Washington Trust Advisors Inc. Raises Stake in Palantir Technologies Inc. (NASDAQ:PLTR)

Washington Trust Advisors Inc. lifted its position in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 124.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,044 shares of the company's stock after buying an additional 2,244 shares during the quarter. Washington Trust Advisors Inc.'s holdings in Palantir Technologies were worth $341,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Summit Securities Group LLC acquired a new stake in shares of Palantir Technologies in the fourth quarter worth approximately $34,000. Fairfield Financial Advisors LTD acquired a new position in Palantir Technologies during the fourth quarter valued at approximately $35,000. Godsey & Gibb Inc. grew its stake in Palantir Technologies by 740.0% during the first quarter. Godsey & Gibb Inc. now owns 420 shares of the company's stock worth $35,000 after buying an additional 370 shares during the period. Runnymede Capital Advisors Inc. purchased a new stake in Palantir Technologies during the fourth quarter worth approximately $36,000. Finally, Lee Danner & Bass Inc. purchased a new stake in Palantir Technologies during the fourth quarter worth approximately $38,000. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Shyam Sankar sold 405,000 shares of the stock in a transaction dated 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 completion of the transaction, the insider now owns 702,786 shares in the company, valued at $92,823,974.88. This represents a 36.56% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Alexander C. Karp sold 358,982 shares of the stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $126.39, for a total transaction of $45,371,734.98. Following the completion of the transaction, the insider now owns 6,432,258 shares of the company's stock, valued at $812,973,088.62. This represents a 5.29% decrease in their position. 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 quarter. Company insiders own 12.93% of the company's stock.

Palantir Technologies Stock Performance

Shares of NASDAQ:PLTR opened at $130.74 on Monday. The stock has a market capitalization of $308.53 billion, a price-to-earnings ratio of 568.43, a price-to-earnings-growth 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. The company's fifty day moving average is $125.24 and its two-hundred day moving average is $99.81.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last issued its earnings results on Monday, May 5th. The company reported $0.13 earnings per share for the quarter, hitting analysts' consensus estimates of $0.13. Palantir Technologies had a net margin of 18.32% and a return on equity of 6.55%. The company had revenue of $883.86 million for the quarter, compared to analysts' expectations of $863.89 million. During the same period in the prior year, the company earned $0.08 earnings per share. The firm's revenue was up 39.4% compared to the same quarter last year. Sell-side analysts expect that Palantir Technologies Inc. will post 0.31 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PLTR. The Goldman Sachs Group boosted their price objective on shares of Palantir Technologies from $80.00 to $90.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Mizuho boosted their price objective on shares of Palantir Technologies from $94.00 to $116.00 and gave the stock an "underperform" rating in a research note on Wednesday, June 11th. DA Davidson boosted their price objective on shares of Palantir Technologies from $100.00 to $115.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Royal Bank Of Canada reiterated an "underperform" rating on shares of Palantir Technologies in a research note on Tuesday, May 6th. Finally, Deutsche Bank Aktiengesellschaft reissued a "sell" rating on shares of Palantir Technologies in a research report on Tuesday, May 6th. Five research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Palantir Technologies currently has an average rating of "Hold" and a consensus price target of $89.32.

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.

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