Pinnacle Associates Ltd. Reduces Holdings in Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• Pinnacle Associates Ltd. reduced its holdings in Palantir Technologies by 32.3% in the first quarter, holding 38,837 shares valued at $3,278,000 after selling 18,567 shares.
• In the 1st quarter, several institutional investors acquired new stakes or increased their investments in Palantir, demonstrating increasing interest in the company.
• Palantir Technologies reported earnings meeting expectations with $0.13 EPS and a revenue increase of 39.4% year-over-year, driven by strong growth in its customer base.

Pinnacle Associates Ltd. lowered its holdings in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 32.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 38,837 shares of the company's stock after selling 18,567 shares during the period. Pinnacle Associates Ltd.'s holdings in Palantir Technologies were worth $3,278,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Mechanics Financial Corp acquired a new stake in Palantir Technologies during the 1st quarter valued at $25,000. Richardson Capital Management LLC acquired a new stake in shares of Palantir Technologies during the first quarter valued at $33,000. Cornerstone Planning Group LLC boosted its stake 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 acquiring an additional 185 shares during the last quarter. Summit Securities Group LLC purchased a new stake in Palantir Technologies during the 4th quarter worth about $34,000. Finally, Atlantic Edge Private Wealth Management LLC raised its stake in Palantir Technologies by 45.5% in the 1st quarter. Atlantic Edge Private Wealth Management LLC now owns 400 shares of the company's stock valued at $34,000 after purchasing an additional 125 shares during the last quarter. Hedge funds and other institutional investors own 45.65% of the company's stock.

Insider Buying and Selling

In other news, Director Lauren Elaina Friedman Stat sold 800 shares of the business's stock in a transaction on Wednesday, July 9th. The shares were sold at an average price of $139.61, for a total transaction of $111,688.00. Following the transaction, the director directly owned 62,887 shares of the company's stock, valued at approximately $8,779,654.07. The trade was a 1.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Ryan D. Taylor sold 33,335 shares of the firm's stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $150.00, for a total transaction of $5,000,250.00. Following the sale, the insider directly owned 363,755 shares of the company's stock, valued at approximately $54,563,250. The trade was a 8.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,485,632 shares of company stock valued at $191,222,623 over the last three months. Company insiders own 9.23% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PLTR. Cantor Fitzgerald raised their price target on shares of Palantir Technologies from $98.00 to $110.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. The Goldman Sachs Group raised their price objective on Palantir Technologies from $80.00 to $90.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Morgan Stanley lifted their price objective on Palantir Technologies from $90.00 to $98.00 and gave the company an "equal weight" rating in a research report on Tuesday, May 6th. UBS Group restated a "positive" rating on shares of Palantir Technologies in a report on Wednesday, June 25th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "sell" rating on shares of Palantir Technologies in a research note on Tuesday, May 6th. Four analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $95.30.

Palantir Technologies Price Performance

NASDAQ:PLTR opened at $158.80 on Friday. The business's 50-day moving average is $137.03 and its two-hundred day moving average is $108.85. The firm has a market capitalization of $374.75 billion, a PE ratio of 690.43, a price-to-earnings-growth ratio of 13.22 and a beta of 2.59. Palantir Technologies Inc. has a 12 month low of $21.23 and a 12 month high of $160.39.

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

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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