Synovus Financial Corp Grows Stock Holdings in Palantir Technologies Inc. (NYSE:PLTR)

Synovus Financial Corp lifted its holdings in Palantir Technologies Inc. (NYSE:PLTR) by 85.9% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 17,898 shares of the company’s stock after purchasing an additional 8,270 shares during the period. Synovus Financial Corp’s holdings in Palantir Technologies were worth $666,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the business. State Street Corp lifted its position in shares of Palantir Technologies by 96.4% in the 3rd quarter. State Street Corp now owns 82,512,440 shares of the company’s stock worth $3,069,463,000 after purchasing an additional 40,498,024 shares during the period. Geode Capital Management LLC lifted its position in shares of Palantir Technologies by 52.9% in 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 period. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Palantir Technologies by 5.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 14,982,925 shares of the company’s stock worth $557,365,000 after purchasing an additional 808,444 shares during the period. ARK Investment Management LLC lifted its position in shares of Palantir Technologies by 2.2% in the 2nd quarter. ARK Investment Management LLC now owns 13,023,099 shares of the company’s stock worth $329,875,000 after purchasing an additional 277,623 shares during the period. Finally, FMR LLC lifted its position in shares of Palantir Technologies by 8.8% in the 3rd quarter. FMR LLC now owns 12,478,281 shares of the company’s stock worth $464,192,000 after purchasing an additional 1,004,603 shares during the period. Hedge funds and other institutional investors own 45.65% of the company’s stock.

Insider Transactions at Palantir Technologies

In related news, insider Alexander C. Karp sold 4,500,000 shares of the stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $55.03, for a total transaction of $247,635,000.00. Following the sale, the insider now directly owns 6,432,258 shares of the company’s stock, valued at approximately $353,967,157.74. This represents a 41.16 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Shyam Sankar sold 5,250,000 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $70.08, for a total transaction of $367,920,000.00. Following the sale, the insider now directly owns 752,786 shares in the company, valued at $52,755,242.88. This trade represents a 87.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 35,612,366 shares of company stock worth $1,867,342,292 over the last 90 days. 12.93% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms recently commented on PLTR. Argus cut shares of Palantir Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, November 7th. DA Davidson increased their target price on shares of Palantir Technologies from $28.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. Mizuho increased their target price on shares of Palantir Technologies from $37.00 to $44.00 and gave the company an “underperform” rating in a research report on Friday, December 13th. William Blair reissued an “underperform” rating on shares of Palantir Technologies in a research report on Wednesday, December 4th. Finally, Northland Securities increased their target price on shares of Palantir Technologies from $35.00 to $38.00 and gave the company a “market perform” rating in a research report on Tuesday, November 5th. Six equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $38.40.

Palantir Technologies Trading Down 1.8 %

Shares of Palantir Technologies stock opened at $74.39 on Wednesday. Palantir Technologies Inc. has a 12-month low of $15.66 and a 12-month high of $80.91. The firm has a market capitalization of $169.46 billion, a price-to-earnings ratio of 371.95, a PEG ratio of 10.18 and a beta of 2.87. The firm’s 50 day simple moving average is $57.14 and its two-hundred day simple moving average is $39.39.

Palantir Technologies (NYSE:PLTR) last released its quarterly earnings data on Monday, November 4th. The company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. The firm had revenue of $725.52 million for the quarter, compared to analyst estimates of $705.11 million. Palantir Technologies had a net margin of 18.01% and a return on equity of 9.94%. The business’s quarterly revenue was up 30.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.03 earnings per share. On average, sell-side analysts predict that Palantir Technologies Inc. will post 0.21 EPS for the current fiscal year.

About Palantir Technologies

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