Palumbo Wealth Management LLC Decreases Holdings in Palantir Technologies Inc. (NASDAQ:PLTR)

Palumbo Wealth Management LLC cut its holdings in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 29.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,924 shares of the company's stock after selling 2,047 shares during the period. Palumbo Wealth Management LLC's holdings in Palantir Technologies were worth $416,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Continuum Advisory LLC boosted its holdings in Palantir Technologies by 3.8% in the fourth quarter. Continuum Advisory LLC now owns 2,670 shares of the company's stock worth $202,000 after acquiring an additional 98 shares in the last quarter. Heritage Wealth Management Inc. CA raised its position in shares of Palantir Technologies by 0.4% during the fourth quarter. Heritage Wealth Management Inc. CA now owns 29,024 shares of the company's stock worth $2,195,000 after purchasing an additional 111 shares during the period. True Wealth Design LLC lifted its holdings in shares of Palantir Technologies by 29.3% in the 4th quarter. True Wealth Design LLC now owns 503 shares of the company's stock worth $38,000 after purchasing an additional 114 shares in the last quarter. Gemmer Asset Management LLC grew its position in Palantir Technologies by 1.6% in the 1st quarter. Gemmer Asset Management LLC now owns 7,567 shares of the company's stock valued at $639,000 after purchasing an additional 119 shares during the period. Finally, Synergy Asset Management LLC grew its position in Palantir Technologies by 1.7% in the 1st quarter. Synergy Asset Management LLC now owns 7,017 shares of the company's stock valued at $592,000 after purchasing an additional 120 shares during the period. 45.65% of the stock is owned by institutional investors and hedge funds.

Palantir Technologies Price Performance

Shares of Palantir Technologies stock traded up $2.62 during trading hours on Monday, hitting $139.92. 69,735,695 shares of the company's stock traded hands, compared to its average volume of 81,177,666. The company has a fifty day simple moving average of $120.65 and a 200-day simple moving average of $97.46. The stock has a market capitalization of $330.20 billion, a price-to-earnings ratio of 608.35, a PEG ratio of 11.72 and a beta of 2.64. Palantir Technologies Inc. has a 12-month low of $21.23 and a 12-month high of $144.86.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The company reported $0.13 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $0.13. The business had revenue of $883.86 million during the quarter, compared to the consensus estimate 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 quarter last year, the company posted $0.08 earnings per share. On average, analysts forecast that Palantir Technologies Inc. will post 0.31 EPS for the current fiscal year.

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 shares were sold at an average price of $126.39, for a total transaction of $45,371,734.98. Following the completion of the transaction, the insider now owns 6,432,258 shares of the company's stock, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Shyam Sankar sold 405,000 shares of the stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $132.08, for a total value of $53,492,400.00. Following the completion of the sale, the insider now owns 702,786 shares in the company, valued at $92,823,974.88. This trade represents a 36.56% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,506,925 shares of company stock worth $188,456,658. 9.23% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. The Goldman Sachs Group raised their price objective on shares of Palantir Technologies from $80.00 to $90.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Deutsche Bank Aktiengesellschaft restated a "sell" rating on shares of Palantir Technologies in a report on Tuesday, May 6th. Daiwa Capital Markets initiated coverage on shares of Palantir Technologies in a research report on Tuesday, April 1st. They issued a "neutral" rating and a $90.00 price target on the stock. Loop Capital set a $155.00 price objective on Palantir Technologies and gave the stock a "buy" rating in a report on Thursday, June 12th. Finally, Citigroup increased their price objective on Palantir Technologies from $110.00 to $115.00 and gave the stock a "neutral" rating in a research note on Thursday, May 8th. Five analysts have rated the stock with a sell rating, fifteen have given a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, Palantir Technologies currently has an average rating of "Hold" and an average target price of $89.32.

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.