Strong Tower Advisory Services Lowers Stake in Palantir Technologies Inc. (NASDAQ:PLTR)

Strong Tower Advisory Services cut its stake in Palantir Technologies Inc. (NASDAQ:PLTR) by 1.4% during the fourth quarter, HoldingsChannel reports. The fund owned 32,569 shares of the company’s stock after selling 466 shares during the quarter. Strong Tower Advisory Services’ holdings in Palantir Technologies were worth $2,463,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. State Street Corp boosted its holdings in shares of Palantir Technologies by 96.4% in the 3rd quarter. State Street Corp now owns 82,512,440 shares of the company’s stock valued at $3,069,463,000 after buying an additional 40,498,024 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Palantir Technologies by 52.9% during the third quarter. Geode Capital Management LLC now owns 47,946,926 shares of the company’s stock worth $1,777,568,000 after purchasing an additional 16,598,253 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Palantir Technologies by 5.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 14,982,925 shares of the company’s stock valued at $557,365,000 after purchasing an additional 808,444 shares during the last quarter. FMR LLC grew its stake in Palantir Technologies by 8.8% during the 3rd quarter. FMR LLC now owns 12,478,281 shares of the company’s stock worth $464,192,000 after buying an additional 1,004,603 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Palantir Technologies by 60.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 12,387,040 shares of the company’s stock valued at $460,798,000 after buying an additional 4,667,955 shares in the last quarter. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on PLTR shares. Baird R W upgraded shares of Palantir Technologies to a “hold” rating in a report on Thursday, December 12th. The Goldman Sachs Group upped their price target on shares of Palantir Technologies from $16.00 to $41.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Argus lowered shares of Palantir Technologies from a “buy” rating to a “hold” rating in a report on Thursday, November 7th. Mizuho raised their target price on Palantir Technologies from $37.00 to $44.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. Finally, Robert W. Baird began coverage on Palantir Technologies in a research note on Thursday, December 12th. They set a “neutral” rating and a $70.00 price target on the stock. Seven analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $43.78.

Insider Activity at Palantir Technologies

In other news, insider Shyam Sankar sold 5,250,000 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $70.08, for a total transaction of $367,920,000.00. Following the completion of the transaction, the insider now directly owns 752,786 shares of the company’s stock, valued at approximately $52,755,242.88. The trade was a 87.46 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Alexander C. Karp sold 3,337,048 shares of Palantir Technologies stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $45.02, for a total transaction of $150,233,900.96. Following the completion of the transaction, the insider now owns 6,432,258 shares of the company’s stock, valued at $289,580,255.16. This represents a 34.16 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,642,189 shares of company stock worth $1,444,232,453. 12.93% of the stock is currently owned by company insiders.

Palantir Technologies Price Performance

Shares of NASDAQ PLTR opened at $71.77 on Monday. The company has a market capitalization of $163.49 billion, a P/E ratio of 358.87, a P/E/G ratio of 6.24 and a beta of 2.82. Palantir Technologies Inc. has a 1 year low of $16.03 and a 1 year high of $84.80. The company has a 50 day simple moving average of $70.49 and a 200-day simple moving average of $47.32.

Palantir Technologies (NASDAQ:PLTR) last announced its quarterly earnings results on Monday, November 4th. The company reported $0.10 EPS for the quarter, beating the consensus estimate of $0.09 by $0.01. Palantir Technologies had a return on equity of 9.94% and a net margin of 18.01%. The business had revenue of $725.52 million for the quarter, compared to analyst estimates of $705.11 million. During the same quarter in the prior year, the company posted $0.03 EPS. The company’s quarterly revenue was up 30.0% on a year-over-year basis. As a group, research analysts expect that Palantir Technologies Inc. will post 0.2 EPS 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.