Philadelphia Trust Co. Lowers Position in Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• Philadelphia Trust Co. reduced its stake in Palantir Technologies by 29.2% during the first quarter, now owning 8,500 shares valued at $717,000.
• Several institutional investors have increased their positions in Palantir, with notable increases such as CBIZ Investment Advisory Services LLC, which raised its position by 118.5%.
• Analysts have set new price targets for Palantir Technologies, with Bank of America raising theirs from $150.00 to $180.00, reflecting a positive outlook despite the stock's average hold rating.

Philadelphia Trust Co. decreased its position in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 29.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,500 shares of the company's stock after selling 3,500 shares during the period. Philadelphia Trust Co.'s holdings in Palantir Technologies were worth $717,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Mechanics Financial Corp acquired a new position in Palantir Technologies during the first quarter worth about $25,000. Cornerstone Planning Group LLC raised its position in 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 acquiring an additional 185 shares during the last quarter. Richardson Capital Management LLC acquired a new position in Palantir Technologies during the first quarter worth about $33,000. Atlantic Edge Private Wealth Management LLC raised its position in 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 acquiring an additional 125 shares during the last quarter. Finally, CBIZ Investment Advisory Services LLC raised its position in Palantir Technologies by 118.5% during the first quarter. CBIZ Investment Advisory Services LLC now owns 413 shares of the company's stock worth $35,000 after acquiring an additional 224 shares during the last quarter. Hedge funds and other institutional investors own 45.65% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on PLTR. Bank of America boosted their target price on shares of Palantir Technologies from $150.00 to $180.00 and gave the company a "buy" rating in a report on Tuesday, August 5th. The Goldman Sachs Group upped their target price on shares of Palantir Technologies from $90.00 to $141.00 and gave the company a "neutral" rating in a research note on Wednesday, August 6th. Citigroup restated a "neutral" rating and issued a $177.00 target price (up from $158.00) on shares of Palantir Technologies in a research note on Tuesday, August 5th. Royal Bank Of Canada upped their price target on shares of Palantir Technologies from $40.00 to $45.00 and gave the company an "underperform" rating in a report on Tuesday, August 5th. Finally, Wedbush set a $200.00 target price on shares of Palantir Technologies and gave the stock an "outperform" rating in a report on Tuesday, August 5th. Two research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $136.61.

Palantir Technologies Trading Down 2.1%

NASDAQ PLTR opened at $177.17 on Friday. The firm's fifty day moving average price is $151.03 and its two-hundred day moving average price is $119.20. Palantir Technologies Inc. has a 1 year low of $29.31 and a 1 year high of $190.00. The firm has a market capitalization of $418.11 billion, a P/E ratio of 590.59, a price-to-earnings-growth ratio of 10.20 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 (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.02. The firm had revenue of $1 billion for the quarter, compared to analyst estimates of $939.29 million. Palantir Technologies had a net margin of 22.18% and a return on equity of 10.75%. The company's quarterly revenue was up 48.0% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.09 earnings per share. On average, research analysts anticipate that Palantir Technologies Inc. will post 0.31 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Alexander C. Karp sold 358,982 shares of the company's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $126.39, for a total value of $45,371,734.98. Following the transaction, the insider directly owned 6,432,258 shares in the company, valued at approximately $812,973,088.62. This represents a 5.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Ryan D. Taylor sold 35,480 shares of the company's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $126.39, for a total transaction of $4,484,317.20. Following the completion of the transaction, the insider owned 367,691 shares in the company, valued at $46,472,465.49. This trade represents a 8.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,515,632 shares of company stock valued at $196,472,623 in the last three months. 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.

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