Sheets Smith Wealth Management Raises Stock Position in Palantir Technologies Inc. (NASDAQ:PLTR)

Sheets Smith Wealth Management boosted its position in shares of Palantir Technologies Inc. (NASDAQ:PLTR) by 42.0% in the fourth quarter, Holdings Channel reports. The fund owned 12,669 shares of the company’s stock after purchasing an additional 3,747 shares during the quarter. Sheets Smith Wealth Management’s holdings in Palantir Technologies were worth $958,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Northwest Investment Counselors LLC bought a new stake in Palantir Technologies during the third quarter valued at about $25,000. Prestige Wealth Management Group LLC increased its holdings in Palantir Technologies by 747.1% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock worth $27,000 after acquiring an additional 650 shares in the last quarter. Wolff Wiese Magana LLC raised its stake in Palantir Technologies by 230.4% during the 4th quarter. Wolff Wiese Magana LLC now owns 380 shares of the company’s stock worth $29,000 after acquiring an additional 265 shares during the period. University of Texas Texas AM Investment Management Co. purchased a new position in Palantir Technologies during the second quarter valued at approximately $30,000. Finally, Ashburton Jersey Ltd bought a new position in shares of Palantir Technologies in the second quarter worth approximately $36,000. 45.65% of the stock is owned by hedge funds and other institutional investors.

Palantir Technologies Price Performance

Shares of NASDAQ PLTR opened at $73.07 on Wednesday. Palantir Technologies Inc. has a 1 year low of $16.03 and a 1 year high of $84.80. The company has a market cap of $166.45 billion, a P/E ratio of 365.37, a PEG ratio of 6.66 and a beta of 2.82. The firm has a 50-day simple moving average of $70.72 and a two-hundred day simple moving average of $47.79.

Palantir Technologies (NASDAQ:PLTR) last posted its quarterly earnings results on Monday, November 4th. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. The firm had revenue of $725.52 million for the quarter, compared to analysts’ expectations of $705.11 million. Palantir Technologies had a net margin of 18.01% and a return on equity of 9.94%. The business’s revenue for the quarter was up 30.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.03 earnings per share. As a group, equities research analysts expect that Palantir Technologies Inc. will post 0.2 EPS for the current year.

Wall Street Analysts Forecast Growth

PLTR has been the topic of several recent analyst reports. Baird R W upgraded shares of Palantir Technologies to a “hold” rating in a research report on Thursday, December 12th. UBS Group began coverage on Palantir Technologies in a report on Thursday, December 19th. They set a “neutral” rating and a $80.00 price target on the stock. Cantor Fitzgerald started coverage on Palantir Technologies in a research note on Friday, January 17th. They issued a “neutral” rating and a $72.00 price objective for the company. The Goldman Sachs Group boosted their price target on Palantir Technologies from $16.00 to $41.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Finally, Morgan Stanley reaffirmed an “underweight” rating and set a $60.00 price objective on shares of Palantir Technologies in a report on Monday, January 6th. Seven investment analysts have rated the stock with a sell rating, twelve have given a hold rating and two have issued a buy rating to the company. According to MarketBeat, Palantir Technologies has a consensus rating of “Hold” and a consensus target price of $43.78.

Insider Activity at Palantir Technologies

In other news, insider Stephen Andrew Cohen sold 450,000 shares of the stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $70.95, for a total transaction of $31,927,500.00. Following the transaction, the insider now directly owns 592 shares in the company, valued at approximately $42,002.40. This trade represents a 99.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Alexander C. Karp sold 3,337,048 shares of the stock in a transaction on Monday, October 28th. The shares were sold at an average price of $45.02, for a total value of $150,233,900.96. Following the sale, the insider now directly owns 6,432,258 shares in the company, valued at $289,580,255.16. This trade represents a 34.16 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 23,642,189 shares of company stock worth $1,444,232,453. Company insiders own 12.93% of the company’s stock.

Palantir Technologies Company 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.