West Michigan Advisors LLC Trims Stock Position in Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• West Michigan Advisors LLC reduced its shareholding in Palantir Technologies (PLTR) by 24.7% during the first quarter, retaining 7,376 shares valued at $623,000.
• In the first quarter, several institutional investors increased their stakes, including Cornerstone Planning Group LLC, which raised its position by 90.2%.
• Palantir recently reported a quarterly earnings per share of $0.16, surpassing expectations and showing a 48.0% year-over-year revenue increase.

West Michigan Advisors LLC reduced its stake in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 24.7% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,376 shares of the company's stock after selling 2,420 shares during the quarter. West Michigan Advisors LLC's holdings in Palantir Technologies were worth $623,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Allegiance Financial Group Advisory Services LLC lifted its holdings in Palantir Technologies by 3.0% during the first quarter. Allegiance Financial Group Advisory Services LLC now owns 2,917 shares of the company's stock worth $246,000 after buying an additional 84 shares during the period. Sovran Advisors LLC lifted its holdings in Palantir Technologies by 1.8% during the first quarter. Sovran Advisors LLC now owns 5,453 shares of the company's stock worth $460,000 after buying an additional 94 shares during the period. Lodestone Wealth Management LLC lifted its holdings in Palantir Technologies by 1.1% during the first quarter. Lodestone Wealth Management LLC now owns 8,950 shares of the company's stock worth $755,000 after buying an additional 97 shares during the period. Continuum Advisory LLC lifted its holdings in Palantir Technologies by 3.8% during the fourth quarter. Continuum Advisory LLC now owns 2,670 shares of the company's stock worth $202,000 after buying an additional 98 shares during the period. Finally, Kathmere Capital Management LLC lifted its holdings in Palantir Technologies by 0.5% during the first quarter. Kathmere Capital Management LLC now owns 18,145 shares of the company's stock worth $1,531,000 after buying an additional 99 shares during the period. 45.65% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PLTR has been the subject of several analyst reports. Cantor Fitzgerald increased their price objective on Palantir Technologies from $110.00 to $155.00 and gave the company a "neutral" rating in a report on Tuesday. DA Davidson set a $170.00 price objective on Palantir Technologies and gave the company a "neutral" rating in a report on Tuesday. Deutsche Bank Aktiengesellschaft upgraded Palantir Technologies from a "sell" rating to a "hold" rating and increased their price objective for the company from $80.00 to $160.00 in a report on Tuesday. UBS Group reiterated a "neutral" rating and set a $165.00 price objective (up previously from $110.00) on shares of Palantir Technologies in a report on Tuesday. Finally, Bank of America raised their target price on Palantir Technologies from $150.00 to $180.00 and gave the stock a "buy" rating in a research note on Tuesday. Three investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $125.35.

Palantir Technologies Price Performance

Palantir Technologies stock traded up $6.27 during midday trading on Wednesday, reaching $179.54. The company had a trading volume of 82,519,259 shares, compared to its average volume of 59,825,928. The company has a market capitalization of $423.70 billion, a P/E ratio of 598.49, a P/E/G ratio of 14.08 and a beta of 2.60. Palantir Technologies Inc. has a 12-month low of $26.24 and a 12-month high of $180.58. The firm's fifty day simple moving average is $142.12 and its 200-day simple moving average is $113.60.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The company reported $0.16 earnings per share for the quarter, beating analysts' consensus estimates of $0.14 by $0.02. The firm had revenue of $1 billion for the quarter, compared to analyst estimates of $939.29 million. Palantir Technologies had a net margin of 22.18% and a return on equity of 10.75%. Palantir Technologies's quarterly revenue was up 48.0% compared to the same quarter last year. During the same period last year, the company posted $0.09 EPS. On average, analysts expect that Palantir Technologies Inc. will post 0.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other Palantir Technologies news, insider David A. Glazer sold 30,812 shares of the firm's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $126.39, for a total value of $3,894,328.68. Following the transaction, the insider directly owned 495,497 shares of the company's stock, valued at $62,625,865.83. This trade represents a 5.85% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Alexander C. Karp sold 358,982 shares of the firm'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 $45,371,734.98. Following the completion of the transaction, the insider directly owned 6,432,258 shares in the company, valued at $812,973,088.62. This trade represents a 5.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 1,485,632 shares of company stock worth $191,222,623. 9.23% of the stock is currently 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.