Cypress Point Wealth Management LLC Cuts Stake in Palantir Technologies Inc. (NASDAQ:PLTR)

Cypress Point Wealth Management LLC trimmed its holdings in Palantir Technologies Inc. (NASDAQ:PLTR) by 2.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,503,503 shares of the company’s stock after selling 32,741 shares during the quarter. Palantir Technologies comprises 35.4% of Cypress Point Wealth Management LLC’s portfolio, making the stock its largest holding. Cypress Point Wealth Management LLC owned about 0.07% of Palantir Technologies worth $113,710,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. Northwest Investment Counselors LLC acquired a new stake in Palantir Technologies in the third quarter worth approximately $25,000. Prestige Wealth Management Group LLC boosted its stake in Palantir Technologies by 747.1% during the third quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock valued at $27,000 after buying an additional 650 shares in the last quarter. First PREMIER Bank acquired a new position in Palantir Technologies during the fourth quarter worth about $28,000. Wolff Wiese Magana LLC raised its position in Palantir Technologies by 230.4% in the fourth quarter. Wolff Wiese Magana LLC now owns 380 shares of the company’s stock worth $29,000 after acquiring an additional 265 shares in the last quarter. Finally, University of Texas Texas AM Investment Management Co. acquired a new stake in Palantir Technologies in the 2nd quarter valued at about $30,000. 45.65% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PLTR has been the topic of a number of research reports. Robert W. Baird started coverage on shares of Palantir Technologies in a report on Thursday, December 12th. They issued a “neutral” rating and a $70.00 target price on the stock. UBS Group began coverage on Palantir Technologies in a research note on Thursday, December 19th. They set a “neutral” rating and a $80.00 price objective for the company. Jefferies Financial Group lowered Palantir Technologies from a “hold” rating to an “underperform” rating and set a $28.00 target price on the stock. in a research report on Thursday, November 7th. The Goldman Sachs Group lifted their price target on Palantir Technologies from $16.00 to $41.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Finally, Morgan Stanley reaffirmed an “underweight” rating and set a $60.00 price objective on shares of Palantir Technologies in a research note on Monday, January 6th. Seven equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Palantir Technologies currently has a consensus rating of “Hold” and a consensus price target of $44.61.

Palantir Technologies Price Performance

Shares of PLTR stock opened at $78.98 on Friday. Palantir Technologies Inc. has a one year low of $16.03 and a one year high of $84.80. The stock has a fifty day moving average price of $71.96 and a 200 day moving average price of $49.04. The stock has a market cap of $179.92 billion, a P/E ratio of 394.92, a price-to-earnings-growth ratio of 7.08 and a beta of 2.82.

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

Insider Buying and Selling at Palantir Technologies

In related news, insider Alexander C. Karp sold 3,337,048 shares of Palantir Technologies stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $45.02, for a total transaction of $150,233,900.96. Following the completion of the transaction, the insider now directly owns 6,432,258 shares of the company’s stock, valued at $289,580,255.16. This trade represents a 34.16 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Shyam Sankar sold 5,250,000 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $70.08, for a total transaction of $367,920,000.00. Following the sale, the insider now directly owns 752,786 shares in the company, valued at $52,755,242.88. This represents a 87.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 23,518,855 shares of company stock valued at $1,438,682,423. 12.93% of the stock is currently owned by corporate insiders.

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.