Truist Financial Corp Has $43.48 Million Stock Position in Palantir Technologies Inc. (NASDAQ:PLTR)

Truist Financial Corp cut its position in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 9.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 515,191 shares of the company's stock after selling 52,749 shares during the period. Truist Financial Corp's holdings in Palantir Technologies were worth $43,482,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Geode Capital Management LLC grew its stake in Palantir Technologies by 8.6% in the 4th quarter. Geode Capital Management LLC now owns 52,074,232 shares of the company's stock valued at $3,929,401,000 after buying an additional 4,127,306 shares during the last quarter. Northern Trust Corp grew its stake in Palantir Technologies by 20.4% in the 4th quarter. Northern Trust Corp now owns 19,488,465 shares of the company's stock valued at $1,473,913,000 after buying an additional 3,299,779 shares during the last quarter. Norges Bank acquired a new position in Palantir Technologies in the 4th quarter valued at about $1,360,191,000. FMR LLC grew its stake in Palantir Technologies by 22.6% in the 4th quarter. FMR LLC now owns 15,296,371 shares of the company's stock valued at $1,156,864,000 after buying an additional 2,818,090 shares during the last quarter. Finally, Invesco Ltd. grew its stake in Palantir Technologies by 31.2% in the 4th quarter. Invesco Ltd. now owns 14,748,240 shares of the company's stock valued at $1,115,409,000 after buying an additional 3,509,311 shares during the last quarter. Institutional investors and hedge funds own 45.65% of the company's stock.

Palantir Technologies Trading Down 1.5%

NASDAQ:PLTR traded down $2.10 on Tuesday, hitting $137.03. The company had a trading volume of 19,067,742 shares, compared to its average volume of 82,761,794. The stock has a market capitalization of $323.37 billion, a price-to-earnings ratio of 595.18, a PEG ratio of 11.47 and a beta of 2.59. The firm has a 50 day moving average of $128.96 and a two-hundred day moving average of $102.29. 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 EPS for the quarter, meeting the consensus estimate 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 revenue was up 39.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.08 EPS. As a group, equities analysts forecast that Palantir Technologies Inc. will post 0.31 EPS for the current year.

Insiders Place Their Bets

In related news, insider Alexander C. Karp sold 358,982 shares of the 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 $45,371,734.98. Following the completion of the transaction, the insider owned 6,432,258 shares of the company's stock, valued at $812,973,088.62. This represents a 5.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider David A. Glazer sold 30,812 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 transaction of $3,894,328.68. Following the completion of the transaction, the insider owned 495,497 shares of the company's stock, valued at approximately $62,625,865.83. This trade represents a 5.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,451,497 shares of company stock worth $186,110,685 over the last 90 days. Insiders own 12.93% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. The Goldman Sachs Group upped their price target 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. Morgan Stanley boosted their price objective on shares of Palantir Technologies from $90.00 to $98.00 and gave the company an "equal weight" rating in a report on Tuesday, May 6th. Deutsche Bank Aktiengesellschaft reissued a "sell" rating on shares of Palantir Technologies in a report on Tuesday, May 6th. Wedbush set a $140.00 price objective on shares of Palantir Technologies and gave the company an "outperform" rating in a report on Tuesday, May 6th. Finally, UBS Group reissued a "positive" rating on shares of Palantir Technologies in a report on Wednesday, June 25th. Five investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $89.32.

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.