California Public Employees Retirement System Decreases Stake in Palantir Technologies Inc. (NASDAQ:PLTR)

California Public Employees Retirement System lessened its stake in Palantir Technologies Inc. (NASDAQ:PLTR) by 2.8% in the fourth quarter, HoldingsChannel.com reports. The firm owned 3,224,073 shares of the company’s stock after selling 91,773 shares during the quarter. California Public Employees Retirement System’s holdings in Palantir Technologies were worth $243,837,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PLTR. State Street Corp increased its holdings in Palantir Technologies by 96.4% in the third quarter. State Street Corp now owns 82,512,440 shares of the company’s stock valued at $3,069,463,000 after buying an additional 40,498,024 shares in the last quarter. Norges Bank purchased a new position in Palantir Technologies in the 4th quarter valued at approximately $1,360,191,000. Geode Capital Management LLC raised its holdings in Palantir Technologies by 52.9% during the third 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 last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in Palantir Technologies during the fourth quarter worth $240,236,000. Finally, Lord Abbett & CO. LLC grew its holdings in Palantir Technologies by 943.2% in the third quarter. Lord Abbett & CO. LLC now owns 3,300,766 shares of the company’s stock valued at $122,788,000 after purchasing an additional 2,984,348 shares during the last quarter. Institutional investors and hedge funds own 45.65% of the company’s stock.

Palantir Technologies Stock Performance

PLTR opened at $85.85 on Monday. Palantir Technologies Inc. has a 1 year low of $20.33 and a 1 year high of $125.41. The company’s 50 day simple moving average is $91.98 and its 200 day simple moving average is $69.53. The stock has a market capitalization of $201.35 billion, a PE ratio of 451.87, a P/E/G ratio of 10.84 and a beta of 2.81.

Insider Buying and Selling at Palantir Technologies

In related news, insider Ryan D. Taylor sold 483,987 shares of Palantir Technologies stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $74.48, for a total value of $36,047,351.76. Following the transaction, the insider now owns 170,273 shares in the company, valued at approximately $12,681,933.04. This trade represents a 73.97 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Stephen Andrew Cohen sold 1,250,000 shares of the company’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $82.75, for a total value of $103,437,500.00. Following the sale, the insider now owns 592 shares of the company’s stock, valued at $48,988. This represents a 99.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 3,379,785 shares of company stock worth $281,528,938 in the last quarter. 12.93% of the stock is owned by insiders.

Analysts Set New Price Targets

PLTR has been the topic of several recent research reports. Cantor Fitzgerald boosted their price objective on shares of Palantir Technologies from $72.00 to $98.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 4th. Morgan Stanley raised shares of Palantir Technologies from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $60.00 to $95.00 in a report on Tuesday, February 4th. William Blair set a $84.00 price objective on shares of Palantir Technologies in a research note on Wednesday, March 5th. Robert W. Baird increased their target price on Palantir Technologies from $70.00 to $100.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. Finally, Mizuho raised their price target on Palantir Technologies from $44.00 to $80.00 and gave the stock an “underperform” rating in a research report on Tuesday, February 4th. Five analysts have rated the stock with a sell rating, thirteen have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Palantir Technologies currently has an average rating of “Hold” and an average price target of $74.45.

Palantir Technologies Profile

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.