Commerce Bank Acquires 6,964 Shares of Palantir Technologies Inc. (NYSE:PLTR)

Posted by Defense World Staff on Aug 8th, 2023

Commerce Bank grew its stake in Palantir Technologies Inc. (NYSE:PLTR – Free Report) by 7.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 96,261 shares of the company’s stock after acquiring an additional 6,964 shares during the period. Commerce Bank’s holdings in Palantir Technologies were worth $813,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PLTR. Close Asset Management Ltd acquired a new position in shares of Palantir Technologies during the 1st quarter worth approximately $28,000. Resurgent Financial Advisors LLC bought a new position in shares of Palantir Technologies in the fourth quarter valued at $28,000. HHM Wealth Advisors LLC increased its holdings in Palantir Technologies by 1,510.9% during the first quarter. HHM Wealth Advisors LLC now owns 4,446 shares of the company’s stock worth $38,000 after buying an additional 4,170 shares during the last quarter. Antonetti Capital Management LLC raised its position in Palantir Technologies by 179.4% during the first quarter. Antonetti Capital Management LLC now owns 4,750 shares of the company’s stock worth $40,000 after acquiring an additional 3,050 shares in the last quarter. Finally, Eagle Bay Advisors LLC lifted its stake in Palantir Technologies by 95.8% in the first quarter. Eagle Bay Advisors LLC now owns 5,607 shares of the company’s stock valued at $47,000 after acquiring an additional 2,743 shares during the last quarter. Institutional investors and hedge funds own 31.57% of the company’s stock.

Insider Activity

In related news, insider Shyam Sankar sold 269,510 shares of the stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $11.76, for a total transaction of $3,169,437.60. Following the sale, the insider now owns 1,603,950 shares of the company’s stock, valued at $18,862,452. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, insider Alexander C. Karp sold 325,000 shares of the company’s stock in a transaction that occurred on Monday, June 5th. The shares were sold at an average price of $15.40, for a total transaction of $5,005,000.00. Following the completion of the sale, the insider now owns 6,432,258 shares of the company’s stock, valued at approximately $99,056,773.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Shyam Sankar sold 269,510 shares of the stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $11.76, for a total transaction of $3,169,437.60. Following the sale, the insider now owns 1,603,950 shares in the company, valued at approximately $18,862,452. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 3,927,099 shares of company stock worth $67,298,462. Corporate insiders own 13.96% of the company’s stock.

Analyst Ratings Changes

PLTR has been the topic of several recent analyst reports. Bank of America boosted their price objective on shares of Palantir Technologies from $13.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, June 12th. Raymond James lowered Palantir Technologies from a “strong-buy” rating to an “outperform” rating and upped their price objective for the company from $15.00 to $18.00 in a research note on Tuesday, June 20th. Citigroup raised their price objective on Palantir Technologies from $6.00 to $10.00 and gave the company a “sell” rating in a research report on Monday. Mizuho boosted their target price on Palantir Technologies from $8.00 to $14.00 in a report on Monday, July 17th. Finally, Wedbush started coverage on Palantir Technologies in a report on Friday, July 28th. They set an “outperform” rating and a $25.00 price target for the company. Five analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $11.58.

View Our Latest Stock Report on PLTR

Palantir Technologies Price Performance

Shares of Palantir Technologies stock opened at $17.99 on Tuesday. The firm has a 50-day moving average of $16.06 and a 200-day moving average of $11.19. Palantir Technologies Inc. has a 52-week low of $5.84 and a 52-week high of $20.24.

Palantir Technologies (NYSE:PLTR – Get Free Report) last posted its quarterly earnings data on Monday, May 8th. The company reported $0.01 earnings per share (EPS) for the quarter. Palantir Technologies had a negative net margin of 12.88% and a negative return on equity of 12.48%. The firm had revenue of $525.19 million during the quarter, compared to the consensus estimate of $504.84 million. As a group, equities analysts forecast that Palantir Technologies Inc. will post 0.05 earnings per share for the current year.

About Palantir Technologies

(Free Report)

Palantir Technologies Inc builds and deploys software platforms for the intelligence community in the United States to assist in counterterrorism investigations and operations. 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.