Bank of New York Mellon Corp Grows Stock Holdings in Palantir Technologies Inc. (NASDAQ:PLTR)

Bank of New York Mellon Corp grew its holdings in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 1.5% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 13,031,532 shares of the company's stock after purchasing an additional 187,860 shares during the period. Bank of New York Mellon Corp owned approximately 0.56% of Palantir Technologies worth $1,099,861,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in PLTR. Revolve Wealth Partners LLC purchased a new position in shares of Palantir Technologies during the fourth quarter valued at approximately $450,000. Fisher Asset Management LLC purchased a new position in shares of Palantir Technologies during the fourth quarter valued at approximately $647,000. SRS Capital Advisors Inc. lifted its holdings in shares of Palantir Technologies by 133.2% during the fourth quarter. SRS Capital Advisors Inc. now owns 921 shares of the company's stock valued at $70,000 after purchasing an additional 526 shares during the last quarter. Assetmark Inc. lifted its holdings in shares of Palantir Technologies by 46.3% during the fourth quarter. Assetmark Inc. now owns 1,191 shares of the company's stock valued at $90,000 after purchasing an additional 377 shares during the last quarter. Finally, Atria Investments Inc lifted its holdings in shares of Palantir Technologies by 16.3% during the fourth quarter. Atria Investments Inc now owns 63,954 shares of the company's stock valued at $4,837,000 after purchasing an additional 8,940 shares during the last quarter. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

Palantir Technologies Stock Performance

Shares of PLTR stock traded up $2.15 during mid-day trading on Friday, reaching $134.27. 41,812,483 shares of the company's stock traded hands, compared to its average volume of 83,051,463. Palantir Technologies Inc. has a 12 month low of $21.23 and a 12 month high of $148.22. The firm has a 50 day moving average price of $128.47 and a two-hundred day moving average price of $101.68. The firm has a market capitalization of $316.85 billion, a PE ratio of 583.76, a price-to-earnings-growth ratio of 11.47 and a beta of 2.59.

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 (EPS) for the quarter, meeting analysts' consensus estimates of $0.13. Palantir Technologies had a net margin of 18.32% and a return on equity of 6.55%. The firm had revenue of $883.86 million during the quarter, compared to the consensus estimate of $863.89 million. During the same quarter in the previous year, the firm posted $0.08 EPS. The company's revenue for the quarter was up 39.4% compared to the same quarter last year. As a group, equities analysts expect that Palantir Technologies Inc. will post 0.31 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Stephen Andrew Cohen sold 34,357 shares of Palantir Technologies stock in a transaction on Wednesday, May 21st. The shares were sold at an average price of $125.96, for a total transaction of $4,327,607.72. Following the transaction, the insider owned 592 shares in the company, valued at approximately $74,568.32. The trade was a 98.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Eric H. Woersching sold 10,214 shares of Palantir Technologies 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 transaction, the director owned 2,348 shares in the company, valued at approximately $307,470.60. This trade represents a 81.31% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,451,497 shares of company stock worth $186,110,685. Company insiders own 9.23% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PLTR. Daiwa Capital Markets initiated 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. Mizuho boosted their price objective on shares of Palantir Technologies from $94.00 to $116.00 and gave the stock an "underperform" rating in a report on Wednesday, June 11th. The Goldman Sachs Group boosted their price objective 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. UBS Group restated a "positive" rating on shares of Palantir Technologies in a report on Wednesday, June 25th. Finally, Morgan Stanley boosted their price objective on shares of Palantir Technologies from $90.00 to $98.00 and gave the stock an "equal weight" rating in a report on Tuesday, May 6th. Five equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, Palantir Technologies currently has a consensus rating of "Hold" and a consensus target price of $89.32.

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.