Palantir Technologies Inc. (NYSE:PLTR) Shares Sold by ARK Investment Management LLC

ARK Investment Management LLC trimmed its position in Palantir Technologies Inc. (NYSE:PLTR) by 15.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,017,774 shares of the company’s stock after selling 2,005,325 shares during the quarter. Palantir Technologies comprises 3.7% of ARK Investment Management LLC’s investment portfolio, making the stock its 7th biggest position. ARK Investment Management LLC’s holdings in Palantir Technologies were worth $409,861,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the company. State of Alaska Department of Revenue increased its position in shares of Palantir Technologies by 22.9% during the 3rd quarter. State of Alaska Department of Revenue now owns 370,625 shares of the company’s stock worth $13,786,000 after purchasing an additional 68,945 shares during the last quarter. Heritage Wealth Management Inc. CA acquired a new stake in Palantir Technologies in the 3rd quarter valued at approximately $1,076,000. Cyndeo Wealth Partners LLC purchased a new position in shares of Palantir Technologies during the third quarter worth $6,339,000. Seven Grand Managers LLC purchased a new stake in shares of Palantir Technologies in the 3rd quarter valued at $930,000. Finally, Silvant Capital Management LLC boosted its holdings in Palantir Technologies by 28.2% during the 3rd quarter. Silvant Capital Management LLC now owns 231,543 shares of the company’s stock valued at $8,613,000 after acquiring an additional 50,883 shares during the period. Hedge funds and other institutional investors own 45.65% of the company’s stock.

Palantir Technologies Stock Up 0.6 %

PLTR opened at $55.87 on Friday. Palantir Technologies Inc. has a 52 week low of $15.66 and a 52 week high of $56.47. The business’s 50 day moving average is $39.10 and its two-hundred day moving average is $30.15. The firm has a market cap of $125.12 billion, a price-to-earnings ratio of 279.35 and a beta of 2.70.

Palantir Technologies (NYSE:PLTR) last announced its earnings results on Monday, November 4th. The company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.01. The business 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 10.41%. The company’s quarterly revenue was up 30.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.03 EPS. Equities analysts expect that Palantir Technologies Inc. will post 0.19 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Alexander C. Karp sold 4,500,000 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $55.03, for a total transaction of $247,635,000.00. Following the completion of the sale, the insider now owns 6,432,258 shares in the company, valued at $353,967,157.74. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, insider Shyam Sankar sold 50,000 shares of Palantir Technologies stock in a transaction that occurred on Thursday, August 22nd. The stock was sold at an average price of $32.35, for a total value of $1,617,500.00. Following the sale, the insider now directly owns 752,786 shares in the company, valued at $24,352,627.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Alexander C. Karp sold 4,500,000 shares of the stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $55.03, for a total value of $247,635,000.00. Following the completion of the transaction, the insider now owns 6,432,258 shares of the company’s stock, valued at $353,967,157.74. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 25,482,878 shares of company stock valued at $1,044,202,496 over the last quarter. 12.93% of the stock is currently owned by insiders.

Analyst Ratings Changes

PLTR has been the subject of a number of research reports. DA Davidson lifted their price objective on shares of Palantir Technologies from $28.00 to $47.00 and gave the company a “neutral” rating in a report on Tuesday. Mizuho upped their price objective on Palantir Technologies from $30.00 to $37.00 and gave the stock an “underperform” rating in a research report on Tuesday. Royal Bank of Canada reiterated an “underperform” rating and issued a $9.00 price objective on shares of Palantir Technologies in a research note on Tuesday, August 6th. Northland Capmk raised Palantir Technologies to a “hold” rating in a research note on Thursday, August 22nd. Finally, Bank of America increased their price target on Palantir Technologies from $30.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Six research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $31.71.

Palantir Technologies Profile

Palantir Technologies Inc builds and deploys software platforms for the intelligence community to assist in counterterrorism investigations and operations in the United States, the United Kingdom, and internationally. The company provides Palantir Gotham, a software platform which enables users to identify patterns hidden deep within datasets, ranging from signals intelligence sources to reports from confidential informants, as well as facilitates the handoff between analysts and operational users, helping operators plan and execute real-world responses to threats that have been identified within the platform.