MFG Wealth Management Inc. Cuts Stake in Palantir Technologies Inc. $PLTR

MFG Wealth Management Inc. reduced its holdings in shares of Palantir Technologies Inc. (NASDAQ:PLTR) by 43.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,257 shares of the company’s stock after selling 12,647 shares during the period. Palantir Technologies comprises approximately 2.2% of MFG Wealth Management Inc.’s portfolio, making the stock its 12th biggest holding. MFG Wealth Management Inc.’s holdings in Palantir Technologies were worth $2,966,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. Global Wealth Strategies & Associates grew its holdings in shares of Palantir Technologies by 36.1% during the 3rd quarter. Global Wealth Strategies & Associates now owns 230 shares of the company’s stock valued at $42,000 after purchasing an additional 61 shares during the last quarter. Accuvest Global Advisors boosted its position in Palantir Technologies by 0.7% during the second quarter. Accuvest Global Advisors now owns 9,035 shares of the company’s stock valued at $1,232,000 after buying an additional 63 shares during the period. Ignite Planners LLC grew its stake in shares of Palantir Technologies by 0.4% during the second quarter. Ignite Planners LLC now owns 15,362 shares of the company’s stock valued at $2,094,000 after buying an additional 66 shares during the last quarter. Christensen King & Associates Investment Services Inc. increased its holdings in shares of Palantir Technologies by 1.3% in the second quarter. Christensen King & Associates Investment Services Inc. now owns 5,477 shares of the company’s stock worth $747,000 after buying an additional 72 shares during the period. Finally, McGlone Suttner Wealth Management Inc. lifted its stake in shares of Palantir Technologies by 1.0% in the 2nd quarter. McGlone Suttner Wealth Management Inc. now owns 7,387 shares of the company’s stock valued at $1,007,000 after acquiring an additional 73 shares during the last quarter. 45.65% of the stock is currently owned by institutional investors.

Palantir Technologies Stock Up 4.7%

NASDAQ:PLTR opened at $185.69 on Friday. The stock has a market cap of $442.58 billion, a P/E ratio of 442.13, a price-to-earnings-growth ratio of 6.87 and a beta of 1.49. The firm’s fifty day simple moving average is $179.38 and its 200 day simple moving average is $164.99. Palantir Technologies Inc. has a twelve month low of $63.40 and a twelve month high of $207.52.

Palantir Technologies (NASDAQ:PLTR) last issued its quarterly earnings data on Monday, November 3rd. The company reported $0.21 EPS for the quarter, topping the consensus estimate of $0.17 by $0.04. Palantir Technologies had a net margin of 28.11% and a return on equity of 15.48%. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.09 billion. During the same period in the prior year, the business earned $0.10 EPS. The company’s revenue for the quarter was up 62.8% on a year-over-year basis. On average, analysts expect that Palantir Technologies Inc. will post 0.31 EPS for the current fiscal year.

Analysts Set New Price Targets

PLTR has been the topic of several recent research reports. HSBC raised their price target on Palantir Technologies from $181.00 to $197.00 and gave the stock a “hold” rating in a research report on Wednesday, November 5th. Raymond James Financial restated a “market perform” rating on shares of Palantir Technologies in a report on Tuesday, November 4th. Piper Sandler upped their price target on shares of Palantir Technologies from $201.00 to $225.00 and gave the company an “overweight” rating in a report on Tuesday, November 4th. Morgan Stanley increased their price target on shares of Palantir Technologies from $155.00 to $205.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 4th. Finally, CICC Research boosted their price objective on shares of Palantir Technologies from $128.00 to $150.00 and gave the company a “neutral” rating in a research report on Wednesday, November 12th. Five equities research analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $172.28.

Insider Buying and Selling

In other news, insider Alexander C. Karp sold 359,325 shares of the stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $163.99, for a total value of $58,925,706.75. Following the completion of the transaction, the insider owned 6,432,258 shares of the company’s stock, valued at approximately $1,054,825,989.42. This represents a 5.29% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider David A. Glazer sold 15,557 shares of the firm’s stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $163.99, for a total value of $2,551,192.43. Following the completion of the transaction, the insider owned 415,612 shares of the company’s stock, valued at approximately $68,156,211.88. The trade was a 3.61% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 1,008,844 shares of company stock valued at $164,750,951 over the last quarter. 9.23% of the stock is currently owned by insiders.

Palantir Technologies 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.