Bank of New York Mellon Corp Raises Stock Holdings in Palantir Technologies Inc. (NYSE:PLTR)

Bank of New York Mellon Corp grew its stake in Palantir Technologies Inc. (NYSE:PLTR) by 4.2% during the 2nd quarter, Holdings Channel reports. The fund owned 7,326,275 shares of the company’s stock after acquiring an additional 292,885 shares during the period. Bank of New York Mellon Corp’s holdings in Palantir Technologies were worth $185,575,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. EFG Asset Management North America Corp. lifted its position in Palantir Technologies by 84.9% during the second quarter. EFG Asset Management North America Corp. now owns 90,058 shares of the company’s stock worth $2,280,000 after buying an additional 41,353 shares during the period. Raymond James Trust N.A. acquired a new stake in Palantir Technologies during the second quarter worth about $241,000. Clear Creek Financial Management LLC increased its stake in Palantir Technologies by 2.3% during the second quarter. Clear Creek Financial Management LLC now owns 28,533 shares of the company’s stock worth $723,000 after acquiring an additional 650 shares during the last quarter. Institute for Wealth Management LLC. increased its stake in Palantir Technologies by 24.2% during the second quarter. Institute for Wealth Management LLC. now owns 14,388 shares of the company’s stock worth $364,000 after acquiring an additional 2,799 shares during the last quarter. Finally, McAdam LLC acquired a new stake in Palantir Technologies during the second quarter worth about $274,000. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Palantir Technologies

In related news, Director Eric H. Woersching sold 26,000 shares of Palantir Technologies stock in a transaction on Friday, June 7th. The stock was sold at an average price of $23.32, for a total transaction of $606,320.00. Following the completion of the sale, the director now owns 38,843 shares of the company’s stock, valued at $905,818.76. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Palantir Technologies news, Director Eric H. Woersching sold 26,000 shares of the business’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $23.32, for a total value of $606,320.00. Following the completion of the sale, the director now owns 38,843 shares of the company’s stock, valued at $905,818.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Alexander D. Moore sold 20,422 shares of Palantir Technologies stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $22.94, for a total value of $468,480.68. Following the completion of the transaction, the director now owns 1,587,707 shares in the company, valued at $36,421,998.58. The disclosure for this sale can be found here. Insiders sold a total of 714,648 shares of company stock valued at $21,567,539 over the last quarter. Company insiders own 12.93% of the company’s stock.

Palantir Technologies Trading Down 2.9 %

PLTR traded down $0.93 during trading hours on Monday, hitting $30.85. The company’s stock had a trading volume of 34,899,188 shares, compared to its average volume of 55,136,203. The firm has a market capitalization of $68.70 billion, a PE ratio of 257.00, a PEG ratio of 5.66 and a beta of 2.71. The company has a 50-day simple moving average of $27.65 and a 200 day simple moving average of $24.66. Palantir Technologies Inc. has a fifty-two week low of $13.68 and a fifty-two week high of $33.13.

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

Analyst Upgrades and Downgrades

Several brokerages have commented on PLTR. Argus began coverage on Palantir Technologies in a research note on Monday, June 17th. They set a “buy” rating and a $29.00 price target for the company. Royal Bank of Canada reiterated an “underperform” rating and issued a $9.00 target price on shares of Palantir Technologies in a research note on Tuesday, August 6th. Northland Securities initiated coverage on Palantir Technologies in a research note on Thursday. They issued a “market perform” rating and a $35.00 target price for the company. Northland Capmk upgraded Palantir Technologies to a “hold” rating in a research note on Thursday. Finally, William Blair reiterated an “underperform” rating on shares of Palantir Technologies in a research note on Tuesday, May 7th. Six analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Palantir Technologies presently has a consensus rating of “Hold” and a consensus price target of $23.93.

Palantir Technologies 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.