SlateStone Wealth LLC Sells 8,500 Shares of Palantir Technologies Inc. (NYSE:PLTR)

SlateStone Wealth LLC reduced its stake in Palantir Technologies Inc. (NYSE:PLTR) by 36.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 14,536 shares of the company’s stock after selling 8,500 shares during the quarter. SlateStone Wealth LLC’s holdings in Palantir Technologies were worth $250,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Palantir Technologies by 11.1% during the 3rd quarter. Vanguard Group Inc. now owns 187,338,667 shares of the company’s stock valued at $2,997,419,000 after acquiring an additional 18,756,392 shares in the last quarter. Morgan Stanley grew its holdings in Palantir Technologies by 26.1% during the third quarter. Morgan Stanley now owns 22,614,555 shares of the company’s stock worth $361,833,000 after purchasing an additional 4,675,824 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its stake in Palantir Technologies by 8.2% in the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 12,590,729 shares of the company’s stock valued at $216,183,000 after acquiring an additional 955,992 shares during the last quarter. Northern Trust Corp raised its stake in Palantir Technologies by 5.5% during the third quarter. Northern Trust Corp now owns 11,498,685 shares of the company’s stock worth $183,979,000 after buying an additional 601,012 shares during the last quarter. Finally, ARK Investment Management LLC raised its holdings in shares of Palantir Technologies by 16.1% in the fourth quarter. ARK Investment Management LLC now owns 10,937,859 shares of the company’s stock valued at $187,803,000 after purchasing an additional 1,514,232 shares during the last quarter. Institutional investors and hedge funds own 45.65% of the company’s stock.

Insider Buying and Selling at Palantir Technologies

In related news, Director Peter Thiel sold 7,044,756 shares of the business’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $24.79, for a total value of $174,639,501.24. Following the completion of the sale, the director now directly owns 70,806,432 shares in the company, valued at approximately $1,755,291,449.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Ryan D. Taylor sold 150,000 shares of the business’s stock in a transaction dated Thursday, February 8th. The stock was sold at an average price of $24.00, for a total value of $3,600,000.00. Following the completion of the transaction, the insider now owns 181,460 shares of the company’s stock, valued at approximately $4,355,040. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Peter Thiel sold 7,044,756 shares of the firm’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $24.79, for a total transaction of $174,639,501.24. Following the completion of the transaction, the director now directly owns 70,806,432 shares of the company’s stock, valued at approximately $1,755,291,449.28. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 7,456,273 shares of company stock valued at $184,343,202. 13.96% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Mizuho lifted their price objective on shares of Palantir Technologies from $18.00 to $21.00 and gave the company a “neutral” rating in a report on Thursday, March 7th. Bank of America upped their price objective on Palantir Technologies from $24.00 to $28.00 and gave the company a “buy” rating in a research note on Wednesday, March 6th. HSBC cut Palantir Technologies from a “buy” rating to a “hold” rating and set a $22.00 target price for the company. in a research note on Wednesday, February 14th. Royal Bank of Canada reissued an “underperform” rating and set a $5.00 target price on shares of Palantir Technologies in a research note on Tuesday, February 6th. Finally, Wedbush reaffirmed an “outperform” rating and set a $35.00 price objective (up previously from $30.00) on shares of Palantir Technologies in a research report on Friday, March 8th. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Palantir Technologies has a consensus rating of “Hold” and an average price target of $18.35.

Palantir Technologies Price Performance

Shares of PLTR stock traded up $0.38 on Wednesday, hitting $22.02. 9,731,021 shares of the stock traded hands, compared to its average volume of 63,221,445. Palantir Technologies Inc. has a 52 week low of $7.28 and a 52 week high of $27.50. The firm has a market cap of $48.72 billion, a price-to-earnings ratio of 240.42, a PEG ratio of 5.14 and a beta of 2.78. The firm has a 50 day simple moving average of $23.64 and a two-hundred day simple moving average of $19.99.

Palantir Technologies (NYSE:PLTR) last announced its earnings results on Monday, February 5th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.01). The business had revenue of $608.35 million for the quarter, compared to analysts’ expectations of $603.48 million. Palantir Technologies had a return on equity of 6.17% and a net margin of 9.43%. Sell-side analysts forecast that Palantir Technologies Inc. will post 0.16 EPS for the current year.

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.