California State Teachers Retirement System Sells 68,168 Shares of Palantir Technologies Inc. $PLTR

California State Teachers Retirement System trimmed its stake in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 1.9% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,445,257 shares of the company's stock after selling 68,168 shares during the quarter. Palantir Technologies comprises about 0.5% of California State Teachers Retirement System's holdings, making the stock its 25th biggest position. California State Teachers Retirement System owned 0.14% of Palantir Technologies worth $503,972,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. raised its stake in Palantir Technologies by 0.7% during the 4th quarter. Vanguard Group Inc. now owns 215,444,098 shares of the company's stock worth $38,295,188,000 after buying an additional 1,557,828 shares during the period. State Street Corp grew its stake in Palantir Technologies by 1.1% in the fourth quarter. State Street Corp now owns 102,385,317 shares of the company's stock valued at $18,198,990,000 after acquiring an additional 1,126,418 shares during the period. Geode Capital Management LLC grew its stake in Palantir Technologies by 1.5% in the fourth quarter. Geode Capital Management LLC now owns 54,200,265 shares of the company's stock valued at $9,599,882,000 after acquiring an additional 805,047 shares during the period. Norges Bank bought a new stake in shares of Palantir Technologies during the fourth quarter valued at approximately $5,149,641,000. Finally, Invesco Ltd. raised its position in shares of Palantir Technologies by 2.8% during the fourth quarter. Invesco Ltd. now owns 22,415,082 shares of the company's stock worth $3,984,281,000 after purchasing an additional 616,297 shares during the period. Institutional investors and hedge funds own 45.65% of the company's stock.

Wall Street Analyst Weigh In

PLTR has been the subject of several research reports. Cantor Fitzgerald reissued a "neutral" rating and issued a $138.00 price target on shares of Palantir Technologies in a research report on Friday, May 22nd. BTIG Research lowered shares of Palantir Technologies to a "neutral" rating in a research note on Tuesday, June 16th. HSBC cut shares of Palantir Technologies from a "buy" rating to a "hold" rating and reduced their price objective for the company from $205.00 to $151.00 in a report on Friday, May 1st. Argus raised shares of Palantir Technologies from a "hold" rating to a "buy" rating and set a $190.00 target price for the company in a research report on Wednesday, May 6th. Finally, Mizuho dropped their price target on shares of Palantir Technologies from $195.00 to $185.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 14th. Two analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, eleven have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, Palantir Technologies presently has a consensus rating of "Moderate Buy" and an average price target of $189.88.

Palantir Technologies Trading Down 6.1%

NASDAQ PLTR opened at $123.53 on Wednesday. The business has a fifty day simple moving average of $131.24 and a 200 day simple moving average of $141.58. Palantir Technologies Inc. has a 12 month low of $106.37 and a 12 month high of $207.52. The firm has a market capitalization of $296.14 billion, a P/E ratio of 138.80, a PEG ratio of 2.10 and a beta of 1.56.

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

Key Stories Impacting Palantir Technologies

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

• Positive Sentiment: Oppenheimer reiterated its Outperform rating and $200 price target, citing the potential for a strong second-quarter earnings beat and another increase to Palantir’s outlook. Oppenheimer earnings expectations
• Positive Sentiment: Analysts and other market commentators expect revenue growth of roughly 85% in the second quarter, with U.S. government demand potentially supporting stronger full-year guidance. Palantir’s artificial-intelligence platform continues to gain traction with government and commercial customers. Palantir earnings outlook
• Positive Sentiment: Technical analysts noted that PLTR had recently reclaimed its 20-day and 50-day moving averages, while a bullish-flag pattern could support a rebound if earnings trigger an upside breakout. Palantir technical forecast

Insider Buying and Selling

In related news, insider Stephen Andrew Cohen sold 319,934 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 transaction of $43,523,821.36. Following the completion of the sale, the insider directly owned 592 shares of the company's stock, valued at approximately $80,535.68. This trade represents a 99.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Shyam Sankar sold 165,514 shares of the firm's stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $136.04, for a total value of $22,516,524.56. Following the sale, the insider directly owned 642,786 shares of the company's stock, valued at approximately $87,444,607.44. This represents a 20.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 1,112,270 shares of company stock valued at $150,247,785 over the last quarter. Corporate insiders own 9.53% of the company's stock.

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.

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.