Procyon Advisors LLC Has $6.14 Million Stock Holdings in Palantir Technologies Inc. (NASDAQ:PLTR)

Procyon Advisors LLC lowered its position in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 47.5% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 81,121 shares of the company's stock after selling 73,392 shares during the period. Procyon Advisors LLC's holdings in Palantir Technologies were worth $6,135,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Wolff Wiese Magana LLC increased its holdings in Palantir Technologies by 230.4% in the fourth quarter. Wolff Wiese Magana LLC now owns 380 shares of the company's stock worth $29,000 after buying an additional 265 shares during the last quarter. Northwest Investment Counselors LLC acquired a new position in Palantir Technologies in the third quarter worth approximately $25,000. Prestige Wealth Management Group LLC increased its holdings in Palantir Technologies by 747.1% in the third quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company's stock worth $27,000 after buying an additional 650 shares during the last quarter. PSI Advisors LLC boosted its position in Palantir Technologies by 99.7% during the fourth quarter. PSI Advisors LLC now owns 795 shares of the company's stock worth $60,000 after purchasing an additional 397 shares during the period. Finally, Kings Path Partners LLC bought a new stake in Palantir Technologies during the fourth quarter worth approximately $76,000. Institutional investors and hedge funds own 45.65% of the company's stock.

Insiders Place Their Bets

In other news, insider Ryan D. Taylor sold 123,334 shares of the firm's stock in a transaction 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 sale, the insider now directly owns 331,369 shares in the company, valued at approximately $14,911,605. This trade represents a 27.12 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Alexander C. Karp sold 3,337,048 shares of the firm's stock in a transaction on Monday, October 28th. The shares were sold at an average price of $45.02, for a total value of $150,233,900.96. Following the completion of the sale, the insider now owns 6,432,258 shares of the company's stock, valued at approximately $289,580,255.16. This trade represents a 34.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 23,642,189 shares of company stock worth $1,444,232,453 over the last three months. 12.93% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. The Goldman Sachs Group upped their target price on Palantir Technologies from $16.00 to $41.00 and gave the stock a "neutral" rating in a research report on Thursday, November 7th. Bank of America upped their target price on Palantir Technologies from $55.00 to $75.00 and gave the stock a "buy" rating in a research report on Monday, November 25th. Argus cut Palantir Technologies from a "buy" rating to a "hold" rating in a research report on Thursday, November 7th. Raymond James cut Palantir Technologies from an "outperform" rating to a "market perform" rating in a research report on Monday, September 23rd. Finally, Baird R W raised Palantir Technologies to a "hold" rating in a research report on Thursday, December 12th. Seven research analysts have rated the stock with a sell rating, twelve have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $43.78.

Palantir Technologies Price Performance

Shares of NASDAQ PLTR traded up $2.53 during trading hours on Friday, reaching $71.77. The stock had a trading volume of 54,125,884 shares, compared to its average volume of 72,756,688. The business's fifty day moving average is $70.22 and its two-hundred day moving average is $46.85. The company has a market cap of $163.49 billion, a price-to-earnings ratio of 358.87, a PEG ratio of 6.24 and a beta of 2.82. Palantir Technologies Inc. has a twelve month low of $16.03 and a twelve month high of $84.80.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last released its quarterly earnings data on Monday, November 4th. The company reported $0.10 earnings per share (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 firm had revenue of $725.52 million during the quarter, compared to analyst estimates of $705.11 million. During the same period in the prior year, the company posted $0.03 earnings per share. The business's revenue for the quarter was up 30.0% compared to the same quarter last year. Sell-side analysts forecast that Palantir Technologies Inc. will post 0.2 earnings per share for the current fiscal year.

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.