Palantir Technologies Inc. (NASDAQ:PLTR) Shares Sold by Westpac Banking Corp

Key Points

• Westpac Banking Corp has reduced its stake in Palantir Technologies Inc. by 27.7%, now holding 23,854 shares valued at approximately $2,013,000.
• Other institutional investors have recently varied their positions, such as Assenagon Asset Management, which increased its stake by 15%, and Sagespring Wealth Partners, which raised theirs by 36.3%.
• Palantir Technologies reported quarterly earnings of $0.16 per share, exceeding analyst expectations, with revenue rising 48% year-over-year to $1 billion.

Westpac Banking Corp cut its holdings in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 27.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 23,854 shares of the company's stock after selling 9,143 shares during the quarter. Westpac Banking Corp's holdings in Palantir Technologies were worth $2,013,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. raised its position in Palantir Technologies by 15.0% during the first quarter. Assenagon Asset Management S.A. now owns 49,651 shares of the company's stock valued at $4,191,000 after acquiring an additional 6,479 shares in the last quarter. Garrison Bradford & Associates Inc. acquired a new stake in Palantir Technologies in the first quarter valued at approximately $45,000. Menard Financial Group LLC grew its holdings in Palantir Technologies by 8.2% in the first quarter. Menard Financial Group LLC now owns 25,938 shares of the company's stock valued at $2,189,000 after purchasing an additional 1,964 shares during the period. TCW Group Inc. grew its holdings in Palantir Technologies by 14.5% in the first quarter. TCW Group Inc. now owns 32,031 shares of the company's stock valued at $2,703,000 after purchasing an additional 4,068 shares during the period. Finally, Sagespring Wealth Partners LLC grew its holdings in Palantir Technologies by 36.3% in the first quarter. Sagespring Wealth Partners LLC now owns 24,054 shares of the company's stock valued at $2,030,000 after purchasing an additional 6,405 shares during the period. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, insider Ryan D. Taylor sold 35,480 shares of the company's stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $126.39, for a total value of $4,484,317.20. Following the transaction, the insider owned 367,691 shares of the company's stock, valued at $46,472,465.49. This represents a 8.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Shyam Sankar sold 405,000 shares of the company's stock in a transaction on 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 directly owned 702,786 shares in the company, valued at approximately $92,823,974.88. This trade represents a 36.56% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 1,515,632 shares of company stock worth $196,472,623. Corporate insiders own 9.23% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have commented on PLTR shares. Wall Street Zen raised Palantir Technologies from a "hold" rating to a "buy" rating in a report on Saturday. Bank of America raised their price objective on Palantir Technologies from $150.00 to $180.00 and gave the company a "buy" rating in a report on Tuesday, August 5th. Loop Capital raised their price objective on Palantir Technologies from $178.00 to $180.00 and gave the company a "buy" rating in a report on Tuesday, August 5th. Piper Sandler set a $182.00 price objective on Palantir Technologies in a report on Tuesday, August 5th. Finally, Deutsche Bank Aktiengesellschaft raised Palantir Technologies from a "sell" rating to a "hold" rating and raised their price objective for the company from $80.00 to $160.00 in a report on Tuesday, August 5th. Two analysts have rated the stock with a sell rating, seventeen have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Palantir Technologies presently has a consensus rating of "Hold" and an average price target of $136.61.

Palantir Technologies Price Performance

Palantir Technologies stock traded down $2.60 during trading on Wednesday, reaching $184.37. 53,416,270 shares of the company were exchanged, compared to its average volume of 60,256,280. Palantir Technologies Inc. has a 52-week low of $29.31 and a 52-week high of $190.00. The company has a market capitalization of $435.10 billion, a P/E ratio of 614.59, a PEG ratio of 10.54 and a beta of 2.60. The stock's 50 day simple moving average is $148.82 and its two-hundred day simple moving average is $117.81.

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

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.