Scotia Capital Inc. Buys 39,127 Shares of Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• Scotia Capital Inc. increased its holdings in Palantir Technologies by 58.1%, owning over 106,000 shares worth nearly $9 million at the end of the first quarter.
• Palantir reported a 39.4% year-over-year revenue growth with a net margin of 18.32% and hit earnings per share (EPS) estimates of $0.13 for the quarter.
• Insider transactions revealed major sales, with insider Shyam Sankar selling 405,000 shares for over $53 million, indicating a significant decrease in ownership.

Scotia Capital Inc. boosted its position in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 58.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 106,445 shares of the company's stock after acquiring an additional 39,127 shares during the period. Scotia Capital Inc.'s holdings in Palantir Technologies were worth $8,984,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in PLTR. Revolve Wealth Partners LLC bought a new position in Palantir Technologies in the fourth quarter valued at about $450,000. World Investment Advisors boosted its holdings in Palantir Technologies by 137.7% during the fourth quarter. World Investment Advisors now owns 22,144 shares of the company's stock worth $1,675,000 after buying an additional 12,828 shares during the last quarter. Pitcairn Co. bought a new position in Palantir Technologies during the fourth quarter worth about $281,000. Prudential PLC boosted its holdings in Palantir Technologies by 18.6% during the fourth quarter. Prudential PLC now owns 33,917 shares of the company's stock worth $2,565,000 after buying an additional 5,316 shares during the last quarter. Finally, Smith Moore & CO. bought a new position in Palantir Technologies during the fourth quarter worth about $423,000. Institutional investors own 45.65% of the company's stock.

Analysts Set New Price Targets

PLTR has been the topic of a number of recent analyst reports. Loop Capital raised their target price on Palantir Technologies from $178.00 to $180.00 and gave the stock a "buy" rating in a report on Tuesday. UBS Group raised their price target on Palantir Technologies from $110.00 to $165.00 and gave the stock a "neutral" rating in a research report on Tuesday. Deutsche Bank Aktiengesellschaft raised Palantir Technologies from a "sell" rating to a "hold" rating and raised their price target for the stock from $80.00 to $160.00 in a research report on Tuesday. Royal Bank Of Canada raised their price target on Palantir Technologies from $40.00 to $45.00 and gave the stock an "underperform" rating in a research report on Tuesday. Finally, Wedbush raised their price target on Palantir Technologies from $160.00 to $200.00 and gave the stock an "outperform" rating in a research report on Tuesday. Three analysts have rated the stock with a sell rating, seventeen have given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $122.20.

Palantir Technologies Trading Up 7.8%

Shares of NASDAQ:PLTR traded up $12.61 during trading on Tuesday, hitting $173.27. 129,416,154 shares of the company were exchanged, compared to its average volume of 56,271,788. The stock has a market cap of $408.90 billion, a price-to-earnings ratio of 577.59, a P/E/G ratio of 13.70 and a beta of 2.60. Palantir Technologies Inc. has a fifty-two week low of $25.57 and a fifty-two week high of $176.33. The firm has a fifty day moving average price of $141.12 and a two-hundred day moving average price of $113.19.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.14 by $0.02. Palantir Technologies had a return on equity of 11.26% and a net margin of 22.18%. The company had revenue of $1 billion during the quarter, compared to the consensus estimate of $939.29 million. During the same period in the previous year, the company posted $0.09 EPS. The firm's revenue for the quarter was up 48.0% compared to the same quarter last year. As a group, research analysts predict that Palantir Technologies Inc. will post 0.31 EPS for the current year.

Insider Activity at Palantir Technologies

In other news, insider David A. Glazer sold 30,812 shares of Palantir Technologies 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 $3,894,328.68. Following the completion of the transaction, the insider directly owned 495,497 shares in the company, valued at approximately $62,625,865.83. The trade was a 5.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Alexander C. Karp sold 358,982 shares of Palantir Technologies stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $126.39, for a total value of $45,371,734.98. Following the transaction, the insider owned 6,432,258 shares of the company's stock, valued at $812,973,088.62. This represents a 5.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,485,632 shares of company stock worth $191,222,623 in the last three months. 12.93% of the stock is owned by company insiders.

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.