Salem Investment Counselors Inc. Sells 178,375 Shares of Palantir Technologies Inc. (NASDAQ:PLTR)

Salem Investment Counselors Inc. trimmed its stake in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 16.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 939,134 shares of the company's stock after selling 178,375 shares during the period. Palantir Technologies comprises about 2.8% of Salem Investment Counselors Inc.'s portfolio, making the stock its 8th largest position. Salem Investment Counselors Inc.'s holdings in Palantir Technologies were worth $79,263,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Roxbury Financial LLC bought a new position in shares of Palantir Technologies in the 4th quarter valued at about $27,000. HighMark Wealth Management LLC grew its holdings in shares of Palantir Technologies by 73.5% in the 4th quarter. HighMark Wealth Management LLC now owns 392 shares of the company's stock valued at $30,000 after acquiring an additional 166 shares in the last quarter. Sierra Ocean LLC bought a new position in shares of Palantir Technologies in the 4th quarter valued at about $31,000. Godsey & Gibb Inc. grew its holdings in shares of 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 acquiring an additional 370 shares in the last quarter. Finally, First Command Advisory Services Inc. bought a new position in shares of Palantir Technologies in the 4th quarter valued at about $34,000. 45.65% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Palantir Technologies news, insider Jeffrey Buckley sold 1,708 shares of the stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $126.39, for a total transaction of $215,874.12. Following the completion of the sale, the insider now directly owns 34,468 shares in the company, valued at approximately $4,356,410.52. This trade represents a 4.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Lauren Elaina Friedman Stat sold 800 shares of the company's stock in a transaction dated Thursday, April 3rd. The shares were sold at an average price of $81.25, for a total transaction of $65,000.00. Following the transaction, the director now owns 61,339 shares in the company, valued at $4,983,793.75. This represents a 1.29% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,816,925 shares of company stock valued at $215,448,358 over the last 90 days. 9.23% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on PLTR. Daiwa Capital Markets began coverage on shares of Palantir Technologies in a research note on Tuesday, April 1st. They issued a "neutral" rating and a $90.00 target price for the company. Cantor Fitzgerald raised their target price on shares of Palantir Technologies from $98.00 to $110.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. DA Davidson raised their target price on shares of Palantir Technologies from $100.00 to $115.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Loop Capital raised their target price on shares of Palantir Technologies from $130.00 to $155.00 and gave the company a "buy" rating in a research note on Thursday. Finally, Royal Bank of Canada reiterated an "underperform" rating on shares of Palantir Technologies in a research note on Tuesday, May 6th. Five analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $86.30.

Palantir Technologies Stock Up 1.6%

Shares of NASDAQ PLTR traded up $2.21 during midday trading on Friday, reaching $137.40. 93,318,005 shares of the company were exchanged, compared to its average volume of 81,017,198. Palantir Technologies Inc. has a one year low of $21.23 and a one year high of $140.00. The stock has a market cap of $324.25 billion, a P/E ratio of 723.20, a PEG ratio of 10.84 and a beta of 2.64. The stock's 50-day moving average price is $115.48 and its 200-day moving average price is $95.01.

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, hitting the consensus estimate of $0.13. Palantir Technologies had a net margin of 16.13% and a return on equity of 6.85%. The company had revenue of $883.86 million for the quarter, compared to analysts' expectations of $863.89 million. During the same quarter in the previous year, the firm posted $0.08 earnings per share. Palantir Technologies's revenue for the quarter was up 39.4% on a year-over-year basis. On average, equities research analysts anticipate that Palantir Technologies Inc. will post 0.31 EPS for the current year.

Palantir Technologies 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.