Conning Inc. Increases Stock Position in Palantir Technologies Inc. (NASDAQ:PLTR)

Conning Inc. lifted its holdings in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 22.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,873 shares of the company's stock after purchasing an additional 1,978 shares during the period. Conning Inc.'s holdings in Palantir Technologies were worth $918,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Assenagon Asset Management S.A. increased its stake in shares of Palantir Technologies by 15.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 49,651 shares of the company's stock worth $4,191,000 after purchasing an additional 6,479 shares during the last quarter. Pitcairn Co. purchased a new position in shares of Palantir Technologies during the fourth quarter worth about $281,000. Sagespring Wealth Partners LLC increased its holdings in shares of Palantir Technologies by 36.3% in the 1st quarter. Sagespring Wealth Partners LLC now owns 24,054 shares of the company's stock worth $2,030,000 after buying an additional 6,405 shares during the last quarter. KLP Kapitalforvaltning AS bought a new position in Palantir Technologies in the fourth quarter valued at $52,033,000. Finally, CX Institutional purchased a new position in shares of Palantir Technologies during the 1st quarter valued at about $62,000. Institutional investors own 45.65% of the company's stock.

Palantir Technologies Price Performance

NASDAQ PLTR traded up $2.15 during trading hours on Friday, hitting $134.27. 41,812,483 shares of the company's stock traded hands, compared to its average volume of 82,906,073. The firm's 50-day moving average is $128.47 and its 200-day moving average is $101.48. The company has a market capitalization of $316.85 billion, a PE ratio of 583.76, a PEG ratio of 11.47 and a beta of 2.59. Palantir Technologies Inc. has a 52-week low of $21.23 and a 52-week high of $148.22.

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 return on equity of 6.55% and a net margin of 18.32%. The company had revenue of $883.86 million during the quarter, compared to analyst estimates of $863.89 million. During the same period in the prior year, the business posted $0.08 earnings per share. The firm's revenue for the quarter was up 39.4% compared to the same quarter last year. Equities research analysts predict that Palantir Technologies Inc. will post 0.31 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on PLTR. UBS Group reissued a "positive" rating on shares of Palantir Technologies in a research note on Wednesday, June 25th. Citigroup boosted their price objective on shares of Palantir Technologies from $110.00 to $115.00 and gave the company a "neutral" rating in a research report on Thursday, May 8th. Loop Capital set a $155.00 target price on Palantir Technologies and gave the stock a "buy" rating in a research report on Thursday, June 12th. Royal Bank Of Canada reissued an "underperform" rating on shares of Palantir Technologies in a research report on Tuesday, May 6th. Finally, Daiwa Capital Markets began coverage on Palantir Technologies in a research report on Tuesday, April 1st. They set a "neutral" rating and a $90.00 price objective for the company. Five investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, Palantir Technologies currently has a consensus rating of "Hold" and a consensus price target of $89.32.

Insider Activity

In other Palantir Technologies news, insider Stephen Andrew Cohen sold 34,357 shares of the stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $125.96, for a total value of $4,327,607.72. Following the transaction, the insider directly owned 592 shares in the company, valued at $74,568.32. This represents a 98.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Eric H. Woersching sold 10,214 shares of Palantir Technologies stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $130.95, for a total value of $1,337,523.30. Following the transaction, the director directly 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. Insiders sold 1,451,497 shares of company stock worth $186,110,685 over the last 90 days. Company insiders own 9.23% 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.