Fred Alger Management LLC Acquires 58,724 Shares of Palantir Technologies Inc. (NYSE:PLTR)

Fred Alger Management LLC raised its position in shares of Palantir Technologies Inc. (NYSE:PLTR) by 95.6% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 120,153 shares of the company’s stock after acquiring an additional 58,724 shares during the period. Fred Alger Management LLC’s holdings in Palantir Technologies were worth $3,043,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of PLTR. Summit Securities Group LLC purchased a new position in shares of Palantir Technologies during the second quarter valued at $25,000. Farmers & Merchants Investments Inc. purchased a new position in Palantir Technologies in the second quarter valued at about $25,000. West Paces Advisors Inc. grew its stake in Palantir Technologies by 110.7% in the first quarter. West Paces Advisors Inc. now owns 1,180 shares of the company’s stock valued at $27,000 after purchasing an additional 620 shares during the last quarter. Massmutual Trust Co. FSB ADV grew its stake in Palantir Technologies by 105.3% in the first quarter. Massmutual Trust Co. FSB ADV now owns 1,347 shares of the company’s stock valued at $31,000 after purchasing an additional 691 shares during the last quarter. Finally, Bogart Wealth LLC grew its stake in Palantir Technologies by 332.8% in the first quarter. Bogart Wealth LLC now owns 1,385 shares of the company’s stock valued at $32,000 after purchasing an additional 1,065 shares during the last quarter. 45.65% of the stock is currently owned by institutional investors.

Palantir Technologies Price Performance

Palantir Technologies stock opened at $37.08 on Friday. The stock has a market capitalization of $83.04 billion, a PE ratio of 309.03 and a beta of 2.72. Palantir Technologies Inc. has a 12 month low of $14.16 and a 12 month high of $38.19. The business has a 50 day simple moving average of $31.27 and a 200-day simple moving average of $26.23.

Palantir Technologies (NYSE:PLTR) last posted its quarterly earnings data on Monday, August 5th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.01). The business had revenue of $678.13 million during the quarter, compared to analysts’ expectations of $653.23 million. Palantir Technologies had a net margin of 16.32% and a return on equity of 8.88%. The firm’s quarterly revenue was up 27.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.01 earnings per share. On average, equities research analysts anticipate that Palantir Technologies Inc. will post 0.19 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on PLTR shares. Northland Securities started coverage on Palantir Technologies in a report on Thursday, August 22nd. They issued a “market perform” rating and a $35.00 price target for the company. Monness Crespi & Hardt lowered their price target on Palantir Technologies from $20.00 to $18.00 and set a “sell” rating for the company in a report on Tuesday, August 6th. Argus started coverage on Palantir Technologies in a report on Monday, June 17th. They issued a “buy” rating and a $29.00 price target for the company. The Goldman Sachs Group raised their price target on Palantir Technologies from $14.00 to $16.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Finally, Jefferies Financial Group raised their price target on Palantir Technologies from $24.00 to $28.00 and gave the stock a “hold” rating in a report on Monday, July 29th. Five equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Palantir Technologies presently has a consensus rating of “Hold” and a consensus price target of $27.29.

Insider Buying and Selling

In related news, insider Alexander C. Karp sold 4,500,000 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $36.07, for a total transaction of $162,315,000.00. Following the completion of the sale, the insider now directly owns 6,432,258 shares in the company, valued at $232,011,546.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Eric H. Woersching sold 3,026 shares of Palantir Technologies stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $28.00, for a total transaction of $84,728.00. Following the transaction, the director now owns 29,817 shares in the company, valued at approximately $834,876. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Alexander C. Karp sold 4,500,000 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $36.07, for a total transaction of $162,315,000.00. Following the completion of the sale, the insider now directly owns 6,432,258 shares of the company’s stock, valued at approximately $232,011,546.06. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 9,644,559 shares of company stock worth $346,929,762. 12.93% of the stock is owned by corporate insiders.

Palantir Technologies Company Profile

Palantir Technologies Inc builds and deploys software platforms for the intelligence community to assist in counterterrorism investigations and operations in the United States, the United Kingdom, and internationally. The company provides Palantir Gotham, a software platform which enables users to identify patterns hidden deep within datasets, ranging from signals intelligence sources to reports from confidential informants, as well as facilitates the handoff between analysts and operational users, helping operators plan and execute real-world responses to threats that have been identified within the platform.