Sterneck Capital Management LLC Lowers Stock Holdings in Palantir Technologies Inc. (NYSE:PLTR)

Sterneck Capital Management LLC cut its holdings in Palantir Technologies Inc. (NYSE:PLTR) by 36.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 10,582 shares of the company’s stock after selling 6,047 shares during the quarter. Sterneck Capital Management LLC’s holdings in Palantir Technologies were worth $394,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Summit Securities Group LLC purchased a new position in Palantir Technologies in the 2nd quarter valued at about $25,000. Farmers & Merchants Investments Inc. purchased a new position in shares of Palantir Technologies in the second quarter valued at approximately $25,000. West Paces Advisors Inc. boosted its stake in shares of Palantir Technologies by 110.7% in the first quarter. West Paces Advisors Inc. now owns 1,180 shares of the company’s stock worth $27,000 after acquiring an additional 620 shares during the last quarter. University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Palantir Technologies during the second quarter worth approximately $30,000. Finally, Massmutual Trust Co. FSB ADV raised its stake in Palantir Technologies by 105.3% in the 1st 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. 45.65% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Palantir Technologies

In other news, insider Alexander C. Karp sold 4,500,000 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $36.07, for a total value of $162,315,000.00. Following the completion of the transaction, the insider now owns 6,432,258 shares of the company’s stock, valued at $232,011,546.06. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Palantir Technologies news, Director Alexander D. Moore sold 20,000 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $30.89, for a total value of $617,800.00. Following the sale, the director now owns 1,510,630 shares of the company’s stock, valued at approximately $46,663,360.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Alexander C. Karp sold 4,500,000 shares of Palantir Technologies stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $36.07, for a total value of $162,315,000.00. Following the completion of the transaction, the insider now 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. In the last 90 days, insiders have sold 17,814,881 shares of company stock worth $648,616,023. 12.93% of the stock is currently owned by company insiders.

Palantir Technologies Price Performance

Shares of PLTR opened at $39.25 on Friday. The firm has a 50-day simple moving average of $32.23 and a two-hundred day simple moving average of $26.67. The stock has a market cap of $87.90 billion, a PE ratio of 327.11 and a beta of 2.72. Palantir Technologies Inc. has a 1-year low of $14.48 and a 1-year high of $39.29.

Palantir Technologies (NYSE:PLTR) last posted its earnings results on Monday, August 5th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.01). Palantir Technologies had a net margin of 16.32% and a return on equity of 8.88%. The company had revenue of $678.13 million during the quarter, compared to analyst estimates of $653.23 million. During the same quarter last year, the business posted $0.01 EPS. The firm’s revenue for the quarter was up 27.2% on a year-over-year basis. As a group, sell-side analysts expect that Palantir Technologies Inc. will post 0.19 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. The Goldman Sachs Group lifted their target price on shares of Palantir Technologies from $14.00 to $16.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Palantir Technologies from $20.00 to $21.00 and gave the company a “sell” rating in a research note on Tuesday, August 6th. Northland Securities began coverage on shares of Palantir Technologies in a research note on Thursday, August 22nd. They issued a “market perform” rating and a $35.00 target price on the stock. Monness Crespi & Hardt dropped their price target on Palantir Technologies from $20.00 to $18.00 and set a “sell” rating for the company in a research report on Tuesday, August 6th. Finally, DA Davidson lifted their price objective on Palantir Technologies from $24.00 to $28.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 6th. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Palantir Technologies presently has an average rating of “Hold” and a consensus target price of $27.29.

About Palantir Technologies

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.