up $2.66 on Thursday, reaching $182.20. The stock had a trading volume of 77,586,531 shares, compared to its average volume of 60,547,432. Palantir Technologies Inc. has a 12-month low of $26.69 and a 12-month high of $184.48. The company has a 50-day simple moving average of $144.43 and a 200-day simple moving average of $114.82. The firm has a market capitalization of $429.98 billion, a price-to-earnings ratio of 607.35, a price-to-earnings-growth ratio of 13.07 and a beta of 2.60.

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

Analysts Set New Price Targets

PLTR has been the topic of several recent research reports. Loop Capital lifted their price objective on shares of Palantir Technologies from $178.00 to $180.00 and gave the stock a "buy" rating in a research note on Tuesday. Royal Bank Of Canada upped their target price on Palantir Technologies from $40.00 to $45.00 and gave the company an "underperform" rating in a report on Tuesday. Bank of America lifted their price objective on Palantir Technologies from $150.00 to $180.00 and gave the company a "buy" rating in a research report on Tuesday. Citigroup boosted their target price on shares of Palantir Technologies from $158.00 to $177.00 and gave the stock a "neutral" rating in a research report on Tuesday. Finally, UBS Group reissued a "neutral" rating and set a $165.00 price objective (up previously from $110.00) on shares of Palantir Technologies in a report on Tuesday. Two research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $136.61.

Insider Buying and Selling

In other news, insider Shyam Sankar sold 405,000 shares of the 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 transaction, the insider directly owned 702,786 shares in the company, valued at approximately $92,823,974.88. This trade represents a 36.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lauren Elaina Friedman Stat sold 800 shares of the company's stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $139.61, for a total value of $111,688.00. Following the transaction, the director directly owned 62,887 shares in the company, valued at approximately $8,779,654.07. The trade was a 1.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,515,632 shares of company stock worth $196,472,623 over the last 90 days. Corporate insiders own 9.23% 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.