Pinnacle Associates Ltd. Has $2.01 Million Stock Holdings in Palantir Technologies Inc. (NYSE:PLTR)

Pinnacle Associates Ltd. cut its holdings in shares of Palantir Technologies Inc. (NYSE:PLTR) by 22.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 54,117 shares of the company’s stock after selling 15,861 shares during the period. Pinnacle Associates Ltd.’s holdings in Palantir Technologies were worth $2,013,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC lifted its position in shares of Palantir Technologies by 218.7% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 60,720 shares of the company’s stock worth $1,397,000 after purchasing an additional 41,666 shares during the period. First Trust Direct Indexing L.P. lifted its position in shares of Palantir Technologies by 43.9% during the 1st quarter. First Trust Direct Indexing L.P. now owns 21,291 shares of the company’s stock valued at $490,000 after acquiring an additional 6,491 shares during the period. J.W. Cole Advisors Inc. lifted its position in shares of Palantir Technologies by 4.4% during the 1st quarter. J.W. Cole Advisors Inc. now owns 32,792 shares of the company’s stock valued at $754,000 after acquiring an additional 1,371 shares during the period. Private Advisor Group LLC lifted its position in shares of Palantir Technologies by 15.5% during the 1st quarter. Private Advisor Group LLC now owns 325,209 shares of the company’s stock valued at $7,483,000 after acquiring an additional 43,667 shares during the period. Finally, Prosperity Consulting Group LLC acquired a new position in shares of Palantir Technologies during the 1st quarter valued at $250,000. 45.65% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Palantir Technologies

In related news, insider Alexander C. Karp sold 4,500,000 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $36.07, for a total value of $162,315,000.00. Following the transaction, the insider now directly owns 6,432,258 shares in the company, valued at approximately $232,011,546.06. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Alexander C. Karp sold 4,500,000 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $36.07, for a total value of $162,315,000.00. Following the transaction, the insider now directly owns 6,432,258 shares in the company, valued at approximately $232,011,546.06. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Shyam Sankar sold 50,000 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $32.35, for a total transaction of $1,617,500.00. Following the transaction, the insider now owns 752,786 shares in the company, valued at $24,352,627.10. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 21,204,508 shares of company stock valued at $802,654,666. 12.93% of the stock is currently owned by corporate insiders.

Palantir Technologies Stock Up 0.9 %

NYSE PLTR opened at $41.94 on Friday. The company has a market cap of $93.92 billion, a PE ratio of 246.72 and a beta of 2.72. Palantir Technologies Inc. has a 52 week low of $15.66 and a 52 week high of $45.14. The firm’s 50-day simple moving average is $37.98 and its two-hundred day simple moving average is $29.50.

Palantir Technologies (NYSE:PLTR) last announced its quarterly earnings results on Monday, August 5th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.01). Palantir Technologies had a return on equity of 8.88% and a net margin of 16.32%. The firm had revenue of $678.13 million during the quarter, compared to analysts’ expectations of $653.23 million. During the same period in the previous year, the company posted $0.01 earnings per share. The company’s quarterly revenue was up 27.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Palantir Technologies Inc. will post 0.19 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have commented on PLTR. Monness Crespi & Hardt decreased their price target on shares of Palantir Technologies from $20.00 to $18.00 and set a “sell” rating for the company in a research note on Tuesday, August 6th. Jefferies Financial Group upped their target price on shares of Palantir Technologies from $24.00 to $28.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Wedbush upped their target price on shares of Palantir Technologies from $38.00 to $45.00 and gave the stock an “outperform” rating in a research note on Thursday, September 26th. Mizuho upped their target price on shares of Palantir Technologies from $24.00 to $30.00 and gave the stock an “underperform” rating in a research note on Thursday, October 17th. Finally, Royal Bank of Canada reiterated an “underperform” rating and issued a $9.00 target price on shares of Palantir Technologies in a research note on Tuesday, August 6th. Five investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $27.86.

About Palantir Technologies

Palantir Technologies Inc builds and deploys software platforms for the intelligence community to assist in counterterrorism investigations and operations in the United States, the United Kingdom, and internationally. The company provides Palantir Gotham, a software platform which enables users to identify patterns hidden deep within datasets, ranging from signals intelligence sources to reports from confidential informants, as well as facilitates the handoff between analysts and operational users, helping operators plan and execute real-world responses to threats that have been identified within the platform.