Edge Wealth Management LLC Sells 3,007 Shares of Palantir Technologies Inc. (NASDAQ:PLTR)

Edge Wealth Management LLC decreased its position in Palantir Technologies Inc. (NASDAQ:PLTR) by 21.3% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 11,143 shares of the company’s stock after selling 3,007 shares during the period. Edge Wealth Management LLC’s holdings in Palantir Technologies were worth $843,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the company. State Street Corp boosted its holdings in shares of Palantir Technologies by 96.4% in the 3rd quarter. State Street Corp now owns 82,512,440 shares of the company’s stock worth $3,069,463,000 after buying an additional 40,498,024 shares during the last quarter. Geode Capital Management LLC raised its position in Palantir Technologies by 52.9% in the third quarter. Geode Capital Management LLC now owns 47,946,926 shares of the company’s stock worth $1,777,568,000 after acquiring an additional 16,598,253 shares during the period. International Assets Investment Management LLC raised its position in Palantir Technologies by 3,476.2% in the third 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. boosted its stake in Palantir Technologies by 60.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 12,387,040 shares of the company’s stock valued at $460,798,000 after acquiring an additional 4,667,955 shares during the last quarter. Finally, Marshall Wace LLP grew its position in shares of Palantir Technologies by 594.3% during the 2nd quarter. Marshall Wace LLP now owns 3,550,176 shares of the company’s stock valued at $89,926,000 after acquiring an additional 3,038,861 shares during the period. Institutional investors own 45.65% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Mizuho upped their price objective on Palantir Technologies from $37.00 to $44.00 and gave the company an “underperform” rating in a research note on Friday, December 13th. Bank of America boosted their target price on Palantir Technologies from $55.00 to $75.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Raymond James downgraded Palantir Technologies from an “outperform” rating to a “market perform” rating in a research note on Monday, September 23rd. Morgan Stanley restated an “underweight” rating and issued a $60.00 price objective on shares of Palantir Technologies in a research note on Monday, January 6th. Finally, The Goldman Sachs Group increased their target price on shares of Palantir Technologies from $16.00 to $41.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Seven equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Palantir Technologies has an average rating of “Hold” and an average price target of $42.12.

Palantir Technologies Price Performance

Shares of NASDAQ:PLTR opened at $69.34 on Friday. The firm has a fifty day moving average price of $69.95 and a two-hundred day moving average price of $46.69. The company has a market cap of $157.95 billion, a price-to-earnings ratio of 346.70, a PEG ratio of 6.24 and a beta of 2.82. Palantir Technologies Inc. has a one year low of $16.03 and a one year high of $84.80.

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

Insider Activity

In related news, insider Stephen Andrew Cohen sold 450,000 shares of the stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $70.95, for a total value of $31,927,500.00. Following the transaction, the insider now owns 592 shares of the company’s stock, valued at $42,002.40. This represents a 99.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Alexander C. Karp sold 3,337,048 shares of Palantir Technologies stock in a transaction dated Monday, October 28th. The stock was 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 of the company’s stock, valued at approximately $289,580,255.16. This trade represents a 34.16 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 23,642,189 shares of company stock worth $1,444,232,453. 12.93% 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.