Wedbush Securities Inc. Boosts Stake in Palantir Technologies Inc. (NASDAQ:PLTR)

Wedbush Securities Inc. increased its holdings in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 30.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 230,052 shares of the company's stock after purchasing an additional 53,470 shares during the quarter. Palantir Technologies makes up 0.7% of Wedbush Securities Inc.'s portfolio, making the stock its 17th biggest holding. Wedbush Securities Inc.'s holdings in Palantir Technologies were worth $19,416,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Revolve Wealth Partners LLC purchased a new stake in Palantir Technologies in the fourth quarter worth $450,000. TD Private Client Wealth LLC boosted its holdings in shares of Palantir Technologies by 14.2% in the fourth quarter. TD Private Client Wealth LLC now owns 5,417 shares of the company's stock valued at $410,000 after purchasing an additional 672 shares during the period. Sei Investments Co. grew its stake in Palantir Technologies by 7.1% in the fourth quarter. Sei Investments Co. now owns 356,878 shares of the company's stock worth $26,991,000 after purchasing an additional 23,549 shares in the last quarter. Stevens Capital Management LP purchased a new stake in shares of Palantir Technologies in the 4th quarter worth $260,000. Finally, Congress Wealth Management LLC DE purchased a new position in shares of Palantir Technologies during the fourth quarter valued at $648,000. 45.65% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Palantir Technologies

In related news, insider Alexander C. Karp sold 358,982 shares of the business's 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 $45,371,734.98. Following the completion of the sale, the insider directly owned 6,432,258 shares in the company, valued at approximately $812,973,088.62. The trade was a 5.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Ryan D. Taylor sold 35,480 shares of the company's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $126.39, for a total value of $4,484,317.20. Following the completion of the sale, the insider owned 367,691 shares of the company's stock, valued at $46,472,465.49. This trade represents a 8.80% 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 valued at $191,222,623 in the last three months. Company insiders own 9.23% of the company's stock.

Palantir Technologies Stock Performance

NASDAQ PLTR traded up $3.94 during mid-day trading on Friday, reaching $158.80. 57,571,834 shares of the stock were exchanged, compared to its average volume of 94,045,531. Palantir Technologies Inc. has a 1 year low of $21.23 and a 1 year high of $160.39. The business's 50 day moving average is $136.44 and its 200-day moving average is $108.24. The company has a market capitalization of $374.75 billion, a P/E ratio of 690.43, a P/E/G ratio of 13.20 and a beta of 2.59.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported $0.13 earnings per share for the quarter, hitting 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 return on equity of 6.55% and a net margin of 18.32%. Palantir Technologies's quarterly revenue was up 39.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.08 EPS. Equities analysts predict that Palantir Technologies Inc. will post 0.31 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on PLTR shares. Mizuho upgraded shares of Palantir Technologies from an "underperform" rating to a "neutral" rating and boosted their price target for the company from $116.00 to $135.00 in a report on Wednesday, July 16th. The Goldman Sachs Group upped their target price on Palantir Technologies from $80.00 to $90.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Piper Sandler began coverage on Palantir Technologies in a research report on Friday. They issued an "overweight" rating and a $170.00 price target for the company. Daiwa Capital Markets started coverage on Palantir Technologies in a research report on Tuesday, April 1st. They set a "neutral" rating and a $90.00 price objective on the stock. Finally, Citigroup boosted their target price on shares of Palantir Technologies from $110.00 to $115.00 and gave the stock a "neutral" rating in a report on Thursday, May 8th. Four research analysts have rated the stock with a sell rating, fifteen have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $95.30.

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.