Firsthand Capital Management Inc. Takes Position in Palantir Technologies Inc. (NYSE:PLTR)

Firsthand Capital Management Inc. purchased a new position in shares of Palantir Technologies Inc. (NYSE:PLTR) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 85,000 shares of the company’s stock, valued at approximately $3,162,000. Palantir Technologies comprises approximately 6.2% of Firsthand Capital Management Inc.’s investment portfolio, making the stock its 5th biggest holding.

A number of other institutional investors have also added to or reduced their stakes in PLTR. White Knight Strategic Wealth Advisors LLC purchased a new position in Palantir Technologies in the third quarter worth $292,000. Fred Alger Management LLC raised its stake in shares of Palantir Technologies by 153.6% during the 3rd quarter. Fred Alger Management LLC now owns 304,662 shares of the company’s stock worth $11,333,000 after purchasing an additional 184,509 shares during the period. Captrust Financial Advisors boosted its holdings in shares of Palantir Technologies by 11.5% in the 3rd quarter. Captrust Financial Advisors now owns 425,445 shares of the company’s stock worth $15,827,000 after buying an additional 43,916 shares during the last quarter. HBK Investments L P bought a new position in Palantir Technologies during the third quarter valued at about $744,000. Finally, Rockefeller Capital Management L.P. increased its holdings in Palantir Technologies by 5.8% during the third quarter. Rockefeller Capital Management L.P. now owns 1,336,779 shares of the company’s stock worth $49,728,000 after buying an additional 73,619 shares during the last quarter. 45.65% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on PLTR shares. Deutsche Bank Aktiengesellschaft boosted their target price 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. Raymond James lowered Palantir Technologies from an “outperform” rating to a “market perform” rating in a report on Monday, September 23rd. The Goldman Sachs Group boosted their target price on Palantir Technologies from $16.00 to $41.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. DA Davidson increased their price target on Palantir Technologies from $28.00 to $47.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 5th. Finally, Jefferies Financial Group lowered Palantir Technologies from a “hold” rating to an “underperform” rating and set a $28.00 price objective for the company. in a report on Thursday, November 7th. Six equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $35.64.

Palantir Technologies Trading Up 1.6 %

Shares of NYSE:PLTR opened at $67.08 on Friday. Palantir Technologies Inc. has a 12 month low of $15.66 and a 12 month high of $67.88. The stock has a market cap of $152.81 billion, a P/E ratio of 335.42, a P/E/G ratio of 8.93 and a beta of 2.70. The company has a 50 day moving average of $48.86 and a 200 day moving average of $34.87.

Palantir Technologies (NYSE:PLTR) last released its quarterly earnings results on Monday, November 4th. The company reported $0.10 earnings per share for the quarter, topping the consensus estimate of $0.09 by $0.01. The firm had revenue of $725.52 million for the quarter, compared to analysts’ expectations of $705.11 million. Palantir Technologies had a net margin of 18.01% and a return on equity of 9.94%. The business’s quarterly revenue was up 30.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.03 earnings per share. On average, equities analysts forecast that Palantir Technologies Inc. will post 0.21 earnings per share for the current fiscal year.

Insider Buying and Selling at Palantir Technologies

In related news, insider Ryan D. Taylor sold 155,539 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $35.02, for a total value of $5,446,975.78. Following the completion of the transaction, the insider now directly owns 331,369 shares in the company, valued at approximately $11,604,542.38. The trade was a 31.94 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lauren Elaina Friedman Stat sold 6,000 shares of the stock in a transaction on Monday, September 16th. The shares were sold at an average price of $36.35, for a total value of $218,100.00. Following the completion of the transaction, the director now directly owns 152,280 shares in the company, valued at approximately $5,535,378. This represents a 3.79 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,163,181 shares of company stock valued at $1,603,288,758 in the last 90 days. Corporate insiders own 12.93% of the company’s stock.

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.