Lord Abbett & CO. LLC Purchases 2,984,348 Shares of Palantir Technologies Inc. (NYSE:PLTR)

Lord Abbett & CO. LLC raised its position in shares of Palantir Technologies Inc. (NYSE:PLTR) by 943.2% during the third quarter, HoldingsChannel.com reports. The fund owned 3,300,766 shares of the company’s stock after buying an additional 2,984,348 shares during the quarter. Lord Abbett & CO. LLC’s holdings in Palantir Technologies were worth $122,788,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Naples Global Advisors LLC boosted its position in shares of Palantir Technologies by 11.1% during the 2nd quarter. Naples Global Advisors LLC now owns 10,000 shares of the company’s stock valued at $253,000 after purchasing an additional 1,000 shares in the last quarter. Miracle Mile Advisors LLC grew its position in shares of Palantir Technologies by 10.4% during the 2nd quarter. Miracle Mile Advisors LLC now owns 15,010 shares of the company’s stock worth $380,000 after buying an additional 1,420 shares during the period. Blue Trust Inc. increased its stake in shares of Palantir Technologies by 42.3% in the 2nd quarter. Blue Trust Inc. now owns 16,646 shares of the company’s stock valued at $422,000 after acquiring an additional 4,945 shares in the last quarter. Brookstone Capital Management boosted its stake in Palantir Technologies by 34.7% during the second quarter. Brookstone Capital Management now owns 31,975 shares of the company’s stock worth $810,000 after acquiring an additional 8,243 shares in the last quarter. Finally, Gradient Investments LLC boosted its stake in Palantir Technologies by 21.4% during the second quarter. Gradient Investments LLC now owns 2,306 shares of the company’s stock worth $58,000 after acquiring an additional 406 shares in the last quarter. 45.65% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PLTR. Northland Securities upped their price objective on shares of Palantir Technologies from $35.00 to $38.00 and gave the company a “market perform” rating in a report on Tuesday, November 5th. Wedbush upped their price target on Palantir Technologies from $57.00 to $75.00 and gave the stock an “outperform” rating in a research note on Monday, November 25th. Raymond James cut Palantir Technologies from an “outperform” rating to a “market perform” rating in a research note on Monday, September 23rd. Baird R W raised Palantir Technologies to a “hold” rating in a research report on Thursday. Finally, William Blair reiterated an “underperform” rating on shares of Palantir Technologies in a report on Wednesday, December 4th. Six equities research analysts have rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, Palantir Technologies presently has an average rating of “Hold” and an average target price of $38.40.

Palantir Technologies Price Performance

PLTR opened at $76.07 on Friday. Palantir Technologies Inc. has a fifty-two week low of $15.66 and a fifty-two week high of $80.91. The firm has a market capitalization of $173.29 billion, a P/E ratio of 380.35, a PEG ratio of 9.70 and a beta of 2.87. The company’s 50-day moving average is $55.75 and its 200 day moving average is $38.39.

Palantir Technologies (NYSE:PLTR) last posted its earnings results on Monday, November 4th. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.09 by $0.01. The firm had revenue of $725.52 million for the quarter, compared to analysts’ expectations of $705.11 million. Palantir Technologies had a net margin of 18.01% and a return on equity of 9.94%. The company’s quarterly revenue was up 30.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.03 EPS. On average, equities research analysts expect that Palantir Technologies Inc. will post 0.21 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Lauren Elaina Friedman Stat sold 6,655 shares of Palantir Technologies stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $38.17, for a total value of $254,021.35. Following the sale, the director now owns 145,625 shares of the company’s stock, valued at approximately $5,558,506.25. The trade was a 4.37 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Alexander C. Karp sold 4,500,000 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The shares were 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 approximately $232,011,546.06. The trade was a 41.16 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 40,118,366 shares of company stock valued at $2,029,875,392. Insiders own 12.93% of the company’s stock.

Palantir Technologies Company Profile

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.