SlateStone Wealth LLC Sells 31,158 Shares of Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• SlateStone Wealth LLC reduced its holdings in Palantir Technologies by 28.7%, selling 31,158 shares and retaining 77,496 shares valued at approximately $6.54 million.
• Other institutional investors have varied their stakes, with notable actions including a 740.0% increase in holdings by Godsey & Gibb Inc., enhancing their position significantly.
• Palantir's recent earnings report showed a 39.4% year-over-year revenue growth, with $883.86 million in revenue and an EPS of $0.13, meeting analyst expectations.

SlateStone Wealth LLC reduced its position in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 28.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 77,496 shares of the company's stock after selling 31,158 shares during the quarter. SlateStone Wealth LLC's holdings in Palantir Technologies were worth $6,541,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. Assenagon Asset Management S.A. increased its position in shares of Palantir Technologies by 15.0% during the first quarter. Assenagon Asset Management S.A. now owns 49,651 shares of the company's stock worth $4,191,000 after purchasing an additional 6,479 shares in the last quarter. Garrison Bradford & Associates Inc. acquired a new position in Palantir Technologies during the 1st quarter worth approximately $45,000. Pitcairn Co. acquired a new position in shares of Palantir Technologies during the 4th quarter worth about $281,000. TCW Group Inc. lifted its position in Palantir Technologies by 14.5% in the first quarter. TCW Group Inc. now owns 32,031 shares of the company's stock valued at $2,703,000 after acquiring an additional 4,068 shares during the last quarter. Finally, Sagespring Wealth Partners LLC boosted its holdings 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 valued at $2,030,000 after acquiring an additional 6,405 shares during the period. 45.65% of the stock is owned by hedge funds and other institutional investors.

Palantir Technologies Stock Up 1.5%

Shares of PLTR traded up $2.37 during mid-day trading on Wednesday, reaching $158.61. The company had a trading volume of 39,926,272 shares, compared to its average volume of 53,452,752. The stock has a 50 day moving average of $139.03 and a two-hundred day moving average of $110.71. Palantir Technologies Inc. has a 52-week low of $21.23 and a 52-week high of $160.39. The stock has a market capitalization of $374.31 billion, a P/E ratio of 689.61, a PEG ratio of 13.32 and a beta of 2.59.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last released 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 firm 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%. Palantir Technologies's revenue was up 39.4% compared to the same quarter last year. During the same period last year, the business posted $0.08 earnings per share. On average, sell-side analysts expect that Palantir Technologies Inc. will post 0.31 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Lauren Elaina Friedman Stat sold 800 shares of the company's stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $139.61, for a total value of $111,688.00. Following the completion of the transaction, the director directly owned 62,887 shares in the company, valued at approximately $8,779,654.07. This represents a 1.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Ryan D. Taylor sold 33,335 shares of the firm's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $150.00, for a total value of $5,000,250.00. Following the completion of the transaction, the insider directly owned 363,755 shares in the company, valued at $54,563,250. This trade represents 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 in the last three months. 9.23% of the stock is owned by insiders.

Analysts Set New Price Targets

PLTR has been the topic of several research analyst reports. Citigroup boosted their target price on shares of Palantir Technologies from $110.00 to $115.00 and gave the stock a "neutral" rating in a research report on Thursday, May 8th. Deutsche Bank Aktiengesellschaft reaffirmed a "sell" rating on shares of Palantir Technologies in a research report on Tuesday, May 6th. Mizuho upgraded Palantir Technologies from an "underperform" rating to a "neutral" rating and lifted their price objective for the stock from $116.00 to $135.00 in a report on Wednesday, July 16th. Loop Capital lifted their target price on Palantir Technologies from $155.00 to $178.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, Wedbush set a $160.00 price target on shares of Palantir Technologies in a report on Thursday, July 10th. Four investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $96.45.

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.