Bank of New York Mellon Corp Lowers Stock Position in Palantir Technologies Inc. $PLTR

Bank of New York Mellon Corp trimmed its holdings in Palantir Technologies Inc. (NASDAQ:PLTR) by 4.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,488,532 shares of the company’s stock after selling 543,000 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.53% of Palantir Technologies worth $1,702,437,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Kingstone Capital Partners Texas LLC purchased a new stake in shares of Palantir Technologies in the second quarter valued at about $2,543,888,000. Nuveen LLC purchased a new stake in Palantir Technologies during the 1st quarter valued at approximately $520,232,000. Price T Rowe Associates Inc. MD lifted its position in Palantir Technologies by 55.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,346,061 shares of the company’s stock worth $1,126,408,000 after acquiring an additional 4,748,513 shares during the period. Goldman Sachs Group Inc. grew its stake in shares of Palantir Technologies by 38.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 15,180,154 shares of the company’s stock valued at $1,281,205,000 after purchasing an additional 4,221,392 shares during the last quarter. Finally, Amundi increased its holdings in shares of Palantir Technologies by 56.1% in the first quarter. Amundi now owns 10,620,301 shares of the company’s stock valued at $887,857,000 after purchasing an additional 3,815,386 shares during the period. Institutional investors and hedge funds own 45.65% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on PLTR shares. Piper Sandler lifted their price objective on shares of Palantir Technologies from $182.00 to $201.00 and gave the company an “overweight” rating in a research report on Tuesday, October 14th. Royal Bank Of Canada reaffirmed an “underperform” rating on shares of Palantir Technologies in a report on Tuesday, October 28th. DA Davidson set a $170.00 price target on shares of Palantir Technologies and gave the stock a “neutral” rating in a report on Tuesday, August 5th. Cantor Fitzgerald lifted their price objective on Palantir Technologies from $110.00 to $155.00 and gave the company a “neutral” rating in a report on Tuesday, August 5th. Finally, Wall Street Zen downgraded Palantir Technologies from a “buy” rating to a “hold” rating in a research note on Saturday, August 30th. Five equities research analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, Palantir Technologies has a consensus rating of “Hold” and an average price target of $142.00.

Palantir Technologies Price Performance

NASDAQ PLTR opened at $200.47 on Monday. The business has a 50 day moving average price of $174.75 and a 200 day moving average price of $151.19. The company has a market capitalization of $475.58 billion, a P/E ratio of 668.26, a PEG ratio of 10.87 and a beta of 2.63. Palantir Technologies Inc. has a 1-year low of $40.90 and a 1-year high of $204.18.

Palantir Technologies (NASDAQ:PLTR) last posted its earnings results on Monday, August 4th. The company reported $0.16 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.02. Palantir Technologies had a return on equity of 10.75% and a net margin of 22.18%.The company had revenue of $1 billion for the quarter, compared to the consensus estimate of $939.29 million. During the same period in the previous year, the business earned $0.09 earnings per share. Palantir Technologies’s quarterly revenue was up 48.0% compared to the same quarter last year. On average, research analysts expect that Palantir Technologies Inc. will post 0.31 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Lauren Elaina Friedman Stat sold 800 shares of the stock in a transaction dated Friday, October 3rd. The shares were sold at an average price of $186.39, for a total value of $149,112.00. Following the sale, the director directly owned 62,087 shares of the company’s stock, valued at approximately $11,572,395.93. This represents a 1.27% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Ryan D. Taylor sold 36,048 shares of Palantir Technologies stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $158.35, for a total transaction of $5,708,200.80. Following the transaction, the insider owned 307,470 shares of the company’s stock, valued at approximately $48,687,874.50. The trade was a 10.49% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 1,557,750 shares of company stock worth $239,713,896. 12.93% of the stock is owned by company insiders.

Palantir Technologies 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.