Palantir Technologies Inc. (NYSE:PLTR) is ARK Investment Management LLC's 7th Largest Position

ARK Investment Management LLC lessened its position in shares of Palantir Technologies Inc. (NYSE:PLTR - Free Report) by 15.4% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 11,017,774 shares of the company's stock after selling 2,005,325 shares during the quarter. Palantir Technologies accounts for 3.7% of ARK Investment Management LLC's portfolio, making the stock its 7th biggest holding. ARK Investment Management LLC owned 0.49% of Palantir Technologies worth $409,861,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of PLTR. Northwest Investment Counselors LLC bought a new stake in Palantir Technologies during the third quarter valued at about $25,000. Summit Securities Group LLC bought a new position in shares of Palantir Technologies in the second quarter worth about $25,000. Farmers & Merchants Investments Inc. bought a new position in shares of Palantir Technologies in the second quarter worth about $25,000. Creekmur Asset Management LLC boosted its stake in shares of Palantir Technologies by 46.0% in the third quarter. Creekmur Asset Management LLC now owns 1,063 shares of the company's stock worth $40,000 after acquiring an additional 335 shares during the period. Finally, University of Texas Texas AM Investment Management Co. bought a new position in shares of Palantir Technologies in the second quarter worth about $30,000. Hedge funds and other institutional investors own 45.65% of the company's stock.

Wall Street Analysts Forecast Growth

PLTR has been the subject of a number of research reports. Bank of America increased their price target on Palantir Technologies from $30.00 to $50.00 and gave the company a "buy" rating in a research note on Tuesday, September 10th. Raymond James lowered Palantir Technologies from an "outperform" rating to a "market perform" rating in a research note on Monday, September 23rd. The Goldman Sachs Group increased their price target on Palantir Technologies from $16.00 to $41.00 and gave the company a "neutral" rating in a research note on Thursday. Wedbush increased their price target on Palantir Technologies from $38.00 to $45.00 and gave the company an "outperform" rating in a research note on Thursday, September 26th. Finally, Monness Crespi & Hardt dropped their price target on Palantir Technologies from $20.00 to $18.00 and set a "sell" rating for the company in a research note on Tuesday, August 6th. Six investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, Palantir Technologies presently has an average rating of "Hold" and an average price target of $31.71.

Insider Transactions at Palantir Technologies

In other news, insider Alexander C. Karp sold 4,500,000 shares of the firm's stock in a transaction on Monday, September 16th. The stock was sold at an average price of $36.07, for a total value of $162,315,000.00. Following the completion of the sale, the insider now owns 6,432,258 shares of the company's stock, valued at $232,011,546.06. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Alexander C. Karp sold 4,500,000 shares of the firm's stock in a transaction on Monday, September 16th. The stock was sold at an average price of $36.07, for a total value of $162,315,000.00. Following the completion of the transaction, the insider now owns 6,432,258 shares in the company, valued at $232,011,546.06. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Peter Thiel sold 4,254,666 shares of the firm's stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $36.77, for a total value of $156,444,068.82. Following the completion of the transaction, the director now owns 51,234,275 shares of the company's stock, valued at $1,883,884,291.75. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 25,482,878 shares of company stock valued at $1,044,202,496 in the last quarter. 12.93% of the stock is currently owned by corporate insiders.

Palantir Technologies Price Performance

NYSE PLTR traded up $2.54 during midday trading on Friday, hitting $58.42. 83,687,872 shares of the company traded hands, compared to its average volume of 57,568,527. The company has a market cap of $130.83 billion, a PE ratio of 290.86 and a beta of 2.70. The company's 50-day simple moving average is $39.60 and its 200-day simple moving average is $30.33. Palantir Technologies Inc. has a 52 week low of $15.66 and a 52 week high of $58.48.

Palantir Technologies (NYSE:PLTR - Get Free Report) last announced its earnings results on Monday, November 4th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.01. The business had revenue of $725.52 million for the quarter, compared to analysts' expectations of $705.11 million. Palantir Technologies had a return on equity of 9.94% and a net margin of 18.01%. The business's revenue for the quarter was up 30.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.03 EPS. On average, research analysts predict that Palantir Technologies Inc. will post 0.19 earnings per share for the current year.

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.