Perpetual Ltd Cuts Stock Position in Palantir Technologies Inc. (NASDAQ:PLTR)

Perpetual Ltd trimmed its stake in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 73.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,503 shares of the company's stock after selling 23,005 shares during the period. Perpetual Ltd's holdings in Palantir Technologies were worth $718,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Assenagon Asset Management S.A. increased its stake in Palantir Technologies by 15.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 49,651 shares of the company's stock worth $4,191,000 after buying an additional 6,479 shares in the last quarter. Pitcairn Co. acquired a new stake in shares of Palantir Technologies in the fourth quarter worth approximately $281,000. Sagespring Wealth Partners LLC boosted its stake in shares of Palantir Technologies by 36.3% in the first quarter. Sagespring Wealth Partners LLC now owns 24,054 shares of the company's stock worth $2,030,000 after acquiring an additional 6,405 shares during the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of Palantir Technologies during the fourth quarter worth approximately $52,033,000. Finally, CX Institutional purchased a new stake in shares of Palantir Technologies during the first quarter worth approximately $62,000. Institutional investors and hedge funds own 45.65% of the company's stock.

Palantir Technologies Trading Down 9.4%

NASDAQ PLTR opened at $130.74 on Friday. The stock has a fifty day simple moving average of $125.24 and a 200-day simple moving average of $99.62. The stock has a market cap of $308.53 billion, a PE ratio of 568.43, a P/E/G ratio of 11.16 and a beta of 2.64. Palantir Technologies Inc. has a twelve month low of $21.23 and a twelve month high of $148.22.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last posted its earnings results on Monday, May 5th. The company reported $0.13 EPS 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 company had revenue of $883.86 million for the quarter, compared to analysts' expectations of $863.89 million. During the same quarter in the prior year, the company posted $0.08 earnings per share. Palantir Technologies's revenue for the quarter was up 39.4% compared to the same quarter last year. Research analysts predict that Palantir Technologies Inc. will post 0.31 EPS for the current year.

Insider Buying and Selling

In related news, insider Shyam Sankar sold 405,000 shares of Palantir Technologies stock in a transaction that occurred on Tuesday, June 10th. The shares were 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 now owns 702,786 shares in the company, valued at approximately $92,823,974.88. The trade was a 36.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Ryan D. Taylor sold 98,177 shares of the company's stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $82.80, for a total transaction of $8,129,055.60. Following the sale, the insider now directly owns 403,171 shares in the company, valued at approximately $33,382,558.80. The trade was a 19.58% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,506,925 shares of company stock valued at $188,456,658. Company insiders own 9.23% of the company's stock.

Analysts Set New Price Targets

PLTR has been the topic of several recent research reports. Daiwa Capital Markets began coverage on shares of Palantir Technologies in a research note on Tuesday, April 1st. They set a "neutral" rating and a $90.00 target price on the stock. UBS Group reissued a "positive" rating on shares of Palantir Technologies in a research note on Wednesday. Deutsche Bank Aktiengesellschaft restated a "sell" rating on shares of Palantir Technologies in a research report on Tuesday, May 6th. Mizuho upped their price objective on shares of Palantir Technologies from $94.00 to $116.00 and gave the company an "underperform" rating in a research note on Wednesday, June 11th. Finally, Wedbush set a $140.00 target price on shares of Palantir Technologies and gave the stock an "outperform" rating in a research note on Tuesday, May 6th. Five investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $89.32.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.