Covenant Asset Management LLC Takes $201,000 Position in Palantir Technologies Inc. (NASDAQ:PLTR)

Covenant Asset Management LLC purchased a new stake in shares of Palantir Technologies Inc. (NASDAQ:PLTR) during the 4th quarter, HoldingsChannel reports. The institutional investor purchased 2,654 shares of the company’s stock, valued at approximately $201,000.

Other institutional investors have also recently made changes to their positions in the company. Northwest Investment Counselors LLC purchased a new stake in shares of Palantir Technologies during the 3rd quarter valued at approximately $25,000. Prestige Wealth Management Group LLC increased its holdings in Palantir Technologies by 747.1% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock valued at $27,000 after purchasing an additional 650 shares during the last quarter. First PREMIER Bank acquired a new stake in Palantir Technologies in the 4th quarter valued at approximately $28,000. Wolff Wiese Magana LLC increased its holdings in Palantir Technologies by 230.4% in the 4th quarter. Wolff Wiese Magana LLC now owns 380 shares of the company’s stock valued at $29,000 after purchasing an additional 265 shares during the last quarter. Finally, R Squared Ltd acquired a new stake in Palantir Technologies in the 4th quarter valued at approximately $33,000. Hedge funds and other institutional investors own 45.65% of the company’s stock.

Insider Activity at Palantir Technologies

In related news, insider Alexander C. Karp sold 38,093 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $63.01, for a total value of $2,400,239.93. Following the completion of the sale, the insider now directly owns 6,432,258 shares of the company’s stock, valued at $405,296,576.58. The trade was a 0.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Shyam Sankar sold 30,000 shares of the company’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $66.59, for a total transaction of $1,997,700.00. Following the completion of the sale, the insider now directly owns 752,786 shares of the company’s stock, valued at $50,128,019.74. The trade was a 3.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 9,346,976 shares of company stock valued at $642,660,729 over the last ninety days. Insiders own 12.93% of the company’s stock.

Palantir Technologies Price Performance

Shares of PLTR opened at $119.16 on Friday. Palantir Technologies Inc. has a 1-year low of $20.33 and a 1-year high of $120.67. The stock has a market cap of $271.45 billion, a PE ratio of 627.19, a price-to-earnings-growth ratio of 11.44 and a beta of 2.81. The firm has a fifty day moving average price of $81.90 and a 200 day moving average price of $56.35.

Wall Street Analyst Weigh In

PLTR has been the subject of several research reports. Cantor Fitzgerald lifted their target price on shares of Palantir Technologies from $72.00 to $98.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. Wedbush lifted their target price on shares of Palantir Technologies from $75.00 to $90.00 and gave the company an “outperform” rating in a report on Thursday, January 23rd. Citigroup lifted their target price on shares of Palantir Technologies from $42.00 to $110.00 and gave the company a “neutral” rating in a report on Wednesday, February 5th. Morgan Stanley upgraded shares of Palantir Technologies from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $60.00 to $95.00 in a research note on Tuesday, February 4th. Finally, Northland Securities boosted their price target on shares of Palantir Technologies from $38.00 to $80.00 and gave the stock a “market perform” rating in a research note on Tuesday, February 4th. Six analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $69.44.

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.