Morse Asset Management Inc Lowers Stake in Palantir Technologies Inc. (NYSE:PLTR)

Morse Asset Management Inc lowered its position in shares of Palantir Technologies Inc. (NYSE:PLTR) by 36.2% during the third quarter, Holdings Channel reports. The fund owned 49,957 shares of the company’s stock after selling 28,398 shares during the quarter. Morse Asset Management Inc’s holdings in Palantir Technologies were worth $1,858,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PLTR. International Assets Investment Management LLC lifted its holdings in shares of Palantir Technologies by 3,476.2% during the 3rd quarter. International Assets Investment Management LLC now owns 6,832,301 shares of the company’s stock worth $254,162,000 after acquiring an additional 6,641,253 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Palantir Technologies by 60.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 12,387,040 shares of the company’s stock worth $460,798,000 after purchasing an additional 4,667,955 shares during the period. Marshall Wace LLP boosted its holdings in shares of Palantir Technologies by 594.3% in the 2nd quarter. Marshall Wace LLP now owns 3,550,176 shares of the company’s stock valued at $89,926,000 after purchasing an additional 3,038,861 shares during the last quarter. Principal Financial Group Inc. grew its stake in shares of Palantir Technologies by 226.2% during the 3rd quarter. Principal Financial Group Inc. now owns 2,839,680 shares of the company’s stock valued at $105,636,000 after buying an additional 1,969,213 shares during the period. Finally, National Bank of Canada FI increased its holdings in shares of Palantir Technologies by 2,722.2% during the 2nd quarter. National Bank of Canada FI now owns 1,716,830 shares of the company’s stock worth $44,427,000 after buying an additional 1,655,997 shares during the last quarter. 45.65% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on PLTR shares. Raymond James downgraded Palantir Technologies from an “outperform” rating to a “market perform” rating in a research report on Monday, September 23rd. Wedbush raised their price target on shares of Palantir Technologies from $57.00 to $75.00 and gave the company an “outperform” rating in a report on Monday, November 25th. Argus lowered shares of Palantir Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, November 7th. Northland Securities increased their target price on Palantir Technologies from $35.00 to $38.00 and gave the company a “market perform” rating in a research note on Tuesday, November 5th. Finally, Royal Bank of Canada reaffirmed an “underperform” rating and set a $9.00 price target on shares of Palantir Technologies in a report on Tuesday, August 6th. Six analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $35.64.

Palantir Technologies Stock Performance

Palantir Technologies stock opened at $70.96 on Wednesday. Palantir Technologies Inc. has a 1 year low of $15.66 and a 1 year high of $71.37. The firm’s 50-day moving average is $50.11 and its 200-day moving average is $35.72. The company has a market cap of $161.65 billion, a P/E ratio of 354.82, a PEG ratio of 8.98 and a beta of 2.87.

Palantir Technologies (NYSE:PLTR) last issued 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 company had revenue of $725.52 million during the quarter, compared to the consensus estimate of $705.11 million. Palantir Technologies had a return on equity of 9.94% and a net margin of 18.01%. Palantir Technologies’s quarterly revenue was up 30.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.03 earnings per share. As a group, sell-side analysts predict that Palantir Technologies Inc. will post 0.21 earnings per share for the current year.

Insider Buying and Selling

In other Palantir Technologies news, Director Lauren Elaina Friedman Stat sold 6,050 shares of the business’s stock in a transaction dated Monday, September 9th. The shares were sold at an average price of $33.19, for a total transaction of $200,799.50. Following the completion of the transaction, the director now directly owns 158,280 shares of the company’s stock, valued at $5,253,313.20. The trade was a 3.68 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Shyam Sankar sold 5,250,000 shares of Palantir Technologies stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $70.08, for a total value of $367,920,000.00. Following the sale, the insider now directly owns 752,786 shares in the company, valued at approximately $52,755,242.88. This trade represents a 87.46 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 39,423,181 shares of company stock worth $1,972,588,658 in the last three months. 12.93% of the stock is owned by insiders.

About Palantir Technologies

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.