Clarity Wealth Advisors LLC has reduced its holdings in Palantir Technologies Inc. (NASDAQ: PLTR) by 13.9% during the first quarter of 2023. This adjustment was disclosed in a filing with the Securities & Exchange Commission, revealing that the firm now owns 4,320 shares after selling 700 shares during the quarter. As of this latest filing, Clarity’s stake in Palantir is valued at approximately $365,000.
Other institutional investors have also been active in adjusting their positions in Palantir. For instance, Richardson Capital Management LLC acquired a new position worth $33,000 in the first quarter. Similarly, Cornerstone Planning Group LLC increased its stake by an impressive 90.2%, now holding 390 shares valued at $33,000 after purchasing an additional 185 shares. Furthermore, Atlantic Edge Private Wealth Management LLC boosted its stake by 45.5%, resulting in ownership of 400 shares valued at $34,000.
In addition to these changes, Godsey & Gibb Inc. made a notable move by increasing its stake by 740.0%, now owning 420 shares valued at $35,000. The overall ownership of Palantir by hedge funds and other institutional investors stands at approximately 45.65%.
Insider Transactions Highlighted
Recent insider activity has also drawn attention. On May 20, 2023, Alexander C. Karp, CEO of Palantir, sold 358,982 shares at an average price of $126.39, totaling around $45.37 million. Following this transaction, Karp’s remaining shares are valued at approximately $812.97 million, indicating a 5.29% decrease in his position.
Another notable insider, Shyam Sankar, sold 405,000 shares on June 10, 2023, for an aggregate of $53.49 million. Sankar now holds 702,786 shares valued at around $92.82 million, reflecting a 36.56% decrease in his stake. Over the last quarter, insiders have sold a total of 1,451,497 shares of Palantir, valued at approximately $186.11 million. Currently, insiders own about 9.23% of the company’s stock.
Recent Earnings and Analyst Ratings
Palantir Technologies recently reported its quarterly earnings on May 5, 2023, posting earnings per share (EPS) of $0.13, meeting analysts’ expectations. The company recorded a net margin of 18.32% and a return on equity of 6.55%. Its revenue for the quarter reached $883.86 million, surpassing the consensus estimate of $863.89 million. Year-over-year, the company’s revenue has increased by 39.4%.
Looking ahead, analysts project that Palantir Technologies will achieve an EPS of $0.31 for the current fiscal year. Recently, several analysts have provided updates on the company’s stock. DA Davidson raised its price target from $100.00 to $115.00, maintaining a “neutral” rating. In contrast, Royal Bank of Canada reiterated an “underperform” rating.
Daiwa America upgraded Palantir to a “hold” rating, while Cantor Fitzgerald also raised its target from $98.00 to $110.00. As it stands, five analysts have rated the stock as a sell, fourteen as hold, and four as buy, leading to a consensus rating of “Hold” with an average target price of $89.32.
Palantir Technologies, established as a leader in software platforms, primarily serves both commercial and government sectors. The company’s commitment to providing cutting-edge technology solutions continues to attract attention from investors and analysts alike.
