PNC Financial Services Group Inc. Boosts Stock Position in Palantir Technologies Inc. (NYSE:PLTR)

PNC Financial Services Group Inc. grew its stake in shares of Palantir Technologies Inc. (NYSE:PLTR) by 73.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 107,455 shares of the company’s stock after acquiring an additional 45,505 shares during the period. PNC Financial Services Group Inc.’s holdings in Palantir Technologies were worth $3,997,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the stock. B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in shares of Palantir Technologies during the third quarter worth $1,919,000. Fifth Third Wealth Advisors LLC raised its position in shares of Palantir Technologies by 166.5% in the third quarter. Fifth Third Wealth Advisors LLC now owns 21,941 shares of the company’s stock worth $816,000 after buying an additional 13,708 shares in the last quarter. Legacy Bridge LLC raised its position in shares of Palantir Technologies by 0.7% in the third quarter. Legacy Bridge LLC now owns 56,880 shares of the company’s stock worth $2,116,000 after buying an additional 370 shares in the last quarter. Meeder Asset Management Inc. raised its position in shares of Palantir Technologies by 0.7% in the third quarter. Meeder Asset Management Inc. now owns 44,099 shares of the company’s stock worth $1,640,000 after buying an additional 305 shares in the last quarter. Finally, Caprock Group LLC raised its position in shares of Palantir Technologies by 5.1% in the third quarter. Caprock Group LLC now owns 175,743 shares of the company’s stock worth $6,538,000 after buying an additional 8,470 shares in the last quarter. Hedge funds and other institutional investors own 45.65% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on PLTR. Monness Crespi & Hardt reduced their target price on Palantir Technologies from $20.00 to $18.00 and set a “sell” rating on the stock in a research note on Tuesday, August 6th. The Goldman Sachs Group increased their target price on Palantir Technologies from $16.00 to $41.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Bank of America increased their target price on Palantir Technologies from $30.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Deutsche Bank Aktiengesellschaft increased their target price on Palantir Technologies from $20.00 to $21.00 and gave the company a “sell” rating in a research note on Tuesday, August 6th. Finally, Northland Securities increased their target price on Palantir Technologies from $35.00 to $38.00 and gave the company a “market perform” rating in a research note on Tuesday, November 5th. Six analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $31.71.

Palantir Technologies Price Performance

NYSE PLTR opened at $64.35 on Monday. The stock has a market capitalization of $146.59 billion, a PE ratio of 321.77 and a beta of 2.70. Palantir Technologies Inc. has a 1 year low of $15.66 and a 1 year high of $66.00. The business’s 50-day moving average is $45.94 and its 200 day moving average is $33.48.

Palantir Technologies (NYSE:PLTR) last posted its earnings results on Monday, November 4th. The company reported $0.10 earnings per share (EPS) for the quarter, topping 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 company had revenue of $725.52 million for the quarter, compared to analysts’ expectations of $705.11 million. During the same period last year, the firm earned $0.03 earnings per share. Palantir Technologies’s quarterly revenue was up 30.0% on a year-over-year basis. As a group, equities research analysts anticipate that Palantir Technologies Inc. will post 0.21 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Lauren Elaina Friedman Stat sold 6,000 shares of Palantir Technologies stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $36.35, for a total transaction of $218,100.00. Following the completion of the transaction, the director now directly owns 152,280 shares in the company, valued at approximately $5,535,378. This trade represents a 3.79 % 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 Heather A. Planishek sold 14,016 shares of Palantir Technologies stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $30.67, for a total transaction of $429,870.72. Following the transaction, the insider now owns 576,023 shares of the company’s stock, valued at $17,666,625.41. The trade was a 2.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,167,451 shares of company stock worth $1,603,067,889 over the last three months. Company insiders own 12.93% of the company’s stock.

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.