Cullinan Associates Inc. Invests $303,000 in Palantir Technologies Inc. (NASDAQ:PLTR)

Cullinan Associates Inc. acquired a new position in shares of Palantir Technologies Inc. (NASDAQ:PLTR) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 4,000 shares of the company’s stock, valued at approximately $303,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Tritonpoint Wealth LLC raised its position in Palantir Technologies by 1.9% during the fourth quarter. Tritonpoint Wealth LLC now owns 7,100 shares of the company’s stock valued at $537,000 after acquiring an additional 132 shares in the last quarter. Kennebec Savings Bank raised its position in Palantir Technologies by 29.5% during 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 in the last quarter. RMR Wealth Builders raised its position in Palantir Technologies by 2.4% during the fourth quarter. RMR Wealth Builders now owns 7,201 shares of the company’s stock valued at $545,000 after acquiring an additional 167 shares in the last quarter. Bay Rivers Group raised its position in Palantir Technologies by 2.7% during the fourth quarter. Bay Rivers Group now owns 6,406 shares of the company’s stock valued at $484,000 after acquiring an additional 171 shares in the last quarter. Finally, Christensen King & Associates Investment Services Inc. raised its position in Palantir Technologies by 3.0% during the fourth quarter. Christensen King & Associates Investment Services Inc. now owns 5,897 shares of the company’s stock valued at $486,000 after acquiring an additional 174 shares in the last quarter. 45.65% of the stock is currently owned by institutional investors and hedge funds.

Palantir Technologies Stock Performance

NASDAQ PLTR opened at $103.83 on Wednesday. The stock’s fifty day moving average is $74.09 and its two-hundred day moving average is $51.39. The firm has a market capitalization of $236.53 billion, a P/E ratio of 519.18, a price-to-earnings-growth ratio of 7.54 and a beta of 2.81. Palantir Technologies Inc. has a fifty-two week low of $16.48 and a fifty-two week high of $106.91.

Palantir Technologies (NASDAQ: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. Palantir Technologies had a return on equity of 9.94% and a net margin of 18.01%. The company had revenue of $725.52 million for the quarter, compared to analyst estimates of $705.11 million. During the same quarter in the previous year, the company posted $0.03 earnings per share. The firm’s revenue for the quarter was up 30.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Palantir Technologies Inc. will post 0.19 EPS for the current year.

Analysts Set New Price Targets

A number of analysts have recently commented on the company. Jefferies Financial Group boosted their price objective on Palantir Technologies from $28.00 to $60.00 and gave the company an “underperform” rating in a research report on Tuesday. Royal Bank of Canada boosted 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. Cantor Fitzgerald boosted their price objective on Palantir Technologies from $72.00 to $98.00 and gave the company a “neutral” rating in a research report on Tuesday. William Blair restated an “underperform” rating on shares of Palantir Technologies in a research report on Wednesday, December 18th. Finally, UBS Group boosted their price objective on Palantir Technologies from $80.00 to $105.00 and gave the company a “neutral” rating in a research report on Tuesday. Six investment analysts have rated the stock with a sell rating, twelve have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Palantir Technologies presently has an average rating of “Hold” and a consensus target price of $64.89.

Insider Activity

In other news, Director Lauren Elaina Friedman Stat sold 8,860 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $58.06, for a total value of $514,411.60. Following the transaction, the director now owns 121,390 shares of the company’s stock, valued at $7,047,903.40. This represents a 6.80 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Alexander C. Karp sold 4,500,000 shares of the company’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $55.03, for a total value of $247,635,000.00. Following the completion of the transaction, the insider now directly owns 6,432,258 shares in the company, valued at approximately $353,967,157.74. This trade represents a 41.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,153,753 shares of company stock valued at $1,287,042,675 in the last quarter. Insiders own 12.93% of the company’s stock.

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.