Pasadena Private Wealth LLC Acquires Shares of 3,000 Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• Pasadena Private Wealth LLC acquired a new stake in Palantir Technologies, purchasing 3,000 shares valued at approximately $253,000 in the first quarter.
• Palantir's stock has seen fluctuating analyst ratings, with DA Davidson and Goldman Sachs setting price targets of $115.00 and $90.00, respectively, while Deutsche Bank maintained a "sell" rating.
• The company's recent quarterly earnings reported an EPS of $0.13 and revenues of $883.86 million, marking a 39.4% increase compared to the previous year, despite a recent stock decline of 2.6%.

Pasadena Private Wealth LLC acquired a new position in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 3,000 shares of the company's stock, valued at approximately $253,000.

Other institutional investors have also recently made changes to their positions in the company. Northern Trust Corp grew its holdings in Palantir Technologies by 20.4% during 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 in the last quarter. FMR LLC boosted its position in shares of Palantir Technologies by 22.6% during the 4th quarter. FMR LLC now owns 15,296,371 shares of the company's stock valued at $1,156,864,000 after acquiring an additional 2,818,090 shares during the last quarter. Invesco Ltd. boosted its position in shares of Palantir Technologies by 31.2% during the 4th quarter. Invesco Ltd. now owns 14,748,240 shares of the company's stock valued at $1,115,409,000 after acquiring an additional 3,509,311 shares during the last quarter. Bank of New York Mellon Corp boosted its position 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 acquiring an additional 187,860 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Palantir Technologies by 3.4% during the 4th 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 acquiring an additional 344,127 shares during the last quarter. Institutional investors own 45.65% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. Royal Bank Of Canada restated an "underperform" rating on shares of Palantir Technologies in a research report on Tuesday, May 6th. Piper Sandler began coverage on shares of Palantir Technologies in a research note on Friday, July 25th. They set an "overweight" rating and a $170.00 target price for the company. DA Davidson upped their price target on shares of Palantir Technologies from $100.00 to $115.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. UBS Group restated a "positive" rating on shares of Palantir Technologies in a report on Wednesday, June 25th. Finally, Cantor Fitzgerald upped their price target on shares of Palantir Technologies from $98.00 to $110.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Four equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $96.45.

Palantir Technologies Trading Down 2.6%

Shares of NASDAQ:PLTR traded down $4.08 during trading on Friday, reaching $154.27. The stock had a trading volume of 60,986,881 shares, compared to its average volume of 52,655,748. Palantir Technologies Inc. has a one year low of $21.23 and a one year high of $160.89. The company has a market capitalization of $364.06 billion, a P/E ratio of 670.74, a PEG ratio of 13.50 and a beta of 2.60. The firm's 50-day simple moving average is $140.37 and its 200 day simple moving average is $111.96.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported $0.13 earnings per share for the quarter, meeting analysts' consensus estimates of $0.13. Palantir Technologies had a net margin of 18.32% and a return on equity of 6.55%. The business had revenue of $883.86 million for the quarter, compared to analysts' expectations of $863.89 million. During the same period last year, the business earned $0.08 EPS. The company's revenue was up 39.4% compared to the same quarter last year. Equities research analysts forecast that Palantir Technologies Inc. will post 0.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Eric H. Woersching sold 10,214 shares of Palantir Technologies stock in a transaction that occurred on Tuesday, July 1st. The shares were sold at an average price of $130.95, for a total value of $1,337,523.30. Following the completion of the sale, the director directly owned 2,348 shares in the company, valued at $307,470.60. This trade represents a 81.31% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Shyam Sankar sold 405,000 shares of Palantir Technologies stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $132.08, for a total transaction of $53,492,400.00. Following the completion of the sale, the insider owned 702,786 shares of the company's stock, valued at $92,823,974.88. This trade represents a 36.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,485,632 shares of company stock worth $191,222,623 over the last ninety days. Company insiders own 9.23% of the company's stock.

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.