Palantir Technologies Inc. (NASDAQ:PLTR) Shares Sold by Wealthspire Advisors LLC

Key Points

• Wealthspire Advisors LLC reduced its holdings in Palantir Technologies by 36.8%, selling 30,534 shares during the first quarter, with the remaining investment valued at $4.4 million.
• Several institutional investors have increased their stakes in Palantir, notably Shelton Capital Management, which raised its position by 285.8% during the fourth quarter.
• Palantir reported a 48% year-over-year increase in revenue for the latest quarter, with earnings per share of $0.16, surpassing analyst expectations.

Wealthspire Advisors LLC lessened its stake in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 36.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 52,482 shares of the company's stock after selling 30,534 shares during the quarter. Wealthspire Advisors LLC's holdings in Palantir Technologies were worth $4,429,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Northern Trust Corp boosted its stake in shares of Palantir Technologies by 20.4% during the 4th quarter. Northern Trust Corp now owns 19,488,465 shares of the company's stock worth $1,473,913,000 after acquiring an additional 3,299,779 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Palantir Technologies by 1.5% during the 1st 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. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of 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 in the last quarter. Deutsche Bank AG boosted its stake in Palantir Technologies by 19.2% during the fourth quarter. Deutsche Bank AG now owns 6,785,225 shares of the company's stock valued at $513,167,000 after buying an additional 1,091,299 shares during the last quarter. Finally, Nuveen Asset Management LLC grew its holdings in Palantir Technologies by 6.8% during the 4th quarter. Nuveen Asset Management LLC now owns 5,219,689 shares of the company's stock valued at $394,765,000 after buying an additional 332,546 shares in the last quarter. Institutional investors own 45.65% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on PLTR shares. Deutsche Bank Aktiengesellschaft upgraded Palantir Technologies from a "sell" rating to a "hold" rating and increased their target price for the company from $80.00 to $160.00 in a research report on Tuesday. Bank of America boosted their target price on shares of Palantir Technologies from $150.00 to $180.00 and gave the stock a "buy" rating in a report on Tuesday. Royal Bank Of Canada lifted their price target on Palantir Technologies from $40.00 to $45.00 and gave the stock an "underperform" rating in a research report on Tuesday. The Goldman Sachs Group upped their price objective on Palantir Technologies from $90.00 to $141.00 and gave the company a "neutral" rating in a research report on Wednesday. Finally, Citigroup raised their price objective on Palantir Technologies from $158.00 to $177.00 and gave the company a "neutral" rating in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $136.61.

Palantir Technologies Price Performance

NASDAQ PLTR traded up $2.66 during trading on Thursday, hitting $182.20. The company's stock had a trading volume of 77,586,531 shares, compared to its average volume of 60,547,432. Palantir Technologies Inc. has a fifty-two week low of $26.69 and a fifty-two week high of $184.48. The company has a market cap of $429.98 billion, a PE ratio of 607.35, a P/E/G ratio of 13.07 and a beta of 2.60. The business's 50 day simple moving average is $144.43 and its 200-day simple moving average is $114.82.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.14 by $0.02. Palantir Technologies had a net margin of 22.18% and a return on equity of 10.75%. The business had revenue of $1 billion for the quarter, compared to analyst estimates of $939.29 million. During the same quarter in the prior year, the business posted $0.09 EPS. Palantir Technologies's revenue for the quarter was up 48.0% compared to the same quarter last year. Analysts expect that Palantir Technologies Inc. will post 0.31 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider David A. Glazer sold 3,418 shares of the stock in a transaction that occurred on Wednesday, May 21st. The stock was sold at an average price of $125.97, for a total transaction of $430,565.46. Following the transaction, the insider owned 492,079 shares in the company, valued at $61,987,191.63. This trade represents a 0.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Ryan D. Taylor sold 30,000 shares of the business's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $175.00, for a total value of $5,250,000.00. Following the sale, the insider owned 363,755 shares of the company's stock, valued at approximately $63,657,125. This trade represents a 7.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,515,632 shares of company stock valued at $196,472,623 in the last 90 days. 9.23% of the stock is currently owned by insiders.

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.