Pacer Advisors Inc. Acquires 243,490 Shares of Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• Pacer Advisors Inc. increased its holdings in Palantir Technologies by 40.8%, acquiring an additional 243,490 shares in the first quarter, bringing its total ownership to 839,919 shares valued at approximately $70.9 million.
• Insider trading activity showed significant sales, with insider Stephen Andrew Cohen selling 309,696 shares for about $39.1 million, resulting in a 99.81% decrease in his ownership stake.
• Palantir Technologies' stock price rose by 2.5%, reaching $158.80, with a market capitalization of $374.75 billion and solid revenue growth of 39.4% year-over-year.

Pacer Advisors Inc. grew its position in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 40.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 839,919 shares of the company's stock after acquiring an additional 243,490 shares during the period. Pacer Advisors Inc.'s holdings in Palantir Technologies were worth $70,889,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Assetmark Inc. grew its position in shares of Palantir Technologies by 775.0% in the 1st quarter. Assetmark Inc. now owns 10,421 shares of the company's stock valued at $880,000 after acquiring an additional 9,230 shares during the period. Navellier & Associates Inc. boosted its holdings in shares of Palantir Technologies by 108.7% during the 1st quarter. Navellier & Associates Inc. now owns 70,888 shares of the company's stock worth $5,983,000 after buying an additional 36,927 shares during the period. USAdvisors Wealth Management LLC bought a new stake in shares of Palantir Technologies during the 1st quarter worth about $440,000. Nicholas Wealth LLC. boosted its holdings in shares of Palantir Technologies by 9.7% during the 1st quarter. Nicholas Wealth LLC. now owns 29,229 shares of the company's stock worth $2,467,000 after buying an additional 2,594 shares during the period. Finally, Avantax Advisory Services Inc. boosted its holdings in shares of Palantir Technologies by 10.0% during the 1st quarter. Avantax Advisory Services Inc. now owns 324,089 shares of the company's stock worth $27,353,000 after buying an additional 29,528 shares during the period. Institutional investors own 45.65% of the company's stock.

Insider Buying and Selling at Palantir Technologies

In related news, insider Stephen Andrew Cohen sold 309,696 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 $39,142,477.44. Following the completion of the transaction, the insider directly owned 592 shares in the company, valued at $74,822.88. This represents a 99.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Ryan D. Taylor sold 35,480 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 transaction of $4,484,317.20. Following 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,485,632 shares of company stock worth $191,222,623 over the last 90 days. 9.23% of the stock is owned by corporate insiders.

Palantir Technologies Stock Up 2.5%

Shares of NASDAQ:PLTR traded up $3.94 during midday trading on Friday, hitting $158.80. The stock had a trading volume of 57,707,820 shares, compared to its average volume of 64,807,624. The company's 50-day moving average price is $137.03 and its 200-day moving average price is $108.85. The company has a market capitalization of $374.75 billion, a P/E ratio of 690.43, a price-to-earnings-growth ratio of 13.22 and a beta of 2.59. Palantir Technologies Inc. has a fifty-two week low of $21.23 and a fifty-two week high of $160.39.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported $0.13 EPS for the quarter, meeting the consensus estimate of $0.13. The company had revenue of $883.86 million during the quarter, compared to analysts' expectations of $863.89 million. Palantir Technologies had a net margin of 18.32% and a return on equity of 6.55%. The business's revenue for the quarter was up 39.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.08 EPS. Research analysts expect that Palantir Technologies Inc. will post 0.31 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on PLTR shares. Daiwa Capital Markets started coverage on shares of Palantir Technologies in a report on Tuesday, April 1st. They set a "neutral" rating and a $90.00 target price for the company. Wedbush set a $160.00 target price on shares of Palantir Technologies in a report on Thursday, July 10th. The Goldman Sachs Group lifted their target price on shares of Palantir Technologies from $80.00 to $90.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. DA Davidson lifted their target price on shares of Palantir Technologies from $100.00 to $115.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Finally, Loop Capital set a $155.00 price objective on shares of Palantir Technologies and gave the stock a "buy" rating in a research note on Thursday, June 12th. Four equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $95.30.

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.