Procyon Advisors LLC Lowers Position in Palantir Technologies Inc. (NASDAQ:PLTR)

Procyon Advisors LLC decreased its stake in shares of Palantir Technologies Inc. (NASDAQ:PLTR) by 11.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 71,974 shares of the company’s stock after selling 9,147 shares during the period. Procyon Advisors LLC’s holdings in Palantir Technologies were worth $6,075,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Roxbury Financial LLC bought a new stake in shares of Palantir Technologies in the 4th quarter worth $27,000. HighMark Wealth Management LLC boosted its holdings in Palantir Technologies by 73.5% during the fourth quarter. HighMark Wealth Management LLC now owns 392 shares of the company’s stock worth $30,000 after purchasing an additional 166 shares during the last quarter. Sierra Ocean LLC bought a new stake in Palantir Technologies in the 4th quarter worth about $31,000. First Command Advisory Services Inc. purchased a new stake in Palantir Technologies in the 4th quarter valued at about $34,000. Finally, Summit Securities Group LLC bought a new position in shares of Palantir Technologies during the 4th quarter worth approximately $34,000. Hedge funds and other institutional investors own 45.65% of the company’s stock.

Palantir Technologies Stock Performance

Shares of PLTR opened at $119.91 on Friday. Palantir Technologies Inc. has a 52-week low of $21.23 and a 52-week high of $135.28. The stock’s 50-day simple moving average is $109.15 and its 200 day simple moving average is $91.71. The stock has a market capitalization of $282.98 billion, a price-to-earnings ratio of 631.14, a price-to-earnings-growth ratio of 10.84 and a beta of 2.64.

Palantir Technologies (NASDAQ:PLTR) last announced 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 firm had revenue of $883.86 million for the quarter, compared to the consensus estimate of $863.89 million. Palantir Technologies had a net margin of 16.13% and a return on equity of 6.85%. The company’s revenue for the quarter was up 39.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.08 earnings per share. On average, research analysts forecast that Palantir Technologies Inc. will post 0.31 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Lauren Elaina Friedman Stat sold 800 shares of the firm’s stock in a transaction that occurred on Thursday, April 3rd. The shares were sold at an average price of $81.25, for a total value of $65,000.00. Following the sale, the director now directly owns 61,339 shares of the company’s stock, valued at $4,983,793.75. This trade represents a 1.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Stephen Andrew Cohen sold 1,250,000 shares of Palantir Technologies stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $85.30, for a total transaction of $106,625,000.00. Following the sale, the insider now owns 592 shares of the company’s stock, valued at approximately $50,497.60. The trade was a 99.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,894,925 shares of company stock worth $369,820,528. Corporate insiders own 9.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on PLTR. DA Davidson upped their target price on Palantir Technologies from $100.00 to $115.00 and gave the company a “neutral” rating in a report on Tuesday, May 6th. The Goldman Sachs Group upped their price objective on Palantir Technologies from $80.00 to $90.00 and gave the company a “neutral” rating in a research note on Tuesday, May 6th. Mizuho raised their target price on Palantir Technologies from $80.00 to $94.00 and gave the company an “underperform” rating in a research report on Tuesday, May 6th. Royal Bank of Canada reissued an “underperform” rating on shares of Palantir Technologies in a report on Tuesday, May 6th. Finally, Morgan Stanley increased their price target on shares of Palantir Technologies from $90.00 to $98.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 6th. Five investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Palantir Technologies has a consensus rating of “Hold” and an average price target of $83.95.

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.