Patton Fund Management Inc. Sells 24,583 Shares of Palantir Technologies Inc. (NASDAQ:PLTR)

Patton Fund Management Inc. reduced its position in shares of Palantir Technologies Inc. (NASDAQ:PLTR) by 22.4% in the 1st quarter, HoldingsChannel.com reports. The firm owned 85,096 shares of the company’s stock after selling 24,583 shares during the quarter. Palantir Technologies makes up about 1.7% of Patton Fund Management Inc.’s portfolio, making the stock its 10th largest position. Patton Fund Management Inc.’s holdings in Palantir Technologies were worth $7,182,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PLTR. Tallon Kerry Patrick bought a new stake in Palantir Technologies during the 4th quarter worth about $289,000. Union Bancaire Privee UBP SA bought a new stake in Palantir Technologies during the 4th quarter worth about $15,177,000. Revolve Wealth Partners LLC bought a new stake in Palantir Technologies during the 4th quarter worth about $450,000. Allspring Global Investments Holdings LLC raised its holdings in Palantir Technologies by 46.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 178,499 shares of the company’s stock worth $13,421,000 after purchasing an additional 56,299 shares during the last quarter. Finally, Roxbury Financial LLC bought a new stake in Palantir Technologies during the 4th quarter worth about $27,000. 45.65% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have weighed in on PLTR shares. Citigroup boosted their price objective on Palantir Technologies from $110.00 to $115.00 and gave the stock a “neutral” rating in a report on Thursday, May 8th. Morgan Stanley upped their price target on Palantir Technologies from $90.00 to $98.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 6th. Mizuho upped their price target on Palantir Technologies from $94.00 to $116.00 and gave the company an “underperform” rating in a research note on Wednesday, June 11th. William Blair set a $84.00 price target on Palantir Technologies in a research note on Wednesday, March 5th. Finally, Cantor Fitzgerald upped their price target on Palantir Technologies from $98.00 to $110.00 and gave the company a “neutral” rating in a research note on Tuesday, May 6th. Five research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $86.30.

Palantir Technologies Stock Performance

NASDAQ PLTR opened at $141.41 on Tuesday. The business has a 50 day simple moving average of $116.76 and a 200 day simple moving average of $95.53. Palantir Technologies Inc. has a 52-week low of $21.23 and a 52-week high of $144.86. The stock has a market cap of $333.72 billion, a price-to-earnings ratio of 744.30, a PEG ratio of 10.84 and a beta of 2.64.

Palantir Technologies (NASDAQ:PLTR) last released its quarterly earnings results on Monday, May 5th. The company reported $0.13 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.13. Palantir Technologies had a return on equity of 6.85% and a net margin of 16.13%. The firm had revenue of $883.86 million during the quarter, compared to the consensus estimate of $863.89 million. During the same quarter in the prior year, the firm posted $0.08 EPS. The business’s revenue was up 39.4% on a year-over-year basis. On average, analysts predict that Palantir Technologies Inc. will post 0.31 EPS for the current year.

Insiders Place Their Bets

In other Palantir Technologies news, insider Shyam Sankar sold 405,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $132.08, for a total transaction of $53,492,400.00. Following the completion of the transaction, the insider now owns 702,786 shares of the company’s stock, valued at $92,823,974.88. This represents a 36.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Ryan D. Taylor sold 98,177 shares of the company’s stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $82.80, for a total value of $8,129,055.60. Following the transaction, the insider now directly owns 403,171 shares of the company’s stock, valued at approximately $33,382,558.80. This trade represents a 19.58% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,506,925 shares of company stock valued at $188,456,658 in the last quarter. 9.23% of the stock is currently owned by 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.