Exchange Traded Concepts LLC Cuts Stock Position in Palantir Technologies Inc. (NASDAQ:PLTR)

Exchange Traded Concepts LLC cut its holdings in Palantir Technologies Inc. (NASDAQ:PLTR) by 79.7% in the first quarter, Holdings Channel reports. The institutional investor owned 27,365 shares of the company’s stock after selling 107,408 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Palantir Technologies were worth $2,310,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank purchased a new stake in shares of Palantir Technologies during the fourth quarter worth approximately $1,360,191,000. Geode Capital Management LLC increased its position in shares of Palantir Technologies by 8.6% during the fourth quarter. Geode Capital Management LLC now owns 52,074,232 shares of the company’s stock worth $3,929,401,000 after purchasing an additional 4,127,306 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Palantir Technologies by 504.0% during the fourth quarter. Wellington Management Group LLP now owns 4,682,230 shares of the company’s stock worth $354,117,000 after purchasing an additional 3,907,022 shares in the last quarter. Invesco Ltd. increased its position in shares of Palantir Technologies by 31.2% during the fourth quarter. Invesco Ltd. now owns 14,748,240 shares of the company’s stock worth $1,115,409,000 after purchasing an additional 3,509,311 shares in the last quarter. Finally, Capital World Investors purchased a new stake in shares of Palantir Technologies during the fourth quarter worth approximately $253,816,000. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Ryan D. Taylor sold 98,177 shares of the stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $82.80, for a total transaction of $8,129,055.60. Following the transaction, the insider now owns 403,171 shares of the company’s stock, valued at approximately $33,382,558.80. This represents a 19.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Shyam Sankar sold 405,000 shares of the stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $132.08, for a total value of $53,492,400.00. Following the transaction, the insider now directly owns 702,786 shares in the company, valued at approximately $92,823,974.88. The trade was a 36.56% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,506,925 shares of company stock valued at $188,456,658. Corporate insiders own 12.93% of the company’s stock.

Palantir Technologies Stock Down 2.3%

Shares of Palantir Technologies stock opened at $138.20 on Wednesday. Palantir Technologies Inc. has a 52 week low of $21.23 and a 52 week high of $144.86. The business’s fifty day simple moving average is $117.68 and its 200-day simple moving average is $95.83. The firm has a market cap of $326.14 billion, a PE ratio of 600.87, a price-to-earnings-growth ratio of 11.93 and a beta of 2.64.

Palantir Technologies (NASDAQ:PLTR) last announced its quarterly earnings results on Monday, May 5th. The company reported $0.13 EPS for the quarter, meeting the consensus estimate of $0.13. Palantir Technologies had a return on equity of 6.55% and a net margin of 18.32%. The business had revenue of $883.86 million for the quarter, compared to analyst estimates of $863.89 million. During the same quarter in the prior year, the company posted $0.08 EPS. The company’s quarterly revenue was up 39.4% on a year-over-year basis. As a group, equities analysts expect that Palantir Technologies Inc. will post 0.31 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently commented on PLTR. Deutsche Bank Aktiengesellschaft reiterated a “sell” rating on shares of Palantir Technologies in a research report on Tuesday, May 6th. Daiwa America upgraded Palantir Technologies to a “hold” rating in a research report on Tuesday, April 1st. The Goldman Sachs Group boosted their price objective on Palantir Technologies from $80.00 to $90.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 6th. UBS Group upped their target price on Palantir Technologies from $105.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, May 6th. Finally, Loop Capital set a $155.00 target price on Palantir Technologies and gave the company a “buy” rating in a report on Thursday, June 12th. Five investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat, Palantir Technologies has a consensus rating of “Hold” and an average target price of $89.32.

Palantir Technologies Profile

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.