Bank of Nova Scotia Sells 47,604 Shares of Palantir Technologies Inc. (NASDAQ:PLTR)

Bank of Nova Scotia lessened its stake in Palantir Technologies Inc. (NASDAQ:PLTR) by 17.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 222,829 shares of the company’s stock after selling 47,604 shares during the period. Bank of Nova Scotia’s holdings in Palantir Technologies were worth $18,807,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of PLTR. Allegiance Financial Group Advisory Services LLC increased its position in shares of Palantir Technologies by 3.0% in the first quarter. Allegiance Financial Group Advisory Services LLC now owns 2,917 shares of the company’s stock valued at $246,000 after acquiring an additional 84 shares during the period. Sovran Advisors LLC boosted its holdings in shares of Palantir Technologies by 1.8% during the first quarter. Sovran Advisors LLC now owns 5,453 shares of the company’s stock worth $460,000 after purchasing an additional 94 shares during the period. Lodestone Wealth Management LLC grew its stake in shares of Palantir Technologies by 1.1% in the first quarter. Lodestone Wealth Management LLC now owns 8,950 shares of the company’s stock worth $755,000 after purchasing an additional 97 shares during the last quarter. Continuum Advisory LLC increased its holdings in Palantir Technologies by 3.8% during the 4th quarter. Continuum Advisory LLC now owns 2,670 shares of the company’s stock valued at $202,000 after purchasing an additional 98 shares during the period. Finally, Kathmere Capital Management LLC increased its holdings in Palantir Technologies by 0.5% during the 1st quarter. Kathmere Capital Management LLC now owns 18,145 shares of the company’s stock valued at $1,531,000 after purchasing an additional 99 shares during the period. Institutional investors own 45.65% of the company’s stock.

Insider Transactions at Palantir Technologies

In other Palantir Technologies news, insider David A. Glazer sold 30,812 shares of Palantir Technologies stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $126.39, for a total value of $3,894,328.68. Following the completion of the transaction, the insider directly owned 495,497 shares of the company’s stock, valued at approximately $62,625,865.83. The trade was a 5.85% 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 Stephen Andrew Cohen sold 309,696 shares of the company’s stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $126.39, for a total transaction of $39,142,477.44. Following the completion of the transaction, the insider owned 592 shares in the company, valued at approximately $74,822.88. This represents a 99.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,485,632 shares of company stock worth $191,222,623 over the last quarter. Corporate insiders own 12.93% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have weighed in on PLTR. Citigroup increased their price objective on Palantir Technologies from $110.00 to $115.00 and gave the stock a “neutral” rating in a report on Thursday, May 8th. The Goldman Sachs Group upped their target price on Palantir Technologies from $80.00 to $90.00 and gave the company a “neutral” rating in a report on Tuesday, May 6th. Loop Capital raised their price target on Palantir Technologies from $155.00 to $178.00 and gave the stock a “buy” rating in a research note on Wednesday, July 30th. Piper Sandler initiated coverage on shares of Palantir Technologies in a research report on Friday, July 25th. They set an “overweight” rating and a $170.00 price objective on the stock. Finally, Royal Bank Of Canada restated an “underperform” rating on shares of Palantir Technologies in a report on Tuesday, May 6th. Four equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Palantir Technologies has a consensus rating of “Hold” and an average target price of $96.45.

Palantir Technologies Stock Down 2.6%

Palantir Technologies stock opened at $154.27 on Monday. Palantir Technologies Inc. has a twelve month low of $21.23 and a twelve month high of $160.89. The company has a market capitalization of $364.06 billion, a P/E ratio of 670.74, a PEG ratio of 13.15 and a beta of 2.60. The stock’s 50 day moving average is $140.37 and its 200 day moving average is $112.57.

Palantir Technologies (NASDAQ:PLTR) last released 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 return on equity of 6.55% and a net margin of 18.32%. The business had revenue of $883.86 million for the quarter, compared to the consensus estimate of $863.89 million. During the same period in the previous year, the company posted $0.08 earnings per share. The company’s revenue for the quarter was up 39.4% compared to the same quarter last year. As a group, equities analysts expect that Palantir Technologies Inc. will post 0.31 EPS for the current year.

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.