Focus Partners Wealth Buys 240,879 Shares of Palantir Technologies Inc. (NASDAQ:PLTR)

Focus Partners Wealth grew its stake in Palantir Technologies Inc. (NASDAQ:PLTR) by 154.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 396,914 shares of the company’s stock after acquiring an additional 240,879 shares during the period. Focus Partners Wealth’s holdings in Palantir Technologies were worth $30,019,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of PLTR. Geode Capital Management LLC raised its stake 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 buying an additional 4,127,306 shares during the last quarter. Northern Trust Corp raised its stake in shares of Palantir Technologies by 20.4% during the fourth quarter. Northern Trust Corp now owns 19,488,465 shares of the company’s stock worth $1,473,913,000 after buying an additional 3,299,779 shares during the last quarter. Norges Bank bought a new stake in shares of Palantir Technologies during the fourth quarter worth approximately $1,360,191,000. FMR LLC increased its stake in Palantir Technologies by 22.6% in the fourth quarter. FMR LLC now owns 15,296,371 shares of the company’s stock valued at $1,156,864,000 after purchasing an additional 2,818,090 shares in the last quarter. Finally, Invesco Ltd. increased its stake in Palantir Technologies by 31.2% in the fourth quarter. Invesco Ltd. now owns 14,748,240 shares of the company’s stock valued at $1,115,409,000 after purchasing an additional 3,509,311 shares in the last quarter. 45.65% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have commented on PLTR shares. Bank of America upped their target price on shares of Palantir Technologies from $90.00 to $125.00 and gave the company a “buy” rating in a research note on Tuesday, February 4th. Royal Bank of Canada reaffirmed an “underperform” rating on shares of Palantir Technologies in a research note on Tuesday, May 6th. Daiwa America raised shares of Palantir Technologies to a “hold” rating in a research note on Tuesday, April 1st. Citigroup upped their target price on shares of Palantir Technologies from $110.00 to $115.00 and gave the company a “neutral” rating in a research note on Thursday. Finally, Cantor Fitzgerald upped their target price on shares of Palantir Technologies from $98.00 to $110.00 and gave the company a “neutral” rating in a research note on Tuesday, May 6th. Five research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, Palantir Technologies has an average rating of “Hold” and a consensus target price of $83.95.

Palantir Technologies Trading Down 1.5%

Shares of PLTR opened at $117.36 on Monday. Palantir Technologies Inc. has a 12 month low of $20.60 and a 12 month high of $125.41. The firm has a fifty day simple moving average of $94.23 and a 200 day simple moving average of $82.54. The stock has a market capitalization of $275.25 billion, a price-to-earnings ratio of 617.72, a PEG ratio of 10.84 and a beta of 2.68.

Palantir Technologies (NASDAQ:PLTR) last announced its earnings results on Monday, May 5th. The company reported $0.13 EPS for the quarter, hitting the consensus estimate of $0.13. Palantir Technologies had a net margin of 16.13% and a return on equity of 6.85%. The business had revenue of $883.86 million during the quarter, compared to analysts’ expectations of $863.89 million. During the same quarter in the prior year, the company posted $0.08 earnings per share. The firm’s revenue was up 39.4% on a year-over-year basis. As a group, research analysts predict that Palantir Technologies Inc. will post 0.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Palantir Technologies news, insider Stephen Andrew Cohen sold 1,250,000 shares of the stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $82.75, for a total value of $103,437,500.00. Following the completion of the sale, the insider now owns 592 shares in the company, valued at $48,988. This trade represents a 99.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Lauren Elaina Friedman Stat sold 800 shares of the stock in a transaction on Thursday, April 3rd. The shares were sold at an average price of $81.25, for a total transaction of $65,000.00. Following the completion of the sale, the director now owns 61,339 shares of the company’s stock, valued at approximately $4,983,793.75. This represents a 1.29% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,978,181 shares of company stock worth $252,115,667. 9.23% of the stock is owned by insiders.

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.