Smith Group Asset Management LLC Takes Position in Palantir Technologies Inc. (NASDAQ:PLTR)

Smith Group Asset Management LLC acquired a new stake in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The fund acquired 4,870 shares of the company's stock, valued at approximately $411,000.

A number of other institutional investors have also recently modified their holdings of the stock. Norges Bank bought a new position in Palantir Technologies in the 4th quarter valued at about $1,360,191,000. Geode Capital Management LLC lifted its stake in Palantir Technologies by 8.6% during the fourth quarter. Geode Capital Management LLC now owns 52,074,232 shares of the company's stock worth $3,929,401,000 after purchasing an additional 4,127,306 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Palantir Technologies by 504.0% in the 4th quarter. Wellington Management Group LLP now owns 4,682,230 shares of the company's stock valued at $354,117,000 after purchasing an additional 3,907,022 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Palantir Technologies by 31.2% in the 4th quarter. Invesco Ltd. now owns 14,748,240 shares of the company's stock valued at $1,115,409,000 after purchasing an additional 3,509,311 shares in the last quarter. Finally, Capital World Investors bought a new stake in shares of Palantir Technologies during the 4th quarter worth $253,816,000. 45.65% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Loop Capital set a $155.00 target price on Palantir Technologies and gave the company a "buy" rating in a research report on Thursday, June 12th. William Blair set a $84.00 price target on shares of Palantir Technologies in a report on Wednesday, March 5th. Mizuho increased 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. DA Davidson raised their target price on shares of Palantir Technologies from $100.00 to $115.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. Finally, Morgan Stanley increased their price target on Palantir Technologies from $90.00 to $98.00 and gave the company an "equal weight" 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, the company has a consensus rating of "Hold" and a consensus price target of $89.32.

Palantir Technologies Trading Down 4.1%

Shares of PLTR stock traded down $5.64 during trading on Tuesday, reaching $130.68. 91,113,953 shares of the company's stock traded hands, compared to its average volume of 82,504,439. The firm's 50-day moving average is $126.15 and its 200 day moving average is $100.23. The company has a market capitalization of $308.39 billion, a P/E ratio of 568.17, a PEG ratio of 11.16 and a beta of 2.64. Palantir Technologies Inc. has a 1 year low of $21.23 and a 1 year 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 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.13. Palantir Technologies had a return on equity of 6.55% and a net margin of 18.32%. The firm had revenue of $883.86 million for the quarter, compared to the consensus estimate of $863.89 million. During the same quarter in the prior year, the business posted $0.08 earnings per share. The business's quarterly revenue was up 39.4% on a year-over-year basis. As a group, sell-side analysts predict that Palantir Technologies Inc. will post 0.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider David A. Glazer sold 3,418 shares of the company's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $125.97, for a total value of $430,565.46. Following the transaction, the insider directly owned 492,079 shares in the company, valued at approximately $61,987,191.63. This represents a 0.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eric H. Woersching sold 17,000 shares of Palantir Technologies stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $129.29, for a total transaction of $2,197,930.00. Following the sale, the director owned 12,562 shares of the company's stock, valued at approximately $1,624,140.98. The trade was a 57.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,408,748 shares of company stock valued at $180,327,603 in the last ninety days. 12.93% of the stock is owned by insiders.

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.