Fifth Third Bancorp Decreases Stock Holdings in Palantir Technologies Inc. (NASDAQ:PLTR)

Fifth Third Bancorp cut its stake in Palantir Technologies Inc. (NASDAQ:PLTR) by 33.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 67,114 shares of the company’s stock after selling 34,038 shares during the period. Fifth Third Bancorp’s holdings in Palantir Technologies were worth $5,076,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Northwest Investment Counselors LLC purchased a new position in Palantir Technologies in the 3rd quarter valued at approximately $25,000. Prestige Wealth Management Group LLC increased its position in shares of Palantir Technologies by 747.1% in the third quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock valued at $27,000 after buying an additional 650 shares in the last quarter. First PREMIER Bank acquired a new position in shares of Palantir Technologies during the 4th quarter worth $28,000. Wolff Wiese Magana LLC boosted its position in shares of Palantir Technologies by 230.4% in the 4th quarter. Wolff Wiese Magana LLC now owns 380 shares of the company’s stock worth $29,000 after buying an additional 265 shares in the last quarter. Finally, University of Texas Texas AM Investment Management Co. acquired a new stake in Palantir Technologies in the 2nd quarter valued at about $30,000. 45.65% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have issued reports on PLTR. Jefferies Financial Group cut shares of Palantir Technologies from a “hold” rating to an “underperform” rating and set a $28.00 target price for the company. in a research report on Thursday, November 7th. Mizuho upped their target price on Palantir Technologies from $37.00 to $44.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. DA Davidson raised their price target on Palantir Technologies from $28.00 to $47.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 5th. Morgan Stanley restated an “underweight” rating and issued a $60.00 price objective on shares of Palantir Technologies in a research report on Monday, January 6th. Finally, The Goldman Sachs Group lifted their price objective on Palantir Technologies from $16.00 to $41.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Seven analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $44.61.

Insider Buying and Selling

In related news, insider Heather A. Planishek sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $49.96, for a total transaction of $999,200.00. Following the transaction, the insider now directly owns 562,006 shares of the company’s stock, valued at approximately $28,077,819.76. The trade was a 3.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Alexander C. Karp sold 4,500,000 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $55.03, for a total transaction of $247,635,000.00. Following the completion of the sale, the insider now directly owns 6,432,258 shares of the company’s stock, valued at $353,967,157.74. This trade represents a 41.16 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 20,181,807 shares of company stock valued at $1,288,448,522. Company insiders own 12.93% of the company’s stock.

Palantir Technologies Price Performance

Palantir Technologies stock opened at $78.98 on Monday. The company has a market cap of $179.92 billion, a price-to-earnings ratio of 394.92, a price-to-earnings-growth ratio of 7.08 and a beta of 2.82. Palantir Technologies Inc. has a 12 month low of $16.03 and a 12 month high of $84.80. The stock’s 50-day moving average is $71.96 and its 200-day moving average is $49.04.

Palantir Technologies (NASDAQ:PLTR) last posted 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 net margin of 18.01% and a return on equity of 9.94%. The firm had revenue of $725.52 million for the quarter, compared to analyst estimates of $705.11 million. During the same quarter last year, the firm posted $0.03 earnings per share. Palantir Technologies’s revenue for the quarter was up 30.0% compared to the same quarter last year. Research analysts anticipate that Palantir Technologies Inc. will post 0.2 EPS for the current year.

Palantir Technologies Company 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.