Sunbelt Securities Inc. Cuts Stock Position in Palantir Technologies Inc. $PLTR

Sunbelt Securities Inc. trimmed its position in shares of Palantir Technologies Inc. (NASDAQ:PLTR) by 11.3% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 83,167 shares of the company’s stock after selling 10,605 shares during the period. Palantir Technologies comprises 0.8% of Sunbelt Securities Inc.’s investment portfolio, making the stock its 20th largest position. Sunbelt Securities Inc.’s holdings in Palantir Technologies were worth $12,166,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Basepoint Wealth LLC purchased a new position in shares of Palantir Technologies during the fourth quarter worth approximately $29,000. Morton Brown Family Wealth LLC boosted its stake in shares of Palantir Technologies by 250.0% in the 4th quarter. Morton Brown Family Wealth LLC now owns 175 shares of the company’s stock valued at $31,000 after purchasing an additional 125 shares in the last quarter. Cornerstone Financial Management LLC purchased a new stake in shares of Palantir Technologies in the 4th quarter valued at $31,000. Clayton Financial Group LLC grew its holdings in shares of Palantir Technologies by 500.0% during the 4th quarter. Clayton Financial Group LLC now owns 180 shares of the company’s stock valued at $32,000 after purchasing an additional 150 shares during the last quarter. Finally, Wexford Capital LP purchased a new position in Palantir Technologies in the 3rd quarter worth $36,000. Hedge funds and other institutional investors own 45.65% of the company’s stock.

Insider Activity at Palantir Technologies

In related news, insider David A. Glazer sold 17,128 shares of Palantir Technologies stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $136.04, for a total value of $2,330,093.12. Following the sale, the insider owned 375,242 shares in the company, valued at $51,047,921.68. The trade was a 4.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Ryan D. Taylor sold 19,662 shares of the business’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $136.04, for a total transaction of $2,674,818.48. Following the transaction, the insider directly owned 199,759 shares in the company, valued at approximately $27,175,214.36. The trade was a 8.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 1,112,270 shares of company stock valued at $150,247,785 over the last 90 days. Company insiders own 9.53% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. BTIG Research lowered shares of Palantir Technologies to a “neutral” rating in a research report on Tuesday, June 16th. Royal Bank Of Canada reissued an “underperform” rating and issued a $90.00 target price on shares of Palantir Technologies in a research note on Tuesday, May 5th. Benchmark cut Palantir Technologies to a “hold” rating in a report on Tuesday, June 16th. Wedbush started coverage on Palantir Technologies in a research report on Tuesday, June 16th. They set an “outperform” rating on the stock. Finally, BNP Paribas Exane began coverage on Palantir Technologies in a research note on Tuesday, June 16th. They issued an “underperform” rating on the stock. Two analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, eleven have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $189.88.

Palantir Technologies News Summary

Here are the key news stories impacting Palantir Technologies this week:

• Positive Sentiment: Oppenheimer reiterated its Outperform rating and $200 price target, citing the potential for a strong second-quarter earnings beat and another increase to Palantir’s outlook. Oppenheimer earnings expectations
• Positive Sentiment: Analysts and other market commentators expect revenue growth of roughly 85% in the second quarter, with U.S. government demand potentially supporting stronger full-year guidance. Palantir’s artificial-intelligence platform continues to gain traction with government and commercial customers. Palantir earnings outlook
• Positive Sentiment: Technical analysts noted that PLTR had recently reclaimed its 20-day and 50-day moving averages, while a bullish-flag pattern could support a rebound if earnings trigger an upside breakout. Palantir technical forecast

Palantir Technologies Price Performance

NASDAQ PLTR opened at $123.53 on Wednesday. The stock has a market capitalization of $296.14 billion, a PE ratio of 138.80, a PEG ratio of 2.10 and a beta of 1.56. Palantir Technologies Inc. has a 1 year low of $106.37 and a 1 year high of $207.52. The business’s 50-day moving average is $131.24 and its 200 day moving average is $141.58.

Palantir Technologies (NASDAQ:PLTR) last released its quarterly earnings results on Monday, May 4th. The company reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.05. Palantir Technologies had a return on equity of 28.34% and a net margin of 43.67%.The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the prior year, the company posted $0.13 EPS. Palantir Technologies’s quarterly revenue was up 84.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Palantir Technologies Inc. will post 1.17 earnings per share for the current year.

Palantir Technologies Company Profile

Palantir Technologies is a software company that develops data integration, analytics and operational decision-making platforms for government and commercial customers. Founded in 2003 by a team that included Alex Karp and Peter Thiel, Palantir has grown into a provider of enterprise-scale software designed to help organizations integrate disparate data sources, build analytic models and drive operational workflows. The company went public in 2020 and continues to position its products around large, complex data projects where security, provenance and real-time collaboration are important.

Palantir’s product portfolio centers on a small number of core platforms.