California Public Employees Retirement System Cuts Stake in Palantir Technologies Inc. $PLTR

Key Points

• CalPERS trimmed its Palantir stake by 6.6% in the first quarter, selling 271,889 shares and leaving it with 3,856,384 shares valued at about $564.1 million.
• Palantir’s latest earnings beat expectations, with quarterly EPS of $0.33 versus $0.28 expected and revenue of $1.63 billion versus $1.54 billion projected; revenue jumped 84.7% from a year earlier.
• Analyst sentiment remains mixed but constructive, with a consensus rating of “Moderate Buy” and an average price target of $190.85, even as some firms downgraded or maintained cautious views.

California Public Employees Retirement System lessened its stake in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 6.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,856,384 shares of the company's stock after selling 271,889 shares during the quarter. California Public Employees Retirement System owned 0.16% of Palantir Technologies worth $564,112,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of PLTR. Revolve Wealth Partners LLC purchased a new position in Palantir Technologies in the 4th quarter worth approximately $450,000. Bison Wealth LLC grew its position in Palantir Technologies by 37.4% in the fourth quarter. Bison Wealth LLC now owns 17,130 shares of the company's stock valued at $1,296,000 after acquiring an additional 4,667 shares in the last quarter. Capstone Wealth Management Group LLC raised its stake in shares of Palantir Technologies by 38.0% during the first quarter. Capstone Wealth Management Group LLC now owns 17,147 shares of the company's stock valued at $1,447,000 after purchasing an additional 4,722 shares during the period. Schnieders Capital Management LLC. raised its stake in shares of Palantir Technologies by 36.8% during the second quarter. Schnieders Capital Management LLC. now owns 6,294 shares of the company's stock valued at $858,000 after purchasing an additional 1,694 shares during the period. Finally, Vivaldi Capital Management LP acquired a new position in shares of Palantir Technologies during the second quarter worth $315,000. Hedge funds and other institutional investors own 45.65% of the company's stock.

Palantir Technologies Price Performance

PLTR opened at $132.38 on Friday. The stock has a market capitalization of $317.36 billion, a PE ratio of 148.74, a P/E/G ratio of 2.15 and a beta of 1.56. The firm's fifty day moving average price is $132.20 and its 200 day moving average price is $144.30. Palantir Technologies Inc. has a 12-month low of $106.37 and a 12-month high of $207.52.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last announced its quarterly earnings data on Monday, May 4th. The company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.28 by $0.05. The company had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.54 billion. Palantir Technologies had a net margin of 43.67% and a return on equity of 28.34%. The firm's revenue for the quarter was up 84.7% compared to the same quarter last year. During the same period last year, the business earned $0.13 EPS. On average, equities research analysts forecast that Palantir Technologies Inc. will post 1.17 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the stock. HSBC downgraded shares of Palantir Technologies from a "buy" rating to a "hold" rating and decreased their target price for the company from $205.00 to $151.00 in a research note on Friday, May 1st. Royal Bank Of Canada reiterated an "underperform" rating and issued a $90.00 price objective on shares of Palantir Technologies in a report on Tuesday, May 5th. DZ Bank started coverage on shares of Palantir Technologies in a research report on Thursday, April 23rd. They issued a "buy" rating and a $175.00 price objective for the company. Wolfe Research upgraded Palantir Technologies from an "underperform" rating to a "peer perform" rating in a research note on Tuesday, June 16th. Finally, Zacks Research raised Palantir Technologies from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 7th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, eleven have issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $190.85.

Insider Buying and Selling at Palantir Technologies

In other Palantir Technologies news, insider Stephen Andrew Cohen sold 319,934 shares of the company's stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $136.04, for a total transaction of $43,523,821.36. Following the sale, the insider owned 592 shares in the company, valued at $80,535.68. This represents a 99.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider David A. Glazer sold 17,128 shares of the stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $136.04, for a total value of $2,330,093.12. Following the transaction, the insider directly owned 375,242 shares in the company, valued at approximately $51,047,921.68. This represents a 4.37% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 1,112,270 shares of company stock valued at $150,247,785. Corporate insiders own 9.53% of the company's stock.

Key Palantir Technologies News

Here are the key news stories impacting Palantir Technologies this week:

• Positive Sentiment: DA Davidson reaffirmed its buy rating on Palantir and set a $175 price target, implying meaningful upside from current levels. This helps reinforce the bullish case after recent volatility. Benzinga article
• Positive Sentiment: Palantir’s partnership with Nvidia on sovereign AI is drawing investor interest and is being framed as a potential long-term growth catalyst, especially as AI infrastructure spending continues. Article
• Positive Sentiment: Palantir CEO Alex Karp has been highlighting the company as one of the key beneficiaries of AI infrastructure demand, which may support the bull thesis that Palantir is becoming a major enterprise AI winner. Article

About Palantir Technologies

Palantir Technologies is a software company that develops data integration, analytics and operational decision-making platforms for government and commercial customers. Founded in 2003 by a team that included Alex Karp and Peter Thiel, Palantir has grown into a provider of enterprise-scale software designed to help organizations integrate disparate data sources, build analytic models and drive operational workflows. The company went public in 2020 and continues to position its products around large, complex data projects where security, provenance and real-time collaboration are important.

Palantir's product portfolio centers on a small number of core platforms.

Want to see what other hedge funds are holding PLTR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Palantir Technologies Inc. (NASDAQ:PLTR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.