SouthState Corp Buys 1,513 Shares of Palantir Technologies Inc. (NASDAQ:PLTR)

SouthState Corp raised its stake in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 26.8% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 7,165 shares of the company's stock after purchasing an additional 1,513 shares during the quarter. SouthState Corp's holdings in Palantir Technologies were worth $605,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in PLTR. Nuveen LLC bought a new position in shares of Palantir Technologies during the 1st quarter worth about $520,232,000. Goldman Sachs Group Inc. increased its holdings in shares of Palantir Technologies by 38.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 15,180,154 shares of the company's stock worth $1,281,205,000 after purchasing an additional 4,221,392 shares during the period. Capital World Investors bought a new position in shares of Palantir Technologies during the 4th quarter worth about $253,816,000. Northern Trust Corp increased its holdings in shares of Palantir Technologies by 20.4% during the 4th quarter. Northern Trust Corp now owns 19,488,465 shares of the company's stock worth $1,473,913,000 after purchasing an additional 3,299,779 shares during the period. Finally, Invesco Ltd. increased its holdings in shares of Palantir Technologies by 20.3% during the 1st quarter. Invesco Ltd. now owns 17,746,956 shares of the company's stock worth $1,497,843,000 after purchasing an additional 2,998,716 shares during the period. Institutional investors own 45.65% of the company's stock.

Insider Activity at Palantir Technologies

In other news, insider Shyam Sankar sold 405,000 shares of the company'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 transaction of $53,492,400.00. Following the transaction, the insider directly owned 702,786 shares in the company, valued at approximately $92,823,974.88. This represents a 36.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Stephen Andrew Cohen sold 309,696 shares of the company's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $126.39, for a total transaction of $39,142,477.44. Following the transaction, the insider owned 592 shares in the company, valued at $74,822.88. The trade was a 99.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,515,632 shares of company stock valued at $196,472,623 in the last three months. 12.93% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on the stock. 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. Cantor Fitzgerald upped their target price on shares of Palantir Technologies from $110.00 to $155.00 and gave the company a "neutral" rating in a research note on Tuesday, August 5th. Royal Bank Of Canada upped their target price on shares of Palantir Technologies from $40.00 to $45.00 and gave the company an "underperform" rating in a research note on Tuesday, August 5th. Bank of America upped their target price on shares of Palantir Technologies from $150.00 to $180.00 and gave the company a "buy" rating in a research note on Tuesday, August 5th. Finally, Wedbush set a $200.00 target price on shares of Palantir Technologies and gave the company an "outperform" rating in a research note on Tuesday, August 5th. Two research analysts have rated the stock with a sell rating, seventeen have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $136.61.

Palantir Technologies Trading Down 2.3%

Shares of PLTR stock opened at $182.68 on Tuesday. Palantir Technologies Inc. has a 1 year low of $29.27 and a 1 year high of $187.99. The firm's 50 day moving average is $146.65 and its 200-day moving average is $116.86. The firm has a market capitalization of $431.11 billion, a price-to-earnings ratio of 608.95, a PEG ratio of 10.54 and a beta of 2.60.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last announced 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. Palantir Technologies had a net margin of 22.18% and a return on equity of 10.75%. The company had revenue of $1 billion for the quarter, compared to analyst estimates of $939.29 million. During the same period in the prior year, the business earned $0.09 earnings per share. Palantir Technologies's quarterly revenue was up 48.0% on a year-over-year basis. On average, equities research analysts forecast that Palantir Technologies Inc. will post 0.31 earnings per share for the current fiscal year.

Palantir Technologies Company 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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