Independent Wealth Network Inc. Has $1.62 Million Stock Holdings in Palantir Technologies Inc. (NASDAQ:PLTR)

Independent Wealth Network Inc. cut its holdings in shares of Palantir Technologies Inc. (NASDAQ:PLTR) by 19.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 21,446 shares of the company’s stock after selling 5,116 shares during the period. Independent Wealth Network Inc.’s holdings in Palantir Technologies were worth $1,622,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp increased its stake in shares of Palantir Technologies by 96.4% in the 3rd quarter. State Street Corp now owns 82,512,440 shares of the company’s stock valued at $3,069,463,000 after acquiring an additional 40,498,024 shares in the last quarter. Geode Capital Management LLC increased its stake in Palantir Technologies by 52.9% during the 3rd quarter. Geode Capital Management LLC now owns 47,946,926 shares of the company’s stock valued at $1,777,568,000 after purchasing an additional 16,598,253 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its stake in Palantir Technologies by 5.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 14,982,925 shares of the company’s stock valued at $557,365,000 after purchasing an additional 808,444 shares in the last quarter. FMR LLC boosted its holdings in Palantir Technologies by 8.8% during the 3rd quarter. FMR LLC now owns 12,478,281 shares of the company’s stock worth $464,192,000 after acquiring an additional 1,004,603 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Palantir Technologies by 60.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 12,387,040 shares of the company’s stock worth $460,798,000 after acquiring an additional 4,667,955 shares during the last quarter. Institutional investors own 45.65% of the company’s stock.

Palantir Technologies Stock Up 5.2 %

Shares of PLTR stock opened at $76.87 on Thursday. The stock has a fifty day moving average of $70.98 and a 200 day moving average of $48.12. Palantir Technologies Inc. has a 52 week low of $16.03 and a 52 week high of $84.80. The firm has a market capitalization of $175.11 billion, a price-to-earnings ratio of 384.37, a PEG ratio of 6.73 and a beta of 2.82.

Palantir Technologies (NASDAQ:PLTR) last released its quarterly earnings data on Monday, November 4th. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.09 by $0.01. Palantir Technologies had a return on equity of 9.94% and a net margin of 18.01%. The company had revenue of $725.52 million during the quarter, compared to the consensus estimate of $705.11 million. During the same period last year, the company earned $0.03 EPS. Palantir Technologies’s revenue for the quarter was up 30.0% on a year-over-year basis. Equities research analysts anticipate that Palantir Technologies Inc. will post 0.2 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Shyam Sankar sold 5,250,000 shares of Palantir Technologies stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $70.08, for a total transaction of $367,920,000.00. Following the transaction, the insider now directly owns 752,786 shares of the company’s stock, valued at $52,755,242.88. The trade was a 87.46 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ryan D. Taylor sold 123,334 shares of the business’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $45.00, for a total value of $5,550,030.00. Following the completion of the transaction, the insider now directly owns 331,369 shares in the company, valued at approximately $14,911,605. This represents a 27.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 23,642,189 shares of company stock worth $1,444,232,453. 12.93% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages recently weighed in on PLTR. Cantor Fitzgerald began coverage on shares of Palantir Technologies in a report on Friday, January 17th. They issued a “neutral” rating and a $72.00 price target on the stock. Mizuho upped their price objective on shares of Palantir Technologies from $37.00 to $44.00 and gave the company an “underperform” rating in a report on Friday, December 13th. William Blair reaffirmed an “underperform” rating on shares of Palantir Technologies in a report on Wednesday, December 18th. DA Davidson upped their price target on Palantir Technologies from $28.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. Finally, Northland Securities upped their price target on Palantir Technologies from $35.00 to $38.00 and gave the company a “market perform” rating in a research report on Tuesday, November 5th. Seven research analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Palantir Technologies presently has an average rating of “Hold” and an average price target of $43.78.

About Palantir Technologies

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.