Elite Wealth Management Inc. Cuts Position in Palantir Technologies Inc. (NASDAQ:PLTR)

Elite Wealth Management Inc. trimmed its holdings in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 8.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 78,826 shares of the company's stock after selling 7,479 shares during the period. Palantir Technologies accounts for about 0.9% of Elite Wealth Management Inc.'s portfolio, making the stock its 10th biggest holding. Elite Wealth Management Inc.'s holdings in Palantir Technologies were worth $6,653,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Cornerstone Planning Group LLC boosted its stake in Palantir Technologies by 90.2% in the 1st quarter. Cornerstone Planning Group LLC now owns 390 shares of the company's stock valued at $33,000 after purchasing an additional 185 shares during the period. Richardson Capital Management LLC acquired a new stake in shares of Palantir Technologies during the 1st quarter worth $33,000. Atlantic Edge Private Wealth Management LLC increased its position 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 during the period. Godsey & Gibb Inc. raised its stake in Palantir Technologies by 740.0% in the first quarter. Godsey & Gibb Inc. now owns 420 shares of the company's stock valued at $35,000 after purchasing an additional 370 shares in the last quarter. Finally, Arlington Trust Co LLC lifted its position in Palantir Technologies by 542.9% during the first quarter. Arlington Trust Co LLC now owns 450 shares of the company's stock worth $38,000 after purchasing an additional 380 shares during the period. 45.65% of the stock is currently owned by institutional investors.

Insider Activity at Palantir Technologies

In other news, insider David A. Glazer sold 30,812 shares of the company's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $126.39, for a total value of $3,894,328.68. Following the sale, the insider directly owned 495,497 shares of the company's stock, valued at approximately $62,625,865.83. This represents a 5.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Shyam Sankar sold 405,000 shares of Palantir Technologies stock in a transaction on Tuesday, June 10th. The stock was 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 of the company's stock, valued at $92,823,974.88. This represents a 36.56% decrease in their position. The disclosure for this sale can be found here. Insiders sold 1,452,297 shares of company stock valued at $186,222,373 over the last ninety days. Insiders own 12.93% of the company's stock.

Palantir Technologies Stock Up 5.0%

NASDAQ PLTR traded up $7.05 on Monday, hitting $149.15. The company's stock had a trading volume of 81,498,736 shares, compared to its average volume of 96,976,188. The firm has a market cap of $351.98 billion, a PE ratio of 648.48, a PEG ratio of 12.13 and a beta of 2.59. The company's 50-day moving average is $130.81 and its 200 day moving average is $103.96. Palantir Technologies Inc. has a 1-year low of $21.23 and a 1-year high of $149.58.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last posted 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 business had revenue of $883.86 million during the quarter, compared to the consensus estimate of $863.89 million. Palantir Technologies had a return on equity of 6.55% and a net margin of 18.32%. Palantir Technologies's quarterly revenue was up 39.4% on a year-over-year basis. During the same period in the prior year, the business posted $0.08 earnings per share. On average, equities analysts expect that Palantir Technologies Inc. will post 0.31 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have commented on PLTR. Morgan Stanley raised their target price on shares of Palantir Technologies from $90.00 to $98.00 and gave the company an "equal weight" rating in a report on Tuesday, May 6th. Royal Bank Of Canada restated an "underperform" rating on shares of Palantir Technologies in a research report on Tuesday, May 6th. Cantor Fitzgerald upped their target price on Palantir Technologies from $98.00 to $110.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Loop Capital set a $155.00 target price on Palantir Technologies and gave the company a "buy" rating in a report on Thursday, June 12th. Finally, Citigroup boosted their price target on Palantir Technologies from $110.00 to $115.00 and gave the stock a "neutral" rating in a report on Thursday, May 8th. Five investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $90.37.

Palantir Technologies Company Profile

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.