Commerce Bank Reduces Position in Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• Commerce Bank reduced its holdings in Palantir Technologies by 4.9%, owning 898,262 shares worth approximately $75.8 million after selling 46,286 shares during the first quarter.
• Palantir Technologies' stock has recently seen insider selling, with a total of 1.48 million shares worth $191.2 million sold by insiders in the last three months, representing 9.23% of total company stock.
• Analysts have mixed ratings on Palantir, with an average rating of "Hold" and an average target price of $96.45, while the stock's current price sits at around $158.35.

Commerce Bank trimmed its stake in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 4.9% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 898,262 shares of the company's stock after selling 46,286 shares during the period. Commerce Bank's holdings in Palantir Technologies were worth $75,813,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Northern Trust Corp lifted its position in Palantir Technologies by 20.4% during the fourth quarter. Northern Trust Corp now owns 19,488,465 shares of the company's stock valued at $1,473,913,000 after purchasing an additional 3,299,779 shares during the last quarter. FMR LLC lifted its position in Palantir Technologies by 22.6% during the fourth quarter. FMR LLC now owns 15,296,371 shares of the company's stock valued at $1,156,864,000 after purchasing an additional 2,818,090 shares during the last quarter. Invesco Ltd. lifted its position in Palantir Technologies by 31.2% during 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 last quarter. Bank of New York Mellon Corp lifted its position in Palantir Technologies by 1.5% during 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 last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Palantir Technologies by 3.4% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,532,241 shares of the company's stock valued at $796,553,000 after purchasing an additional 344,127 shares during the last quarter. 45.65% of the stock is owned by hedge funds and other institutional investors.

Palantir Technologies Price Performance

Shares of NASDAQ:PLTR traded down $4.08 during trading hours on Friday, hitting $154.27. The company's stock had a trading volume of 60,986,881 shares, compared to its average volume of 52,655,748. Palantir Technologies Inc. has a 52 week low of $21.23 and a 52 week high of $160.89. The company has a market capitalization of $364.06 billion, a price-to-earnings ratio of 670.74, a P/E/G ratio of 13.50 and a beta of 2.60. The firm's fifty day moving average price is $140.37 and its 200 day moving average price is $111.96.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The company reported $0.13 EPS for the quarter, meeting the consensus estimate of $0.13. Palantir Technologies had a net margin of 18.32% and a return on equity of 6.55%. The business had revenue of $883.86 million during the quarter, compared to analyst estimates of $863.89 million. During the same quarter in the previous year, the business posted $0.08 EPS. The company's quarterly revenue was up 39.4% compared to the same quarter last year. On average, equities research analysts predict that Palantir Technologies Inc. will post 0.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Ryan D. Taylor sold 33,335 shares of the business's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $150.00, for a total value of $5,000,250.00. Following the completion of the sale, the insider owned 363,755 shares in the company, valued at approximately $54,563,250. The trade was a 8.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Shyam Sankar sold 405,000 shares of Palantir Technologies stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $132.08, for a total transaction of $53,492,400.00. Following the completion of the transaction, the insider directly owned 702,786 shares in the company, valued at approximately $92,823,974.88. The trade was a 36.56% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,485,632 shares of company stock worth $191,222,623. 9.23% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have commented on PLTR shares. The Goldman Sachs Group increased their price objective on shares of Palantir Technologies from $80.00 to $90.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. Loop Capital raised their target price on shares of Palantir Technologies from $155.00 to $178.00 and gave the stock a "buy" rating in a report on Wednesday. Mizuho upgraded shares of Palantir Technologies from an "underperform" rating to a "neutral" rating and raised their target price for the stock from $116.00 to $135.00 in a report on Wednesday, July 16th. Citigroup raised 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. Finally, Piper Sandler started coverage on shares of Palantir Technologies in a report on Friday, July 25th. They issued an "overweight" rating and a $170.00 target price for the company. Four equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, Palantir Technologies currently has a consensus rating of "Hold" and an average target price of $96.45.

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.