Palantir Technologies Inc. (NASDAQ:PLTR) Shares Bought by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services Group Inc. increased its stake in Palantir Technologies by 52.1% in Q1, bringing its total holdings to 372,684 shares valued at approximately $31.46 million.
• Palantir Technologies reported a 39.4% year-over-year increase in revenue, totaling $883.86 million, and met EPS expectations with a report of $0.13.
• Insider trading activity included a significant sale by Shyam Sankar, who sold 405,000 shares for over $53 million, reducing their ownership by 36.56%.

PNC Financial Services Group Inc. increased its holdings in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 52.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 372,684 shares of the company's stock after purchasing an additional 127,652 shares during the period. PNC Financial Services Group Inc.'s holdings in Palantir Technologies were worth $31,455,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Mechanics Financial Corp purchased a new stake in Palantir Technologies in the 1st quarter worth $25,000. Richardson Capital Management LLC purchased a new stake in Palantir Technologies in the 1st quarter valued at $33,000. Cornerstone Planning Group LLC grew its stake in shares of Palantir Technologies by 90.2% in the 1st quarter. Cornerstone Planning Group LLC now owns 390 shares of the company's stock valued at $33,000 after buying an additional 185 shares during the period. Atlantic Edge Private Wealth Management LLC lifted its stake in shares of 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. Finally, Godsey & Gibb Inc. increased 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 valued at $35,000 after acquiring an additional 370 shares during the last quarter. 45.65% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PLTR has been the subject of several research reports. Royal Bank Of Canada lifted their target price on Palantir Technologies from $40.00 to $45.00 and gave the company an "underperform" rating in a research report on Tuesday. Wedbush upped their price objective on shares of Palantir Technologies from $160.00 to $200.00 and gave the company an "outperform" rating in a research note on Tuesday. UBS Group lifted their price objective on shares of Palantir Technologies from $110.00 to $165.00 and gave the company a "neutral" rating in a research note on Tuesday. The Goldman Sachs Group upped their price objective on shares of Palantir Technologies from $80.00 to $90.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Finally, Citigroup raised their target price on Palantir Technologies from $158.00 to $177.00 and gave the company a "neutral" rating in a report on Tuesday. Three research analysts have rated the stock with a sell rating, seventeen have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Palantir Technologies presently has a consensus rating of "Hold" and an average target price of $122.20.

Insider Buying and Selling at Palantir Technologies

In other Palantir Technologies 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 value of $111,688.00. Following the transaction, the director owned 62,887 shares in the company, valued at $8,779,654.07. The trade was a 1.26% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Shyam Sankar sold 405,000 shares of the firm's 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 sale, the insider owned 702,786 shares of the company's stock, valued at approximately $92,823,974.88. This trade represents a 36.56% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,485,632 shares of company stock worth $191,222,623. Insiders own 12.93% of the company's stock.

Palantir Technologies Price Performance

NASDAQ:PLTR traded up $12.61 during mid-day trading on Tuesday, reaching $173.27. The company's stock had a trading volume of 129,416,154 shares, compared to its average volume of 56,271,788. Palantir Technologies Inc. has a twelve month low of $25.57 and a twelve month high of $176.33. The company's fifty day simple moving average is $141.12 and its two-hundred day simple moving average is $113.19. The stock has a market cap of $408.90 billion, a P/E ratio of 577.59, a P/E/G ratio of 13.70 and a beta of 2.60.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last posted its earnings results on Monday, August 4th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.14 by $0.02. The firm had revenue of $1 billion during 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 11.26%. The company's revenue was up 48.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.09 EPS. Sell-side analysts expect that Palantir Technologies Inc. will post 0.31 EPS for the current fiscal year.

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.