Acorn Wealth Advisors LLC Takes Position in Palantir Technologies Inc. (NASDAQ:PLTR)

Acorn Wealth Advisors LLC bought a new position in shares of Palantir Technologies Inc. (NASDAQ:PLTR) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 3,479 shares of the company’s stock, valued at approximately $263,000.

Several other institutional investors and hedge funds have also made changes to their positions in PLTR. State Street Corp lifted its holdings in shares of Palantir Technologies by 96.4% in the third quarter. State Street Corp now owns 82,512,440 shares of the company’s stock valued at $3,069,463,000 after purchasing an additional 40,498,024 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Palantir Technologies by 52.9% during the 3rd quarter. Geode Capital Management LLC now owns 47,946,926 shares of the company’s stock worth $1,777,568,000 after purchasing an additional 16,598,253 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Palantir Technologies by 60.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 12,387,040 shares of the company’s stock valued at $460,798,000 after buying an additional 4,667,955 shares in the last quarter. Lord Abbett & CO. LLC grew its holdings in Palantir Technologies by 943.2% during the 3rd quarter. Lord Abbett & CO. LLC now owns 3,300,766 shares of the company’s stock valued at $122,788,000 after buying an additional 2,984,348 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in Palantir Technologies by 226.2% during the third quarter. Principal Financial Group Inc. now owns 2,839,680 shares of the company’s stock worth $105,636,000 after buying an additional 1,969,213 shares in the last quarter. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have recently issued reports on PLTR shares. Royal Bank of Canada upped their price objective on Palantir Technologies from $11.00 to $40.00 and gave the company an “underperform” rating in a research report on Tuesday, February 4th. Jefferies Financial Group upped their target price on shares of Palantir Technologies from $28.00 to $60.00 and gave the company an “underperform” rating in a report on Tuesday, February 4th. Citigroup lifted their price target on shares of Palantir Technologies from $42.00 to $110.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. DA Davidson boosted their price objective on shares of Palantir Technologies from $47.00 to $105.00 and gave the company a “neutral” rating in a research report on Tuesday, February 4th. Finally, Robert W. Baird raised their target price on shares of Palantir Technologies from $70.00 to $100.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 4th. Six equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $73.21.

Palantir Technologies Stock Performance

Shares of NASDAQ:PLTR opened at $87.84 on Wednesday. Palantir Technologies Inc. has a 1 year low of $20.33 and a 1 year high of $125.41. The stock has a 50-day simple moving average of $86.44 and a 200-day simple moving average of $60.68. The stock has a market capitalization of $200.10 billion, a P/E ratio of 462.34, a PEG ratio of 10.84 and a beta of 2.81.

Insiders Place Their Bets

In related news, Director Lauren Elaina Friedman Stat sold 10,721 shares of the firm’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $76.78, for a total transaction of $823,158.38. Following the sale, the director now directly owns 100,923 shares in the company, valued at approximately $7,748,867.94. This trade represents a 9.60 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Shyam Sankar sold 5,250,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $70.08, for a total value of $367,920,000.00. Following the completion of the transaction, the insider now owns 752,786 shares of the company’s stock, valued at approximately $52,755,242.88. This represents a 87.46 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 6,719,783 shares of company stock worth $477,414,743 over the last ninety days. 12.93% of the stock is owned by company insiders.

About Palantir Technologies

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.