Principle Wealth Partners LLC Takes Position in Palantir Technologies Inc. (NYSE:PLTR)

Principle Wealth Partners LLC acquired a new stake in Palantir Technologies Inc. (NYSE:PLTR) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 10,000 shares of the company’s stock, valued at approximately $172,000.

Several other hedge funds have also added to or reduced their stakes in the business. Pursue Wealth Partners LLC bought a new position in shares of Palantir Technologies during the fourth quarter valued at $1,741,000. Russell Investments Group Ltd. raised its position in Palantir Technologies by 48.9% during the 4th quarter. Russell Investments Group Ltd. now owns 374,833 shares of the company’s stock worth $6,461,000 after purchasing an additional 123,048 shares during the last quarter. Citizens Financial Group Inc. RI acquired a new position in Palantir Technologies during the 4th quarter worth about $558,000. Golden State Equity Partners grew its position in shares of Palantir Technologies by 4.6% in the 4th quarter. Golden State Equity Partners now owns 14,435 shares of the company’s stock valued at $248,000 after buying an additional 640 shares during the last quarter. Finally, Truist Financial Corp increased its stake in shares of Palantir Technologies by 44.0% in the fourth quarter. Truist Financial Corp now owns 115,520 shares of the company’s stock valued at $1,983,000 after buying an additional 35,295 shares during the period. 45.65% of the stock is currently owned by institutional investors and hedge funds.

Palantir Technologies Stock Performance

PLTR stock opened at $22.82 on Tuesday. Palantir Technologies Inc. has a fifty-two week low of $7.28 and a fifty-two week high of $27.50. The stock’s 50 day simple moving average is $23.42 and its 200 day simple moving average is $20.11. The company has a market cap of $50.49 billion, a P/E ratio of 253.58, a price-to-earnings-growth ratio of 5.52 and a beta of 2.78.

Palantir Technologies (NYSE:PLTR) last issued its earnings results on Monday, February 5th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.01). The firm had revenue of $608.35 million during the quarter, compared to the consensus estimate of $603.48 million. Palantir Technologies had a return on equity of 6.17% and a net margin of 9.43%. Equities analysts predict that Palantir Technologies Inc. will post 0.16 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently commented on PLTR. Mizuho upped their target price on Palantir Technologies from $18.00 to $21.00 and gave the company a “neutral” rating in a report on Thursday, March 7th. Wedbush reaffirmed an “outperform” rating and issued a $35.00 price objective (up from $30.00) on shares of Palantir Technologies in a research note on Friday, March 8th. Royal Bank of Canada reissued an “underperform” rating and set a $5.00 target price on shares of Palantir Technologies in a research note on Tuesday, February 6th. Monness Crespi & Hardt upgraded Palantir Technologies from a “sell” rating to a “neutral” rating in a report on Friday. Finally, Bank of America boosted their price objective on Palantir Technologies from $24.00 to $28.00 and gave the company a “buy” rating in a research note on Wednesday, March 6th. Three analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $18.35.

Insider Activity

In related news, Director Lauren Elaina Friedman Stat sold 5,000 shares of the firm’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $25.10, for a total value of $125,500.00. Following the transaction, the director now owns 181,830 shares of the company’s stock, valued at approximately $4,563,933. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Palantir Technologies news, Director Lauren Elaina Friedman Stat sold 5,000 shares of the firm’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $25.10, for a total transaction of $125,500.00. Following the transaction, the director now directly owns 181,830 shares in the company, valued at approximately $4,563,933. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Shyam Sankar sold 29,168 shares of the firm’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $25.00, for a total transaction of $729,200.00. Following the transaction, the insider now directly owns 752,786 shares in the company, valued at $18,819,650. The disclosure for this sale can be found here. Insiders sold 7,456,273 shares of company stock worth $184,343,202 over the last three months. 13.96% of the stock is currently owned by insiders.

Palantir Technologies Company Profile

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.