Zurcher Kantonalbank Zurich Cantonalbank Increases Stock Position in Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Palantir Technologies by 57.5% during the first quarter, owning 720,140 shares worth approximately $60.78 million.
• Palantir’s recent earnings report revealed a 39.4% year-over-year revenue growth with earnings per share matching analyst expectations at $0.13.
• Wall Street analysts have mixed ratings on Palantir, with a consensus rating of "Hold" and a target price of $95.30, while institutions currently own 45.65% of the stock.

Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 57.5% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 720,140 shares of the company's stock after acquiring an additional 262,866 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Palantir Technologies were worth $60,780,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its position in shares of Palantir Technologies by 8.6% during the fourth quarter. Geode Capital Management LLC now owns 52,074,232 shares of the company's stock worth $3,929,401,000 after buying an additional 4,127,306 shares during the period. Northern Trust Corp grew its stake in shares of Palantir Technologies by 20.4% in the fourth quarter. Northern Trust Corp now owns 19,488,465 shares of the company's stock worth $1,473,913,000 after acquiring an additional 3,299,779 shares in the last quarter. FMR LLC increased its position in shares of Palantir Technologies by 22.6% during the fourth quarter. FMR LLC now owns 15,296,371 shares of the company's stock worth $1,156,864,000 after acquiring an additional 2,818,090 shares during the period. Invesco Ltd. boosted its holdings in Palantir Technologies by 31.2% in the fourth quarter. Invesco Ltd. now owns 14,748,240 shares of the company's stock valued at $1,115,409,000 after purchasing an additional 3,509,311 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in Palantir Technologies by 1.5% in the first quarter. Bank of New York Mellon Corp now owns 13,031,532 shares of the company's stock valued at $1,099,861,000 after purchasing an additional 187,860 shares during the period. 45.65% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have commented on PLTR shares. DA Davidson boosted their price target 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. 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 price target for the company. Wedbush set a $160.00 price target on shares of Palantir Technologies in a report on Thursday, July 10th. Mizuho upgraded shares of Palantir Technologies from an "underperform" rating to a "neutral" rating and boosted their price target for the stock from $116.00 to $135.00 in a report on Wednesday, July 16th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "sell" rating on shares of Palantir Technologies in a report on Tuesday, May 6th. Four research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Palantir Technologies currently has an average rating of "Hold" and an average price target of $96.45.

Palantir Technologies Price Performance

NASDAQ PLTR traded up $1.99 on Wednesday, hitting $158.23. 22,745,973 shares of the company's stock were exchanged, compared to its average volume of 92,970,203. The firm's 50-day moving average price is $138.27 and its two-hundred day moving average price is $110.37. The firm has a market cap of $373.40 billion, a price-to-earnings ratio of 688.19, a P/E/G ratio of 13.46 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 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates 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 firm's quarterly revenue was up 39.4% compared to the same quarter last year. During the same period last year, the company posted $0.08 earnings per share. On average, research analysts predict that Palantir Technologies Inc. will post 0.31 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Alexander C. Karp sold 358,982 shares of the company's stock in a transaction 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 sale, the insider directly owned 6,432,258 shares in the company, valued at $812,973,088.62. This represents a 5.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ryan D. Taylor sold 35,480 shares of Palantir Technologies stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $126.39, for a total value of $4,484,317.20. Following the sale, 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 position. 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. Company insiders own 12.93% of the company's stock.

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.