OLD Point Trust & Financial Services N A Reduces Stock Holdings in Palantir Technologies Inc. $PLTR

OLD Point Trust & Financial Services N A trimmed its position in shares of Palantir Technologies Inc. (NASDAQ:PLTR) by 11.9% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 73,094 shares of the company’s stock after selling 9,890 shares during the quarter. Palantir Technologies comprises about 4.3% of OLD Point Trust & Financial Services N A’s investment portfolio, making the stock its 2nd largest holding. OLD Point Trust & Financial Services N A’s holdings in Palantir Technologies were worth $13,334,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Palantir Technologies by 3.6% during the 2nd quarter. Vanguard Group Inc. now owns 205,717,666 shares of the company’s stock worth $28,043,432,000 after acquiring an additional 7,194,216 shares during the period. Truist Financial Corp raised its position in Palantir Technologies by 4.2% during the 2nd quarter. Truist Financial Corp now owns 537,000 shares of the company’s stock worth $73,204,000 after buying an additional 21,809 shares during the last quarter. State of Michigan Retirement System lifted its stake in Palantir Technologies by 1.3% during the 2nd quarter. State of Michigan Retirement System now owns 938,400 shares of the company’s stock valued at $127,923,000 after acquiring an additional 12,300 shares during the period. Presilium Private Wealth LLC purchased a new stake in shares of Palantir Technologies in the 2nd quarter valued at $204,000. Finally, New Century Financial Group LLC acquired a new stake in shares of Palantir Technologies in the second quarter worth $228,000. Hedge funds and other institutional investors own 45.65% of the company’s stock.

Wall Street Analysts Forecast Growth

PLTR has been the topic of several recent research reports. The Goldman Sachs Group upped their price target on shares of Palantir Technologies from $141.00 to $188.00 and gave the company a “neutral” rating in a report on Tuesday, November 4th. Piper Sandler raised their target price on Palantir Technologies from $201.00 to $225.00 and gave the stock an “overweight” rating in a report on Tuesday, November 4th. Raymond James Financial reissued a “market perform” rating on shares of Palantir Technologies in a report on Tuesday, November 4th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Palantir Technologies from $160.00 to $200.00 and gave the company a “hold” rating in a report on Tuesday, November 4th. Finally, Mizuho increased their price target on shares of Palantir Technologies from $165.00 to $205.00 and gave the stock a “neutral” rating in a report on Tuesday, November 4th. Five research analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Palantir Technologies currently has an average rating of “Hold” and an average target price of $172.28.

Palantir Technologies Stock Performance

Palantir Technologies stock opened at $177.29 on Thursday. The stock has a market capitalization of $422.56 billion, a P/E ratio of 422.13, a P/E/G ratio of 7.28 and a beta of 1.49. The company’s fifty day moving average price is $179.37 and its 200 day moving average price is $164.85. Palantir Technologies Inc. has a 1 year low of $63.40 and a 1 year high of $207.52.

Palantir Technologies (NASDAQ:PLTR) last posted its quarterly earnings data on Monday, November 3rd. The company reported $0.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.17 by $0.04. Palantir Technologies had a return on equity of 15.48% and a net margin of 28.11%.The company had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.09 billion. During the same period in the previous year, the firm posted $0.10 EPS. Palantir Technologies’s revenue was up 62.8% compared to the same quarter last year. Sell-side analysts predict that Palantir Technologies Inc. will post 0.31 EPS for the current year.

Insider Buying and Selling at Palantir Technologies

In other Palantir Technologies news, insider Ryan D. Taylor sold 36,048 shares of the company’s stock in a transaction on Monday, November 24th. The stock was sold at an average price of $162.36, for a total value of $5,852,753.28. Following the completion of the sale, the insider directly owned 251,409 shares in the company, valued at $40,818,765.24. This represents a 12.54% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Shyam Sankar sold 149,872 shares of the business’s stock in a transaction dated Thursday, November 20th. The shares were sold at an average price of $163.99, for a total transaction of $24,577,509.28. Following the transaction, the insider directly owned 642,786 shares in the company, valued at approximately $105,410,476.14. The trade was a 18.91% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 1,008,844 shares of company stock worth $164,750,951. 9.23% of the stock is owned by company 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.