Sunbelt Securities Inc. Sells 10,605 Shares of Palantir Technologies Inc. $PLTR

Key Points

• Sunbelt Securities reduced its Palantir stake by 11.3%, selling 10,605 shares and retaining 83,167 shares valued at approximately $12.2 million. Institutional investors collectively own 45.65% of PLTR.
• Palantir insiders sold 1.11 million shares worth about $150.2 million in the last quarter, including sales by executives Alexander Karp and Stephen Cohen to cover tax obligations on vested equity awards.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $189.88. Expectations center on roughly 85% second-quarter revenue growth, while Palantir’s latest results exceeded estimates with $1.63 billion in revenue and $0.33 EPS.

Sunbelt Securities Inc. trimmed its position in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 11.3% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 83,167 shares of the company's stock after selling 10,605 shares during the period. Palantir Technologies comprises 0.8% of Sunbelt Securities Inc.'s investment portfolio, making the stock its 20th biggest position. Sunbelt Securities Inc.'s holdings in Palantir Technologies were worth $12,166,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of PLTR. Basepoint Wealth LLC purchased a new stake in shares of Palantir Technologies during the 4th quarter valued at $29,000. Morton Brown Family Wealth LLC grew its position in Palantir Technologies by 250.0% during the fourth quarter. Morton Brown Family Wealth LLC now owns 175 shares of the company's stock valued at $31,000 after buying an additional 125 shares during the period. Cornerstone Financial Management LLC bought a new position in Palantir Technologies during the fourth quarter valued at about $31,000. Clayton Financial Group LLC increased its holdings in Palantir Technologies by 500.0% during the fourth quarter. Clayton Financial Group LLC now owns 180 shares of the company's stock worth $32,000 after buying an additional 150 shares during the last quarter. Finally, Whipplewood Advisors LLC purchased a new position in Palantir Technologies in the first quarter valued at about $32,000. 45.65% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Alexander C. Karp sold 397,744 shares of the business's stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $136.04, for a total transaction of $54,109,093.76. Following the completion of the transaction, the insider owned 6,432,258 shares of the company's stock, valued at approximately $875,044,378.32. The trade was a 5.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Stephen Andrew Cohen sold 319,934 shares of the company's stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $136.04, for a total transaction of $43,523,821.36. Following the completion of the transaction, the insider owned 592 shares in the company, valued at approximately $80,535.68. This trade represents a 99.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 1,112,270 shares of company stock worth $150,247,785. Company insiders own 9.53% of the company's stock.

Palantir Technologies News Roundup

Here are the key news stories impacting Palantir Technologies this week:

• Positive Sentiment: Oppenheimer reiterated its Outperform rating and $200 price target, citing the potential for a strong second-quarter earnings beat and another increase to Palantir’s outlook. Oppenheimer earnings expectations
• Positive Sentiment: Analysts and other market commentators expect revenue growth of roughly 85% in the second quarter, with U.S. government demand potentially supporting stronger full-year guidance. Palantir’s artificial-intelligence platform continues to gain traction with government and commercial customers. Palantir earnings outlook
• Positive Sentiment: Technical analysts noted that PLTR had recently reclaimed its 20-day and 50-day moving averages, while a bullish-flag pattern could support a rebound if earnings trigger an upside breakout. Palantir technical forecast

Analyst Ratings Changes

A number of research firms recently commented on PLTR. Rosenblatt Securities reaffirmed a "buy" rating and issued a $225.00 price target on shares of Palantir Technologies in a report on Friday, June 5th. Citigroup decreased their target price on Palantir Technologies from $225.00 to $200.00 and set a "buy" rating for the company in a research report on Friday, July 24th. Zacks Research upgraded Palantir Technologies from a "hold" rating to a "strong-buy" rating in a research note on Thursday, May 7th. Wolfe Research upgraded Palantir Technologies from an "underperform" rating to a "peer perform" rating in a research note on Tuesday, June 16th. Finally, HSBC downgraded Palantir Technologies from a "buy" rating to a "hold" rating and dropped their target price for the stock from $205.00 to $151.00 in a research report on Friday, May 1st. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, eleven have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, Palantir Technologies has an average rating of "Moderate Buy" and an average target price of $189.88.

Palantir Technologies Stock Performance

Shares of PLTR stock opened at $123.53 on Wednesday. Palantir Technologies Inc. has a 52-week low of $106.37 and a 52-week high of $207.52. The company has a market capitalization of $296.14 billion, a PE ratio of 138.80, a price-to-earnings-growth ratio of 2.10 and a beta of 1.56. The business's fifty day moving average is $131.24 and its 200 day moving average is $141.58.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last posted its earnings results on Monday, May 4th. The company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.28 by $0.05. The business had revenue of $1.63 billion during the quarter, compared to analysts' expectations of $1.54 billion. Palantir Technologies had a return on equity of 28.34% and a net margin of 43.67%.The firm's revenue was up 84.7% on a year-over-year basis. During the same period in the previous year, the business earned $0.13 earnings per share. On average, sell-side analysts forecast that Palantir Technologies Inc. will post 1.17 EPS for the current fiscal year.

About Palantir Technologies

Palantir Technologies is a software company that develops data integration, analytics and operational decision-making platforms for government and commercial customers. Founded in 2003 by a team that included Alex Karp and Peter Thiel, Palantir has grown into a provider of enterprise-scale software designed to help organizations integrate disparate data sources, build analytic models and drive operational workflows. The company went public in 2020 and continues to position its products around large, complex data projects where security, provenance and real-time collaboration are important.

Palantir's product portfolio centers on a small number of core platforms.

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