Naples Global Advisors LLC Cuts Stock Position in Palantir Technologies Inc. (NASDAQ:PLTR)

Naples Global Advisors LLC lessened its stake in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 47.6% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,573 shares of the company's stock after selling 5,977 shares during the quarter. Naples Global Advisors LLC's holdings in Palantir Technologies were worth $555,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Continuum Advisory LLC boosted its stake in Palantir Technologies by 3.8% during the 4th quarter. Continuum Advisory LLC now owns 2,670 shares of the company's stock worth $202,000 after purchasing an additional 98 shares during the last quarter. Heritage Wealth Management Inc. CA boosted its position in shares of Palantir Technologies by 0.4% during the 4th quarter. Heritage Wealth Management Inc. CA now owns 29,024 shares of the company's stock valued at $2,195,000 after acquiring an additional 111 shares during the last quarter. True Wealth Design LLC boosted its position in shares of Palantir Technologies by 29.3% during the 4th quarter. True Wealth Design LLC now owns 503 shares of the company's stock valued at $38,000 after acquiring an additional 114 shares during the last quarter. Westover Capital Advisors LLC boosted its position in shares of Palantir Technologies by 1.8% during the 4th quarter. Westover Capital Advisors LLC now owns 7,330 shares of the company's stock valued at $554,000 after acquiring an additional 130 shares during the last quarter. Finally, Twin Peaks Wealth Advisors LLC boosted its position in shares of Palantir Technologies by 2.2% during the 4th quarter. Twin Peaks Wealth Advisors LLC now owns 6,523 shares of the company's stock valued at $493,000 after acquiring an additional 139 shares during the last quarter. Hedge funds and other institutional investors own 45.65% of the company's stock.

Palantir Technologies Price Performance

Shares of NASDAQ:PLTR opened at $127.72 on Friday. The firm has a market capitalization of $301.41 billion, a PE ratio of 672.25, a price-to-earnings-growth ratio of 10.84 and a beta of 2.64. The firm's 50-day moving average is $110.01 and its two-hundred day moving average is $92.16. Palantir Technologies Inc. has a 1 year low of $21.23 and a 1 year high of $135.28.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The company reported $0.13 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.13. The company had revenue of $883.86 million for the quarter, compared to analyst estimates of $863.89 million. Palantir Technologies had a net margin of 16.13% and a return on equity of 6.85%. The business's revenue for the quarter was up 39.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.08 earnings per share. Analysts expect that Palantir Technologies Inc. will post 0.31 EPS for the current fiscal year.

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 shares were sold at an average price of $126.39, for a total transaction of $45,371,734.98. Following the sale, the insider now directly owns 6,432,258 shares in the company, valued at approximately $812,973,088.62. This represents a 5.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Ryan D. Taylor sold 3,936 shares of the company's stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $125.97, for a total transaction of $495,817.92. Following the sale, the insider now owns 363,755 shares in the company, valued at $45,822,217.35. The trade was a 1.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 3,894,925 shares of company stock worth $369,820,528 over the last three months. Company insiders own 9.23% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PLTR. Daiwa Capital Markets began coverage on shares of Palantir Technologies in a research report on Tuesday, April 1st. They set a "neutral" rating and a $90.00 price target on the stock. Daiwa America raised shares of Palantir Technologies to a "hold" rating in a research report on Tuesday, April 1st. Mizuho boosted their price target on shares of Palantir Technologies from $80.00 to $94.00 and gave the company an "underperform" rating in a research report on Tuesday, May 6th. Deutsche Bank Aktiengesellschaft reissued a "sell" rating on shares of Palantir Technologies in a research report on Tuesday, May 6th. Finally, The Goldman Sachs Group boosted their price target on shares of Palantir Technologies from $80.00 to $90.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. Five research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, Palantir Technologies has an average rating of "Hold" and a consensus target price of $83.95.

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.

Want to see what other hedge funds are holding PLTR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Palantir Technologies Inc. (NASDAQ:PLTR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.