Palantir Technologies Inc. (NASDAQ:PLTR) Stake Lowered by Legal Advantage Investments Inc.

Key Points

• Legal Advantage Investments Inc. reduced its stake in Palantir Technologies by 11.8%, holding 44,800 shares worth approximately $3.78 million, making it the firm's 17th largest holding.
• Palantir's recent earnings report exceeded expectations, with a reported earnings per share of $0.16 and quarterly revenue up 48% year-over-year at $1 billion.
• Analyst ratings for Palantir include a recent upgrade from Bank of America, which raised its price target from $150 to $180, while analysts maintain an average "Hold" rating with a price target of $136.61.

Legal Advantage Investments Inc. lessened its holdings in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 11.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 44,800 shares of the company's stock after selling 6,000 shares during the period. Palantir Technologies accounts for about 2.0% of Legal Advantage Investments Inc.'s investment portfolio, making the stock its 17th biggest holding. Legal Advantage Investments Inc.'s holdings in Palantir Technologies were worth $3,781,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in PLTR. Mechanics Financial Corp bought a new stake in shares of Palantir Technologies during the first quarter valued at approximately $25,000. Richardson Capital Management LLC bought a new stake in shares of Palantir Technologies during the first quarter valued at approximately $33,000. Cornerstone Planning Group LLC raised its holdings in shares of Palantir Technologies by 90.2% during the first quarter. Cornerstone Planning Group LLC now owns 390 shares of the company's stock valued at $33,000 after buying an additional 185 shares during the last quarter. Atlantic Edge Private Wealth Management LLC raised its holdings in shares of Palantir Technologies by 45.5% during the first quarter. Atlantic Edge Private Wealth Management LLC now owns 400 shares of the company's stock valued at $34,000 after buying an additional 125 shares during the last quarter. Finally, Godsey & Gibb Inc. raised its holdings in shares of Palantir Technologies by 740.0% during the first quarter. Godsey & Gibb Inc. now owns 420 shares of the company's stock valued at $35,000 after buying an additional 370 shares during the last quarter. Institutional investors own 45.65% of the company's stock.

Palantir Technologies Price Performance

Palantir Technologies stock opened at $181.02 on Friday. The firm's 50 day simple moving average is $150.04 and its 200-day simple moving average is $118.54. The company has a market cap of $427.19 billion, a P/E ratio of 603.42, a price-to-earnings-growth ratio of 10.39 and a beta of 2.60. Palantir Technologies Inc. has a fifty-two week low of $29.31 and a fifty-two week high of $190.00.

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

Analyst Upgrades and Downgrades

PLTR has been the topic of a number of research analyst reports. Bank of America raised their price objective on shares of Palantir Technologies from $150.00 to $180.00 and gave the company a "buy" rating in a research note on Tuesday, August 5th. Wall Street Zen upgraded shares of Palantir Technologies from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Piper Sandler set a $182.00 price objective on shares of Palantir Technologies in a research note on Tuesday, August 5th. Loop Capital raised their price objective on shares of Palantir Technologies from $178.00 to $180.00 and gave the company a "buy" rating in a research note on Tuesday, August 5th. Finally, Morgan Stanley set a $155.00 price objective on shares of Palantir Technologies and gave the company an "equal weight" rating in a research note on Tuesday, August 5th. Two research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $136.61.

Insiders Place Their Bets

In other news, Director Lauren Elaina Friedman Stat sold 800 shares of the stock in a transaction that occurred 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 completion of the sale, the director directly owned 62,887 shares of the company's stock, valued at $8,779,654.07. This represents a 1.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Eric H. Woersching sold 10,214 shares of the stock in a transaction that occurred 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 of the company's stock, valued at $307,470.60. This trade represents a 81.31% 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 over the last ninety days. Insiders own 9.23% of the company's stock.

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.

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