ARK Investment Management LLC Raises Stock Holdings in Palantir Technologies Inc. (NYSE:PLTR)

ARK Investment Management LLC boosted its holdings in shares of Palantir Technologies Inc. (NYSE:PLTR) by 16.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,937,859 shares of the company’s stock after purchasing an additional 1,514,232 shares during the quarter. Palantir Technologies makes up 1.1% of ARK Investment Management LLC’s holdings, making the stock its 25th largest position. ARK Investment Management LLC’s holdings in Palantir Technologies were worth $187,803,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Palantir Technologies by 22.4% in the first quarter. Vanguard Group Inc. now owns 156,003,743 shares of the company’s stock worth $2,141,931,000 after acquiring an additional 28,563,749 shares during the last quarter. Scout Investments Inc. purchased a new position in Palantir Technologies during the second quarter worth approximately $199,052,000. Norges Bank purchased a new position in Palantir Technologies during the fourth quarter worth approximately $39,395,000. Jericho Capital Asset Management L.P. purchased a new position in Palantir Technologies during the second quarter worth approximately $76,650,000. Finally, Morgan Stanley lifted its position 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 buying an additional 4,675,824 shares in the last quarter. Hedge funds and other institutional investors own 45.65% of the company’s stock.

Analyst Ratings Changes

PLTR has been the topic of a number of analyst reports. Raymond James lifted their price objective on Palantir Technologies from $22.00 to $25.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 6th. Royal Bank of Canada reaffirmed an “underperform” rating and issued a $5.00 price objective on shares of Palantir Technologies in a research note on Tuesday, February 6th. Citigroup raised Palantir Technologies from a “sell” rating to a “neutral” rating and lifted their price objective for the company from $10.00 to $20.00 in a research note on Tuesday, February 6th. Wedbush reissued an “outperform” rating and set a $35.00 target price (up from $30.00) on shares of Palantir Technologies in a research note on Friday, March 8th. Finally, Bank of America boosted their target price on Palantir Technologies from $24.00 to $28.00 and gave the stock a “buy” rating in a research note on Wednesday, March 6th. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $18.21.

Insider Buying and Selling at Palantir Technologies

In other Palantir Technologies news, Director Peter Thiel sold 7,044,756 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $24.79, for a total transaction of $174,639,501.24. Following the completion of the sale, the director now directly owns 70,806,432 shares of the company’s stock, valued at approximately $1,755,291,449.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Palantir Technologies news, Director Peter Thiel sold 7,044,756 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $24.79, for a total transaction of $174,639,501.24. Following the completion of the sale, the director now directly owns 70,806,432 shares of the company’s stock, valued at approximately $1,755,291,449.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Alexandra W. Schiff sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 3rd. The shares were sold at an average price of $16.11, for a total value of $64,440.00. Following the sale, the director now directly owns 200,783 shares of the company’s stock, valued at $3,234,614.13. The disclosure for this sale can be found here. Insiders sold a total of 7,455,273 shares of company stock valued at $184,293,942 in the last ninety days. Insiders own 13.96% of the company’s stock.

Palantir Technologies Stock Performance

Palantir Technologies stock opened at $24.50 on Thursday. Palantir Technologies Inc. has a fifty-two week low of $7.28 and a fifty-two week high of $27.50. The company has a market capitalization of $54.21 billion, a P/E ratio of 272.25, a PEG ratio of 6.10 and a beta of 2.82. The stock has a 50-day simple moving average of $22.40 and a 200-day simple moving average of $19.03.

Palantir Technologies (NYSE:PLTR) last posted its earnings results on Monday, February 5th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.01). The firm had revenue of $608.35 million during the quarter, compared to analysts’ expectations of $603.48 million. Palantir Technologies had a net margin of 9.43% and a return on equity of 6.17%. As a group, analysts forecast that Palantir Technologies Inc. will post 0.16 earnings per share 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.