Forsta AP Fonden Acquires 17,000 Shares of Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• Forsta AP Fonden increased its holdings in Palantir Technologies by 3.2%, owning 550,900 shares valued at $46.5 million as per their latest SEC filing.
• Insider Shyam Sankar sold 405,000 shares, reducing his ownership by 36.56%, while corporate insiders collectively sold over 1.5 million shares worth nearly $196 million in the last quarter.
• Palantir reported a 48% year-over-year revenue increase, achieving $1 billion for the quarter and beating EPS estimates with a reported $0.16.

Forsta AP Fonden lifted its position in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 3.2% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 550,900 shares of the company's stock after buying an additional 17,000 shares during the period. Forsta AP Fonden's holdings in Palantir Technologies were worth $46,496,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Mechanics Financial Corp bought a new stake in shares of Palantir Technologies in the 1st quarter worth $25,000. Richardson Capital Management LLC acquired a new stake in shares of Palantir Technologies during the first quarter worth $33,000. Cornerstone Planning Group LLC raised its position 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 worth $33,000 after purchasing an additional 185 shares during the period. Atlantic Edge Private Wealth Management LLC raised its position 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 worth $34,000 after purchasing an additional 125 shares during the period. Finally, Godsey & Gibb Inc. raised its position in shares of Palantir Technologies by 740.0% during the first quarter. Godsey & Gibb Inc. now owns 420 shares of the company's stock worth $35,000 after purchasing an additional 370 shares during the period. Institutional investors own 45.65% of the company's stock.

Insider Transactions at Palantir Technologies

In other news, insider Shyam Sankar sold 405,000 shares of the stock in a transaction that occurred 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 transaction, the insider directly owned 702,786 shares of the company's stock, valued at approximately $92,823,974.88. This represents a 36.56% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider David A. Glazer sold 30,812 shares of the stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $126.39, for a total value of $3,894,328.68. Following the completion of the transaction, the insider directly owned 495,497 shares of the company's stock, valued at approximately $62,625,865.83. The trade was a 5.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,515,632 shares of company stock valued at $196,472,623. Corporate insiders own 9.23% of the company's stock.

Palantir Technologies Trading Up 2.6%

NASDAQ:PLTR traded up $4.76 during mid-day trading on Friday, hitting $186.96. 62,386,781 shares of the company's stock traded hands, compared to its average volume of 61,219,692. The firm has a 50 day moving average of $145.64 and a two-hundred day moving average of $115.61. Palantir Technologies Inc. has a 12 month low of $29.10 and a 12 month high of $187.99. The firm has a market capitalization of $441.21 billion, a price-to-earnings ratio of 623.22, a price-to-earnings-growth ratio of 11.57 and a beta of 2.60.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The company reported $0.16 earnings per share for the quarter, topping analysts' consensus estimates of $0.14 by $0.02. The firm 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 business's revenue was up 48.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.09 earnings per share. As a group, equities research analysts expect that Palantir Technologies Inc. will post 0.31 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PLTR. Cantor Fitzgerald lifted their price target on Palantir Technologies from $110.00 to $155.00 and gave the company a "neutral" rating in a report on Tuesday. Wall Street Zen upgraded Palantir Technologies from a "hold" rating to a "buy" rating in a report on Saturday. UBS Group reiterated a "neutral" rating and set a $165.00 price target (up previously from $110.00) on shares of Palantir Technologies in a report on Tuesday. Loop Capital lifted their price target on Palantir Technologies from $178.00 to $180.00 and gave the company a "buy" rating in a report on Tuesday. Finally, The Goldman Sachs Group lifted their price target on Palantir Technologies from $90.00 to $141.00 and gave the company a "neutral" rating in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Palantir Technologies currently has an average rating of "Hold" and a consensus price target of $136.61.

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.