Acorn Financial Advisory Services Inc. ADV Lowers Stake in Palantir Technologies Inc. (NASDAQ:PLTR)

Acorn Financial Advisory Services Inc. ADV cut its position in shares of Palantir Technologies Inc. (NASDAQ:PLTR) by 66.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,004 shares of the company’s stock after selling 31,990 shares during the quarter. Acorn Financial Advisory Services Inc. ADV’s holdings in Palantir Technologies were worth $1,351,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PLTR. Norges Bank purchased a new stake in shares of Palantir Technologies during the fourth quarter worth about $1,360,191,000. Geode Capital Management LLC boosted its position in shares of Palantir Technologies by 8.6% in the fourth quarter. Geode Capital Management LLC now owns 52,074,232 shares of the company’s stock worth $3,929,401,000 after acquiring an additional 4,127,306 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Palantir Technologies by 504.0% in the fourth quarter. Wellington Management Group LLP now owns 4,682,230 shares of the company’s stock worth $354,117,000 after acquiring an additional 3,907,022 shares during the last quarter. Invesco Ltd. boosted its position in shares of Palantir Technologies by 31.2% in the fourth quarter. Invesco Ltd. now owns 14,748,240 shares of the company’s stock worth $1,115,409,000 after acquiring an additional 3,509,311 shares during the last quarter. Finally, Capital World Investors acquired a new stake in shares of Palantir Technologies in the fourth quarter worth approximately $253,816,000. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

Palantir Technologies Stock Up 1.6%

PLTR opened at $134.27 on Friday. The firm has a market capitalization of $316.85 billion, a P/E ratio of 583.76, a P/E/G ratio of 11.47 and a beta of 2.59. The firm’s 50 day moving average is $128.47 and its 200-day moving average is $101.48. Palantir Technologies Inc. has a 52-week low of $21.23 and a 52-week high of $148.22.

Palantir Technologies (NASDAQ:PLTR) last posted its quarterly earnings data on Monday, May 5th. The company reported $0.13 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.13. The company had revenue of $883.86 million for the quarter, compared to analyst estimates of $863.89 million. Palantir Technologies had a net margin of 18.32% and a return on equity of 6.55%. The business’s quarterly revenue was up 39.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.08 earnings per share. Equities analysts expect that Palantir Technologies Inc. will post 0.31 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Wedbush set a $140.00 target price on shares of Palantir Technologies and gave the stock an “outperform” rating in a research report on Tuesday, May 6th. UBS Group reissued a “positive” rating on shares of Palantir Technologies in a research report on Wednesday, June 25th. The Goldman Sachs Group raised their target price on shares of Palantir Technologies from $80.00 to $90.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 6th. Daiwa Capital Markets assumed coverage on shares of Palantir Technologies in a research report on Tuesday, April 1st. They issued a “neutral” rating and a $90.00 target price on the stock. Finally, Daiwa America raised shares of Palantir Technologies to a “hold” rating in a research report on Tuesday, April 1st. Five equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $89.32.

Insiders Place Their Bets

In related news, insider Shyam Sankar sold 405,000 shares of Palantir Technologies stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $132.08, for a total value of $53,492,400.00. Following the completion of the sale, the insider owned 702,786 shares in the company, valued at approximately $92,823,974.88. The trade was a 36.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Ryan D. Taylor sold 33,335 shares of Palantir Technologies stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $135.31, for a total transaction of $4,510,558.85. Following the completion of the sale, the insider owned 363,755 shares of the company’s stock, valued at approximately $49,219,689.05. This trade represents a 8.39% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,451,497 shares of company stock valued at $186,110,685. 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.