Palantir Technologies Inc. (NASDAQ:PLTR) Shares Sold by State of Michigan Retirement System

State of Michigan Retirement System reduced its stake in Palantir Technologies Inc. (NASDAQ:PLTR) by 8.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 976,300 shares of the company’s stock after selling 85,100 shares during the quarter. State of Michigan Retirement System’s holdings in Palantir Technologies were worth $73,838,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. State Street Corp raised its position 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 purchasing an additional 40,498,024 shares during the period. Geode Capital Management LLC grew its stake in shares of Palantir Technologies by 52.9% in the third quarter. Geode Capital Management LLC now owns 47,946,926 shares of the company’s stock valued at $1,777,568,000 after buying an additional 16,598,253 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings 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 valued at $557,365,000 after buying an additional 808,444 shares during the period. Bank of New York Mellon Corp lifted its stake in Palantir Technologies by 10.9% during the 4th quarter. Bank of New York Mellon Corp now owns 12,843,672 shares of the company’s stock worth $971,367,000 after acquiring an additional 1,262,479 shares in the last quarter. Finally, FMR LLC boosted its holdings in Palantir Technologies by 8.8% during the 3rd quarter. FMR LLC now owns 12,478,281 shares of the company’s stock valued at $464,192,000 after acquiring an additional 1,004,603 shares during the period. Hedge funds and other institutional investors own 45.65% of the company’s stock.

Palantir Technologies Trading Down 1.8 %

Shares of Palantir Technologies stock opened at $83.42 on Tuesday. The company has a fifty day simple moving average of $87.14 and a 200-day simple moving average of $62.23. The stock has a market cap of $190.03 billion, a price-to-earnings ratio of 439.08, a PEG ratio of 10.84 and a beta of 2.81. Palantir Technologies Inc. has a 12-month low of $20.33 and a 12-month high of $125.41.

Insider Activity at Palantir Technologies

In related news, insider Stephen Andrew Cohen sold 450,000 shares of the company’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $70.95, for a total value of $31,927,500.00. Following the completion of the sale, the insider now owns 592 shares in the company, valued at $42,002.40. This represents a 99.87 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Alexandra W. Schiff sold 4,000 shares of the firm’s stock in a transaction on Tuesday, January 7th. The stock was sold at an average price of $71.63, for a total transaction of $286,520.00. Following the transaction, the director now directly owns 195,393 shares in the company, valued at $13,996,000.59. The trade was a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,439,783 shares of company stock valued at $107,497,043 over the last ninety days. Insiders own 12.93% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on PLTR. Morgan Stanley upgraded shares of Palantir Technologies from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $60.00 to $95.00 in a research note on Tuesday, February 4th. Robert W. Baird lifted their price objective on shares of Palantir Technologies from $70.00 to $100.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. Loop Capital began coverage on shares of Palantir Technologies in a report on Thursday, February 20th. They set a “buy” rating and a $141.00 target price on the stock. Jefferies Financial Group boosted their price target on shares of Palantir Technologies from $28.00 to $60.00 and gave the stock an “underperform” rating in a research note on Tuesday, February 4th. Finally, Wedbush reiterated an “outperform” rating and issued a $120.00 target price on shares of Palantir Technologies in a report on Monday. Six research analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $74.79.

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.