First Trust Advisors LP Reduces Stock Holdings in Palantir Technologies Inc. (NYSE:PLTR)

First Trust Advisors LP decreased its stake in Palantir Technologies Inc. (NYSE:PLTR) by 10.8% during the fourth quarter, as reported in its recent disclosure with the Securities and Exchange Commission. The fund owned 2,390,900 shares of the company’s stock after selling 290,240 shares. First Trust Advisors LP owned approximately 0.11% of Palantir Technologies worth $41,052,000.

Several other hedge funds have also made changes to their holdings of the company. Truvestments Capital LLC increased its stake in Palantir Technologies by 74.9% in the third quarter. Other companies that acquired new positions in Palantir Technologies include First United Bank & Trust, Pacifica Partners Inc., GAMMA Investing LLC, and Provence Wealth Management Group.

Wall Street analysts have forecasted growth for Palantir Technologies. Various analysts have given their ratings on the stock, with a consensus rating of “Hold” and an average target price of $20.65.

Palantir Technologies Inc. (NYSE:PLTR) opened at $23.31 on Friday. The stock has a market cap of $51.91 billion, a PE ratio of 194.27, and a beta of 2.70. The company recently reported its earnings results, meeting the consensus estimate of $0.04 earnings per share for the quarter.

Insiders at Palantir Technologies have been active in selling shares of the company. Director Peter Thiel and Director Lauren Elaina Friedman Stat have both sold significant amounts of shares in recent transactions.

Palantir Technologies Inc. builds and deploys software platforms for the intelligence community to assist in counterterrorism investigations and operations. The company provides software platforms that enable users to identify patterns hidden within datasets and facilitate the handoff between analysts and operational users.

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