Truist Financial Corp Boosts Stake in Palantir Technologies Inc. (NYSE:PLTR)

Truist Financial Corp boosted its holdings in shares of Palantir Technologies Inc. (NYSE:PLTR) by 21.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 449,356 shares of the company’s stock after acquiring an additional 79,618 shares during the period. Truist Financial Corp’s holdings in Palantir Technologies were worth $11,382,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of PLTR. Vanguard Group Inc. increased its position in Palantir Technologies by 1.6% during the first quarter. Vanguard Group Inc. now owns 196,834,580 shares of the company’s stock worth $4,529,164,000 after purchasing an additional 3,029,317 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Palantir Technologies by 15.7% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 14,571,224 shares of the company’s stock valued at $335,284,000 after buying an additional 1,980,495 shares during the period. ARK Investment Management LLC lifted its holdings in Palantir Technologies by 2.2% in the second quarter. ARK Investment Management LLC now owns 13,023,099 shares of the company’s stock valued at $329,875,000 after acquiring an additional 277,623 shares during the last quarter. Legal & General Group Plc grew its position in Palantir Technologies by 1.4% in the second quarter. Legal & General Group Plc now owns 11,917,200 shares of the company’s stock worth $301,871,000 after acquiring an additional 167,030 shares during the period. Finally, Nikko Asset Management Americas Inc. increased its stake in Palantir Technologies by 19.2% during the first quarter. Nikko Asset Management Americas Inc. now owns 9,829,631 shares of the company’s stock worth $226,180,000 after acquiring an additional 1,580,548 shares during the last quarter. Institutional investors and hedge funds own 45.65% of the company’s stock.

Analyst Ratings Changes

PLTR has been the subject of a number of research analyst reports. Northland Capmk upgraded Palantir Technologies to a “hold” rating in a report on Thursday, August 22nd. Citigroup lifted their price target on shares of Palantir Technologies from $25.00 to $28.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. Bank of America upped their price objective on shares of Palantir Technologies from $30.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Palantir Technologies from $20.00 to $21.00 and gave the company a “sell” rating in a report on Tuesday, August 6th. Finally, Wedbush upped their price target on Palantir Technologies from $38.00 to $45.00 and gave the stock an “outperform” rating in a research note on Thursday, September 26th. 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. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $27.29.

Palantir Technologies Trading Up 2.0 %

NYSE:PLTR opened at $40.01 on Friday. The firm’s fifty day simple moving average is $32.49 and its 200 day simple moving average is $26.79. The firm has a market capitalization of $89.10 billion, a price-to-earnings ratio of 333.42 and a beta of 2.72. Palantir Technologies Inc. has a twelve month low of $14.48 and a twelve month high of $40.29.

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

Insiders Place Their Bets

In related news, insider Shyam Sankar sold 50,000 shares of the stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $32.35, for a total transaction of $1,617,500.00. Following the completion of the sale, the insider now directly owns 752,786 shares of the company’s stock, valued at $24,352,627.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Shyam Sankar sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 22nd. The shares were sold at an average price of $32.35, for a total transaction of $1,617,500.00. Following the completion of the sale, the insider now directly owns 752,786 shares in the company, valued at approximately $24,352,627.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Peter Thiel sold 4,181,118 shares of Palantir Technologies stock in a transaction dated Monday, September 30th. The shares were sold at an average price of $36.91, for a total value of $154,325,065.38. Following the sale, the director now owns 38,502,451 shares of the company’s stock, valued at approximately $1,421,125,466.41. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 17,814,881 shares of company stock worth $648,616,023. 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.