Palantir Technologies Inc. (NASDAQ:PLTR) Shares Sold by Harvest Fund Management Co. Ltd

Harvest Fund Management Co. Ltd cut its stake in Palantir Technologies Inc. (NASDAQ:PLTR) by 4.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 235,366 shares of the company’s stock after selling 9,709 shares during the period. Palantir Technologies makes up 1.0% of Harvest Fund Management Co. Ltd’s investment portfolio, making the stock its 16th largest position. Harvest Fund Management Co. Ltd’s holdings in Palantir Technologies were worth $19,860,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Mechanics Financial Corp acquired a new position in shares of Palantir Technologies during the first quarter worth $25,000. Richardson Capital Management LLC acquired a new position in shares of Palantir Technologies during the first quarter worth $33,000. Cornerstone Planning Group LLC lifted its position in shares of Palantir Technologies by 90.2% during the first quarter. Cornerstone Planning Group LLC now owns 390 shares of the company’s stock worth $33,000 after purchasing an additional 185 shares in the last quarter. Summit Securities Group LLC bought a new stake in shares of Palantir Technologies in the fourth quarter worth $34,000. Finally, Atlantic Edge Private Wealth Management LLC increased its stake in shares of Palantir Technologies by 45.5% in the first quarter. Atlantic Edge Private Wealth Management LLC now owns 400 shares of the company’s stock worth $34,000 after buying an additional 125 shares during the last quarter. 45.65% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Stephen Andrew Cohen sold 309,696 shares of Palantir Technologies stock in a transaction that occurred on Tuesday, May 20th. The shares were 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 $74,822.88. This trade represents a 99.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Alexander C. Karp sold 358,982 shares of Palantir Technologies stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $126.39, for a total transaction of $45,371,734.98. Following the completion of the transaction, the insider directly owned 6,432,258 shares in the company, valued at approximately $812,973,088.62. This represents a 5.29% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,485,632 shares of company stock valued at $191,222,623. 9.23% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

PLTR has been the subject of a number of research analyst reports. Royal Bank Of Canada restated an “underperform” rating on shares of Palantir Technologies in a research note on Tuesday, May 6th. Morgan Stanley lifted their price target on shares of Palantir Technologies from $90.00 to $98.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 6th. Wedbush set a $160.00 target price on shares of Palantir Technologies in a report on Thursday, July 10th. Mizuho raised shares of Palantir Technologies from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $116.00 to $135.00 in a report on Wednesday, July 16th. Finally, The Goldman Sachs Group increased their target price on shares of Palantir Technologies from $80.00 to $90.00 and gave the stock a “neutral” rating in a report on Tuesday, May 6th. Four analysts have rated the stock with a sell rating, fifteen have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, Palantir Technologies has an average rating of “Hold” and a consensus target price of $95.30.

Palantir Technologies Trading Down 0.6%

PLTR stock opened at $157.88 on Tuesday. Palantir Technologies Inc. has a one year low of $21.23 and a one year high of $160.39. The firm has a market capitalization of $372.58 billion, a PE ratio of 686.43, a P/E/G ratio of 13.54 and a beta of 2.59. The firm has a 50-day moving average of $137.66 and a two-hundred day moving average of $110.05.

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, hitting analysts’ consensus estimates of $0.13. The business had revenue of $883.86 million during the quarter, compared to analyst estimates of $863.89 million. Palantir Technologies had a net margin of 18.32% and a return on equity of 6.55%. The firm’s revenue was up 39.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.08 earnings per share. On average, equities research analysts anticipate that Palantir Technologies Inc. will post 0.31 earnings per share for the current year.

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.