Nations Financial Group Inc. IA ADV Grows Stock Holdings in Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• Nations Financial Group Inc. IA ADV increased its holdings in Palantir Technologies by 93.4%, acquiring 20,449 additional shares in the first quarter, bringing their total ownership to 42,334 shares valued at approximately $3.57 million.
• Several hedge funds have made recent investments in Palantir, with notable acquisitions including Canada Pension Plan Investment Board, which grew its holdings by 98.4% in the fourth quarter.
• Brokers have recently upgraded their price targets for Palantir Technologies, with Mizuho setting a new target of $135.00 and Citigroup adjusting its target to $177.00, indicating positive market sentiment towards the stock.

Nations Financial Group Inc. IA ADV raised its position in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 93.4% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 42,334 shares of the company's stock after acquiring an additional 20,449 shares during the quarter. Nations Financial Group Inc. IA ADV's holdings in Palantir Technologies were worth $3,573,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of PLTR. Revolve Wealth Partners LLC bought a new position in Palantir Technologies in the fourth quarter worth about $450,000. XTX Topco Ltd purchased a new stake in Palantir Technologies in the fourth quarter worth about $328,000. Gabelli Funds LLC purchased a new stake in Palantir Technologies in the fourth quarter worth about $1,739,000. United Capital Financial Advisors LLC grew its holdings in Palantir Technologies by 36.3% in the fourth quarter. United Capital Financial Advisors LLC now owns 35,501 shares of the company's stock worth $2,685,000 after purchasing an additional 9,449 shares during the period. Finally, Canada Pension Plan Investment Board grew its holdings in Palantir Technologies by 98.4% in the fourth quarter. Canada Pension Plan Investment Board now owns 3,119,241 shares of the company's stock worth $235,908,000 after purchasing an additional 1,546,825 shares during the period. Hedge funds and other institutional investors own 45.65% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on PLTR. Mizuho upgraded shares of Palantir Technologies from an "underperform" rating to a "neutral" rating and upped their price objective for the stock from $116.00 to $135.00 in a report on Wednesday, July 16th. Deutsche Bank Aktiengesellschaft upgraded shares of Palantir Technologies from a "sell" rating to a "hold" rating and upped their price objective for the stock from $80.00 to $160.00 in a report on Tuesday, August 5th. UBS Group restated a "neutral" rating and issued a $165.00 price objective (up previously from $110.00) on shares of Palantir Technologies in a report on Tuesday, August 5th. Citigroup restated a "neutral" rating and issued a $177.00 price objective (up previously from $158.00) on shares of Palantir Technologies in a report on Tuesday, August 5th. Finally, Wall Street Zen upgraded shares of Palantir Technologies from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Two equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $136.61.

Insider Activity

In other news, insider Ryan D. Taylor sold 30,000 shares of the firm's stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $175.00, for a total transaction of $5,250,000.00. Following the sale, the insider directly owned 363,755 shares in the company, valued at $63,657,125. This trade represents a 7.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Eric H. Woersching sold 10,214 shares of the firm's stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $130.95, for a total transaction of $1,337,523.30. Following the sale, the director owned 2,348 shares in the company, valued at $307,470.60. The trade was a 81.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,515,632 shares of company stock worth $196,472,623. 9.23% of the stock is currently owned by insiders.

Palantir Technologies Trading Down 1.8%

Shares of PLTR stock opened at $181.02 on Friday. Palantir Technologies Inc. has a 12 month low of $29.31 and a 12 month high of $190.00. The stock has a market cap of $427.19 billion, a P/E ratio of 603.42, a P/E/G ratio of 10.39 and a beta of 2.60. The company has a 50 day simple moving average of $150.04 and a two-hundred day simple moving average of $118.54.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last announced its earnings results on Monday, August 4th. The company reported $0.16 EPS for the quarter, beating analysts' consensus estimates of $0.14 by $0.02. Palantir Technologies had a net margin of 22.18% and a return on equity of 10.75%. The business had revenue of $1 billion during the quarter, compared to analysts' expectations of $939.29 million. During the same period in the prior year, the company earned $0.09 earnings per share. The firm's revenue was up 48.0% on a year-over-year basis. As a group, equities analysts forecast 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.

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