Retirement Planning Group LLC has reduced its holdings in Palantir Technologies Inc. by 11.8% during the second quarter, according to a recent filing with the Securities and Exchange Commission (SEC). The firm now owns 23,635 shares after selling 3,158 shares within the quarter, with a total value of approximately $3,222,000. This adjustment reflects a broader trend among institutional investors and hedge funds altering their positions in the company.
Several other funds have also made notable changes. For instance, Signature Resources Capital Management LLC acquired a new position valued at around $25,000. Similarly, both Frazier Financial Advisors LLC and Family Legacy Financial Solutions LLC entered new positions worth approximately $28,000 and $31,000, respectively. Tradewinds Capital Management LLC significantly increased its stake by 147.4%, now owning 235 shares valued at $32,000. Adirondack Trust Co. also raised its holdings by 185.0%, acquiring an additional 185 shares to reach a total of 285 shares, valued at $39,000.
As of now, institutional investors and hedge funds collectively own 45.65% of Palantir’s stock.
Current Stock Performance
On Wednesday, shares of Palantir Technologies opened at $181.51. The stock has experienced fluctuations, with a fifty-day moving average of $171.39 and a 200-day moving average of $144.68. Over the past year, the stock has reached a low of $40.90 and a high of $190.00. The company’s market capitalization stands at approximately $430.60 billion, with a price-to-earnings (PE) ratio of 605.05 and a price-to-earnings-growth (PEG) ratio of 9.84.
Financial analysts have provided varying outlooks for the stock. On August 5, 2023, UBS Group reaffirmed a “neutral” rating with a revised target price of $165.00, up from $110.00. DA Davidson maintained a “neutral” rating, issuing a price target of $170.00. Citigroup also reaffirmed its “neutral” rating, increasing its target to $177.00 from $158.00. Loop Capital boosted its target from $178.00 to $180.00, while Wedbush set an ambitious target of $200.00 with an “outperform” rating. Currently, five analysts rate the stock as a Buy, fifteen as Hold, and two as Sell, resulting in a consensus rating of “Hold” with an average price target of $141.28.
Insider Trading Activity
Recent insider trading activity has also drawn attention. On September 2, 2023, insider David A. Glazer sold 81,000 shares at an average price of $154.47, totaling $12,512,070.00. Following this transaction, Glazer retains 431,169 shares, valued at approximately $66,602,675.43, marking a 15.82% decrease in his position. Additionally, insider Jeffrey Buckley sold 2,803 shares on August 29, 2023, generating $440,071.00 at an average price of $157.00. After this sale, Buckley holds 50,961 shares, valued at around $8,000,877, reflecting a 5.21% decrease in his ownership.
Over the last quarter, insiders have sold a total of 1,557,750 shares worth approximately $239,713,896. Insiders currently own 12.93% of the company’s stock.
Palantir Technologies, Inc. specializes in developing software platforms that serve as central operating systems for its clients, spanning both the commercial and government sectors. Its commercial segment caters to non-governmental industries, while the government segment focuses on services for U.S. government and international agencies.
For those interested in tracking further developments, additional information on Palantir Technologies and its insider trading activities can be accessed through reputable financial platforms.
