Palantir Technologies Inc. (NASDAQ:PLTR) is Salem Investment Counselors Inc.’s 8th Largest Position

Salem Investment Counselors Inc. lessened its stake in Palantir Technologies Inc. (NASDAQ:PLTR) by 16.0% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 939,134 shares of the company’s stock after selling 178,375 shares during the quarter. Palantir Technologies accounts for about 2.8% of Salem Investment Counselors Inc.’s portfolio, making the stock its 8th largest holding. Salem Investment Counselors Inc.’s holdings in Palantir Technologies were worth $79,263,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the stock. Norges Bank purchased a new position in Palantir Technologies in the fourth quarter valued at $1,360,191,000. Geode Capital Management LLC grew its position in shares of Palantir Technologies by 8.6% during the 4th quarter. Geode Capital Management LLC now owns 52,074,232 shares of the company’s stock valued at $3,929,401,000 after acquiring an additional 4,127,306 shares during the period. Wellington Management Group LLP increased its stake in shares of Palantir Technologies by 504.0% in the 4th quarter. Wellington Management Group LLP now owns 4,682,230 shares of the company’s stock valued at $354,117,000 after purchasing an additional 3,907,022 shares in the last quarter. Invesco Ltd. raised its holdings in Palantir Technologies by 31.2% in the 4th quarter. Invesco Ltd. now owns 14,748,240 shares of the company’s stock worth $1,115,409,000 after purchasing an additional 3,509,311 shares during the period. Finally, Capital World Investors purchased a new position in Palantir Technologies during the fourth quarter worth approximately $253,816,000. Hedge funds and other institutional investors own 45.65% of the company’s stock.

Palantir Technologies Stock Performance

NASDAQ:PLTR opened at $135.19 on Friday. Palantir Technologies Inc. has a fifty-two week low of $21.23 and a fifty-two week high of $140.00. The company has a 50 day moving average price of $114.28 and a 200 day moving average price of $94.12. The stock has a market capitalization of $319.04 billion, a P/E ratio of 711.56, a PEG ratio of 10.84 and a beta of 2.64.

Palantir Technologies (NASDAQ:PLTR) last issued its quarterly earnings data on Monday, May 5th. The company reported $0.13 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.13. Palantir Technologies had a return on equity of 6.85% and a net margin of 16.13%. The business had revenue of $883.86 million during the quarter, compared to analysts’ expectations of $863.89 million. During the same period in the previous year, the firm posted $0.08 earnings per share. The company’s revenue was up 39.4% on a year-over-year basis. Research analysts forecast that Palantir Technologies Inc. will post 0.31 earnings per share for the current fiscal year.

Insider Buying and Selling at Palantir Technologies

In other news, Director Lauren Elaina Friedman Stat sold 800 shares of the business’s stock in a transaction dated Thursday, April 3rd. The stock was sold at an average price of $81.25, for a total transaction of $65,000.00. Following the completion of the transaction, the director now directly owns 61,339 shares of the company’s stock, valued at approximately $4,983,793.75. The trade was a 1.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Stephen Andrew Cohen sold 310,000 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $87.07, for a total transaction of $26,991,700.00. Following the sale, the insider now owns 592 shares in the company, valued at $51,545.44. The trade was a 99.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,816,925 shares of company stock valued at $215,448,358 in the last 90 days. Company insiders own 9.23% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on PLTR. Wedbush set a $140.00 price objective on Palantir Technologies and gave the company an “outperform” rating in a research report on Tuesday, May 6th. Loop Capital upped their price objective on shares of Palantir Technologies from $130.00 to $155.00 and gave the stock a “buy” rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft reiterated a “sell” rating on shares of Palantir Technologies in a research report on Tuesday, May 6th. Daiwa America upgraded shares of Palantir Technologies to a “hold” rating in a research report on Tuesday, April 1st. Finally, Mizuho raised their price target on shares of Palantir Technologies from $94.00 to $116.00 and gave the company an “underperform” rating in a research note on Wednesday. Five research 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’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $86.30.

Palantir Technologies Company Profile

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.