Palantir Technologies Inc. (NASDAQ:PLTR) Shares Sold by Nikko Asset Management Americas Inc.

Key Points

• Nikko Asset Management Americas Inc. reduced its holdings in Palantir Technologies by 27.0%, selling 1,838,503 shares during the first quarter, now owning 4,973,144 shares.
• Recent analyst reports have increased Palantir's price targets, with Citigroup raising it to $115.00, while Piper Sandler issued an "overweight" rating with a target of $170.00.
• Palantir reported earnings of $0.13 per share for the quarter, with revenue reaching $883.86 million, a 39.4% year-over-year increase.

Nikko Asset Management Americas Inc. decreased its holdings in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 27.0% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,973,144 shares of the company's stock after selling 1,838,503 shares during the quarter. Palantir Technologies accounts for approximately 5.3% of Nikko Asset Management Americas Inc.'s holdings, making the stock its 3rd biggest holding. Nikko Asset Management Americas Inc. owned 0.21% of Palantir Technologies worth $419,634,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Angeles Wealth Management LLC raised its stake in shares of Palantir Technologies by 25.8% in the 1st quarter. Angeles Wealth Management LLC now owns 5,413 shares of the company's stock valued at $457,000 after buying an additional 1,110 shares in the last quarter. Mediolanum International Funds Ltd raised its stake in shares of Palantir Technologies by 2.5% in the 1st quarter. Mediolanum International Funds Ltd now owns 338,827 shares of the company's stock valued at $29,088,000 after buying an additional 8,121 shares in the last quarter. Knights of Columbus Asset Advisors LLC bought a new stake in shares of Palantir Technologies in the 1st quarter worth about $1,530,000. Stevens Capital Management LP grew its holdings in shares of Palantir Technologies by 2,453.1% in the 1st quarter. Stevens Capital Management LP now owns 87,700 shares of the company's stock worth $7,402,000 after purchasing an additional 84,265 shares during the last quarter. Finally, CloudAlpha Capital Management Limited Hong Kong bought a new stake in shares of Palantir Technologies in the 1st quarter worth about $3,959,000. Institutional investors and hedge funds own 45.65% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Citigroup upped 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. Morgan Stanley upped their target price on shares of Palantir Technologies from $90.00 to $98.00 and gave the stock an "equal weight" rating in a report on Tuesday, May 6th. Daiwa America raised shares of Palantir Technologies to a "hold" rating in a report on Tuesday, April 1st. Piper Sandler assumed coverage on shares of Palantir Technologies in a report on Friday. They issued an "overweight" rating and a $170.00 target price on the stock. Finally, Cantor Fitzgerald increased their price objective on shares of Palantir Technologies from $98.00 to $110.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Four research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $95.30.

Insiders Place Their Bets

In other news, Director Lauren Elaina Friedman Stat sold 800 shares of the business's stock in a transaction on Wednesday, July 9th. The shares were sold at an average price of $139.61, for a total value of $111,688.00. Following the sale, the director owned 62,887 shares of the company's stock, valued at $8,779,654.07. The trade was a 1.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Eric H. Woersching sold 10,214 shares of the business's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $130.95, for a total transaction of $1,337,523.30. Following the completion of the sale, the director directly owned 2,348 shares in the company, valued at approximately $307,470.60. This represents a 81.31% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,485,632 shares of company stock valued at $191,222,623 over the last 90 days. 9.23% of the stock is currently owned by company insiders.

Palantir Technologies Stock Performance

Shares of PLTR opened at $158.80 on Friday. Palantir Technologies Inc. has a twelve month low of $21.23 and a twelve month high of $160.39. The firm's 50 day moving average price is $137.03 and its two-hundred day moving average price is $108.85. The firm has a market cap of $374.75 billion, a P/E ratio of 690.43, a PEG ratio of 13.22 and a beta of 2.59.

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

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.

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