Convergence Investment Partners LLC Takes Position in Palantir Technologies Inc. (NASDAQ:PLTR)

Convergence Investment Partners LLC purchased a new stake in shares of Palantir Technologies Inc. (NASDAQ:PLTR) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 45,990 shares of the company’s stock, valued at approximately $3,478,000.

Several other large investors have also recently added to or reduced their stakes in PLTR. Tritonpoint Wealth LLC boosted its holdings in shares of Palantir Technologies by 1.9% in the 4th quarter. Tritonpoint Wealth LLC now owns 7,100 shares of the company’s stock valued at $537,000 after buying an additional 132 shares during the period. Kennebec Savings Bank boosted its stake in Palantir Technologies by 29.5% in the fourth quarter. Kennebec Savings Bank now owns 698 shares of the company’s stock valued at $53,000 after acquiring an additional 159 shares during the period. HighMark Wealth Management LLC grew its holdings in shares of Palantir Technologies by 73.5% during the fourth quarter. HighMark Wealth Management LLC now owns 392 shares of the company’s stock valued at $30,000 after purchasing an additional 166 shares during the last quarter. RMR Wealth Builders raised its position in shares of Palantir Technologies by 2.4% during the 4th quarter. RMR Wealth Builders now owns 7,201 shares of the company’s stock worth $545,000 after purchasing an additional 167 shares during the period. Finally, Bay Rivers Group raised its position in shares of Palantir Technologies by 2.7% during the 4th quarter. Bay Rivers Group now owns 6,406 shares of the company’s stock worth $484,000 after purchasing an additional 171 shares during the period. 45.65% of the stock is currently owned by institutional investors.

Palantir Technologies Stock Performance

Shares of NASDAQ:PLTR opened at $124.62 on Wednesday. The company has a market capitalization of $283.89 billion, a PE ratio of 655.93, a price-to-earnings-growth ratio of 12.25 and a beta of 2.81. The stock has a fifty day moving average of $83.91 and a 200-day moving average of $58.13. Palantir Technologies Inc. has a one year low of $20.33 and a one year high of $125.00.

Insider Transactions at Palantir Technologies

In related news, insider Alexander C. Karp sold 1,620,395 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $63.21, for a total value of $102,425,167.95. Following the completion of the sale, the insider now owns 6,432,258 shares in the company, valued at approximately $406,583,028.18. This represents a 20.12 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Stephen Andrew Cohen sold 450,000 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $70.95, for a total transaction of $31,927,500.00. Following the sale, the insider now directly owns 592 shares in the company, valued at approximately $42,002.40. This trade represents a 99.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 8,301,387 shares of company stock valued at $575,821,045 over the last three months. Company insiders own 12.93% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on PLTR. UBS Group raised their target price on Palantir Technologies from $80.00 to $105.00 and gave the company a “neutral” rating in a research note on Tuesday, February 4th. Cantor Fitzgerald lifted their price objective on shares of Palantir Technologies from $72.00 to $98.00 and gave the company a “neutral” rating in a research report on Tuesday, February 4th. Northland Securities upped their target price on shares of Palantir Technologies from $38.00 to $80.00 and gave the stock a “market perform” rating in a research report on Tuesday, February 4th. Bank of America lifted their price target on Palantir Technologies from $90.00 to $125.00 and gave the company a “buy” rating in a report on Tuesday, February 4th. Finally, Morgan Stanley raised Palantir Technologies from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $60.00 to $95.00 in a report on Tuesday, February 4th. Six research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $69.44.

Palantir Technologies Company 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.