Retirement Systems of Alabama Invests $16.37 Million in Palantir Technologies Inc. (NYSE:PLTR)

Retirement Systems of Alabama acquired a new stake in shares of Palantir Technologies Inc. (NYSE:PLTR) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 440,118 shares of the company’s stock, valued at approximately $16,372,000.

A number of other institutional investors have also recently bought and sold shares of PLTR. Charles Schwab Investment Management Inc. raised its holdings in shares of Palantir Technologies by 60.5% during 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 purchasing an additional 4,667,955 shares in the last quarter. State of Alaska Department of Revenue increased its position in Palantir Technologies by 22.9% during the third quarter. State of Alaska Department of Revenue now owns 370,625 shares of the company’s stock worth $13,786,000 after buying an additional 68,945 shares during the last quarter. Oppenheimer & Co. Inc. raised its holdings in Palantir Technologies by 19.2% during the third quarter. Oppenheimer & Co. Inc. now owns 541,567 shares of the company’s stock valued at $20,146,000 after buying an additional 87,062 shares in the last quarter. Tyler Stone Wealth Management lifted its position in shares of Palantir Technologies by 97.9% in the third quarter. Tyler Stone Wealth Management now owns 202,006 shares of the company’s stock worth $7,515,000 after buying an additional 99,921 shares during the last quarter. Finally, Coldstream Capital Management Inc. bought a new stake in shares of Palantir Technologies during the 3rd quarter worth about $639,000. Institutional investors and hedge funds own 45.65% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. The Goldman Sachs Group boosted their target price on Palantir Technologies from $16.00 to $41.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Robert W. Baird initiated coverage on shares of Palantir Technologies in a research note on Thursday. They issued a “neutral” rating and a $70.00 price objective for the company. Raymond James lowered shares of Palantir Technologies from an “outperform” rating to a “market perform” rating in a research note on Monday, September 23rd. Wedbush boosted their target price on shares of Palantir Technologies from $57.00 to $75.00 and gave the stock an “outperform” rating in a research report on Monday, November 25th. Finally, DA Davidson raised their price target on Palantir Technologies from $28.00 to $47.00 and gave the company a “neutral” rating in a research report on Tuesday, November 5th. Six 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’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $38.40.

Insider Activity

In other news, insider Shyam Sankar sold 5,250,000 shares of the business’s stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $70.08, for a total value of $367,920,000.00. Following the sale, the insider now owns 752,786 shares in the company, valued at approximately $52,755,242.88. The trade was a 87.46 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lauren Elaina Friedman Stat sold 6,655 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $38.17, for a total transaction of $254,021.35. Following the sale, the director now owns 145,625 shares of the company’s stock, valued at $5,558,506.25. This trade represents a 4.37 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 35,612,366 shares of company stock worth $1,867,342,292. Company insiders own 12.93% of the company’s stock.

Palantir Technologies Price Performance

Shares of PLTR stock opened at $76.07 on Monday. The stock has a market cap of $173.29 billion, a P/E ratio of 380.37, a price-to-earnings-growth ratio of 10.18 and a beta of 2.87. The stock has a fifty day moving average price of $55.75 and a 200 day moving average price of $38.63. Palantir Technologies Inc. has a one year low of $15.66 and a one year high of $80.91.

Palantir Technologies (NYSE:PLTR) last issued its earnings results on Monday, November 4th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.01. Palantir Technologies had a net margin of 18.01% and a return on equity of 9.94%. The business had revenue of $725.52 million for the quarter, compared to analyst estimates of $705.11 million. During the same period in the previous year, the business earned $0.03 EPS. The firm’s revenue was up 30.0% on a year-over-year basis. Equities research analysts anticipate that Palantir Technologies Inc. will post 0.21 EPS for the current 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.