M&T Bank Corp Reduces Position in Palantir Technologies Inc. (NASDAQ:PLTR)

M&T Bank Corp decreased its stake in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 9.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 182,850 shares of the company's stock after selling 18,455 shares during the quarter. M&T Bank Corp's holdings in Palantir Technologies were worth $15,432,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of PLTR. Richardson Capital Management LLC acquired a new stake in Palantir Technologies in the 1st quarter valued at approximately $33,000. Summit Securities Group LLC bought a new stake in Palantir Technologies in the 4th quarter valued at $34,000. Atlantic Edge Private Wealth Management LLC boosted its stake in Palantir Technologies by 45.5% in the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 400 shares of the company's stock valued at $34,000 after purchasing an additional 125 shares during the period. Godsey & Gibb Inc. boosted its stake in Palantir Technologies by 740.0% in the 1st quarter. Godsey & Gibb Inc. now owns 420 shares of the company's stock valued at $35,000 after purchasing an additional 370 shares during the period. Finally, Runnymede Capital Advisors Inc. acquired a new position in Palantir Technologies in the 4th quarter valued at $36,000. Institutional investors and hedge funds own 45.65% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on PLTR. Daiwa Capital Markets started coverage on Palantir Technologies in a report on Tuesday, April 1st. They issued a "neutral" rating and a $90.00 price objective for the company. The Goldman Sachs Group upped their target price on Palantir Technologies from $80.00 to $90.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Wedbush reiterated an "outperform" rating on shares of Palantir Technologies in a research report on Thursday. Loop Capital set a $155.00 target price on Palantir Technologies and gave the company a "buy" rating in a research report on Thursday, June 12th. Finally, Royal Bank Of Canada reaffirmed an "underperform" rating on shares of Palantir Technologies in a research note on Tuesday, May 6th. Five investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Palantir Technologies currently has a consensus rating of "Hold" and a consensus target price of $89.32.

Insider Activity

In related news, insider Stephen Andrew Cohen sold 309,696 shares of Palantir Technologies stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $126.39, for a total value of $39,142,477.44. Following the completion of the transaction, the insider owned 592 shares in the company, valued at approximately $74,822.88. This trade represents a 99.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Ryan D. Taylor sold 35,480 shares of Palantir Technologies stock in a transaction dated 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 owned 367,691 shares of the company's stock, valued at approximately $46,472,465.49. This represents a 8.80% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,451,497 shares of company stock valued at $186,110,685. 9.23% of the stock is owned by corporate insiders.

Palantir Technologies Trading Down 1.3%

Palantir Technologies stock traded down $1.92 during trading on Thursday, reaching $141.21. The company had a trading volume of 37,353,858 shares, compared to its average volume of 82,894,010. The firm's 50-day simple moving average is $129.92 and its 200 day simple moving average is $102.83. The firm has a market capitalization of $333.23 billion, a price-to-earnings ratio of 613.61, a price-to-earnings-growth ratio of 11.93 and a beta of 2.59. Palantir Technologies Inc. has a 52 week low of $21.23 and a 52 week high of $148.22.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported $0.13 earnings per share for the quarter, meeting analysts' consensus estimates of $0.13. The firm had revenue of $883.86 million during the quarter, compared to analyst estimates of $863.89 million. Palantir Technologies had a return on equity of 6.55% and a net margin of 18.32%. The business's quarterly revenue was up 39.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.08 earnings per share. On average, analysts predict that Palantir Technologies Inc. will post 0.31 earnings per share 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.