ARK Investment Management LLC Buys 1,514,232 Shares of Palantir Technologies Inc. (NYSE:PLTR)

ARK Investment Management LLC increased its stake in Palantir Technologies Inc. (NYSE:PLTR) by 16.1% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,937,859 shares of the company’s stock after acquiring an additional 1,514,232 shares during the quarter. Palantir Technologies accounts for approximately 1.1% of ARK Investment Management LLC’s portfolio, making the stock its 25th largest position. ARK Investment Management LLC owned approximately 0.50% of Palantir Technologies worth $187,803,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Truvestments Capital LLC increased its stake in shares of Palantir Technologies by 74.9% in the 3rd quarter. Truvestments Capital LLC now owns 1,635 shares of the company’s stock valued at $26,000 after acquiring an additional 700 shares in the last quarter. Pacifica Partners Inc. acquired a new stake in Palantir Technologies in the 4th quarter valued at $27,000. Resurgent Financial Advisors LLC acquired a new stake in Palantir Technologies in the 4th quarter valued at $28,000. Provence Wealth Management Group acquired a new stake in Palantir Technologies in the 3rd quarter valued at $34,000. Finally, Glass Jacobson Investment Advisors llc acquired a new stake in Palantir Technologies in the 3rd quarter valued at $35,000. Institutional investors own 45.65% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PLTR. Jefferies Financial Group raised shares of Palantir Technologies from an “underperform” rating to a “hold” rating and lifted their price target for the company from $13.00 to $22.00 in a research report on Tuesday, February 6th. Mizuho lifted their price objective on shares of Palantir Technologies from $18.00 to $21.00 and gave the stock a “neutral” rating in a report on Thursday, March 7th. Bank of America lifted their price objective on shares of Palantir Technologies from $24.00 to $28.00 and gave the stock a “buy” rating in a report on Wednesday, March 6th. Wedbush reaffirmed an “outperform” rating and set a $35.00 price objective (up from $30.00) on shares of Palantir Technologies in a report on Friday, March 8th. Finally, Royal Bank of Canada reissued an “underperform” rating and issued a $5.00 price target on shares of Palantir Technologies in a report on Tuesday, February 6th. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $18.21.

Insiders Place Their Bets

In other Palantir Technologies news, Director Alexandra W. Schiff sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 3rd. The stock was sold at an average price of $16.11, for a total value of $64,440.00. Following the completion of the sale, the director now owns 200,783 shares of the company’s stock, valued at $3,234,614.13. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Palantir Technologies news, Director Alexandra W. Schiff sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 3rd. The stock was sold at an average price of $16.11, for a total value of $64,440.00. Following the completion of the sale, the director now owns 200,783 shares of the company’s stock, valued at $3,234,614.13. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Ryan D. Taylor sold 120,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 6th. The stock was sold at an average price of $22.00, for a total value of $2,640,000.00. Following the completion of the sale, the insider now directly owns 181,460 shares of the company’s stock, valued at approximately $3,992,120. The disclosure for this sale can be found here. Insiders sold a total of 7,455,273 shares of company stock valued at $184,293,942 over the last quarter. 13.96% of the stock is owned by corporate insiders.

Palantir Technologies Trading Down 1.6 %

Shares of NYSE PLTR opened at $24.50 on Thursday. Palantir Technologies Inc. has a 12 month low of $7.28 and a 12 month high of $27.50. The firm has a market capitalization of $54.21 billion, a price-to-earnings ratio of 272.25, a PEG ratio of 6.10 and a beta of 2.82. The business has a 50-day moving average of $22.40 and a 200-day moving average of $19.03.

Palantir Technologies (NYSE:PLTR) last issued its quarterly earnings data on Monday, February 5th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.01). The business had revenue of $608.35 million for the quarter, compared to analysts’ expectations of $603.48 million. Palantir Technologies had a return on equity of 6.17% and a net margin of 9.43%. On average, analysts predict that Palantir Technologies Inc. will post 0.16 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.