Novare Capital Management LLC Decreases Stake in Palantir Technologies Inc. (NASDAQ:PLTR)

Novare Capital Management LLC lowered its position in shares of Palantir Technologies Inc. (NASDAQ:PLTR) by 47.9% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 5,345 shares of the company’s stock after selling 4,905 shares during the quarter. Novare Capital Management LLC’s holdings in Palantir Technologies were worth $451,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Assenagon Asset Management S.A. grew its holdings in shares of Palantir Technologies by 15.0% during the 1st quarter. Assenagon Asset Management S.A. now owns 49,651 shares of the company’s stock worth $4,191,000 after purchasing an additional 6,479 shares during the period. Pitcairn Co. acquired a new position in Palantir Technologies during the 4th quarter worth approximately $281,000. Sagespring Wealth Partners LLC lifted its position in Palantir Technologies by 36.3% during the 1st quarter. Sagespring Wealth Partners LLC now owns 24,054 shares of the company’s stock worth $2,030,000 after acquiring an additional 6,405 shares in the last quarter. KLP Kapitalforvaltning AS acquired a new position in Palantir Technologies during the 4th quarter worth approximately $52,033,000. Finally, CX Institutional acquired a new position in Palantir Technologies during the 1st quarter worth approximately $62,000. Hedge funds and other institutional investors own 45.65% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently commented on PLTR shares. Wedbush set a $140.00 price target on Palantir Technologies and gave the stock an “outperform” rating in a research report on Tuesday, May 6th. Mizuho boosted their price target on Palantir Technologies from $94.00 to $116.00 and gave the stock an “underperform” rating in a research report on Wednesday, June 11th. The Goldman Sachs Group boosted their price target on Palantir Technologies from $80.00 to $90.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 6th. Loop Capital set a $155.00 price target on Palantir Technologies and gave the stock a “buy” rating in a research report on Thursday, June 12th. Finally, Daiwa America raised Palantir Technologies to a “hold” rating in a research report on Tuesday, April 1st. Five investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $89.32.

Palantir Technologies Trading Up 1.6%

PLTR stock opened at $134.27 on Friday. The firm has a market cap of $316.85 billion, a P/E ratio of 583.76, a P/E/G ratio of 11.47 and a beta of 2.59. Palantir Technologies Inc. has a 12-month low of $21.23 and a 12-month high of $148.22. The stock’s 50 day simple moving average is $128.47 and its 200 day simple moving average is $101.68.

Palantir Technologies (NASDAQ:PLTR) last posted its quarterly earnings results on Monday, May 5th. The company reported $0.13 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.13. The business had revenue of $883.86 million for the quarter, compared to analyst estimates of $863.89 million. Palantir Technologies had a return on equity of 6.55% and a net margin of 18.32%. The business’s revenue was up 39.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.08 EPS. On average, research analysts forecast that Palantir Technologies Inc. will post 0.31 EPS for the current fiscal year.

Insider Activity

In related news, insider David A. Glazer sold 30,812 shares of the company’s stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $126.39, for a total transaction of $3,894,328.68. Following the completion of the transaction, the insider directly owned 495,497 shares in the company, valued at $62,625,865.83. This represents a 5.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Stephen Andrew Cohen sold 309,696 shares of the company’s stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $126.39, for a total value of $39,142,477.44. Following the transaction, the insider owned 592 shares of the company’s stock, valued at approximately $74,822.88. The trade was a 99.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,451,497 shares of company stock worth $186,110,685 over the last 90 days. Insiders own 9.23% of the company’s stock.

About Palantir Technologies

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.