Maryland State Retirement & Pension System Sells 11,765 Shares of Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• The Maryland State Retirement & Pension System reduced its stake in Palantir Technologies by 10.9%, holding $8.14 million worth of shares after selling 11,765 shares.
• Palantir's recent earnings report showed a net margin of 22.18% and revenue of $1 billion, exceeding analyst expectations of $939.29 million.
• Institutional investors collectively own 45.65% of Palantir's stock, with recent analyst ratings showing mostly hold positions and price targets ranging from $141 to $200.

Maryland State Retirement & Pension System trimmed its stake in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 10.9% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 96,420 shares of the company's stock after selling 11,765 shares during the period. Maryland State Retirement & Pension System's holdings in Palantir Technologies were worth $8,138,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of PLTR. Goldman Sachs Group Inc. increased its position in shares of Palantir Technologies by 38.5% in the first quarter. Goldman Sachs Group Inc. now owns 15,180,154 shares of the company's stock worth $1,281,205,000 after purchasing an additional 4,221,392 shares during the last quarter. Capital World Investors bought a new position in shares of Palantir Technologies in the fourth quarter worth approximately $253,816,000. Northern Trust Corp increased its position in shares of Palantir Technologies by 20.4% in the fourth quarter. Northern Trust Corp now owns 19,488,465 shares of the company's stock worth $1,473,913,000 after purchasing an additional 3,299,779 shares during the last quarter. Clear Street Derivatives LLC bought a new position in shares of Palantir Technologies in the fourth quarter worth approximately $216,953,000. Finally, Toronto Dominion Bank increased its position in shares of Palantir Technologies by 266.2% in the fourth quarter. Toronto Dominion Bank now owns 3,932,955 shares of the company's stock worth $297,449,000 after purchasing an additional 2,859,091 shares during the last quarter. 45.65% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Eric H. Woersching sold 10,214 shares of the firm's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $130.95, for a total value of $1,337,523.30. Following the completion of the sale, the director owned 2,348 shares of the company's stock, valued at $307,470.60. This trade represents a 81.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider David A. Glazer sold 3,418 shares of the firm's stock in a transaction on Wednesday, May 21st. The stock was sold at an average price of $125.97, for a total value of $430,565.46. Following the completion of the sale, the insider directly owned 492,079 shares of the company's stock, valued at $61,987,191.63. The trade was a 0.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,515,632 shares of company stock valued at $196,472,623 over the last three months. Insiders own 9.23% of the company's stock.

Analysts Set New Price Targets

Several brokerages have issued reports on PLTR. Piper Sandler set a $182.00 target price on Palantir Technologies in a research note on Tuesday, August 5th. Citigroup reaffirmed a "neutral" rating and issued a $177.00 target price (up previously from $158.00) on shares of Palantir Technologies in a research note on Tuesday, August 5th. DA Davidson set a $170.00 target price on Palantir Technologies and gave the stock a "neutral" rating in a research note on Tuesday, August 5th. Wall Street Zen raised Palantir Technologies from a "hold" rating to a "buy" rating in a research note on Saturday. Finally, Royal Bank Of Canada upped their target price on Palantir Technologies from $40.00 to $45.00 and gave the stock an "underperform" rating in a research note on Tuesday, August 5th. Two equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $136.61.

Palantir Technologies Trading Up 2.6%

Shares of NASDAQ:PLTR traded up $4.76 during trading on Friday, reaching $186.96. 62,386,781 shares of the company traded hands, compared to its average volume of 61,219,692. The firm has a market capitalization of $441.21 billion, a price-to-earnings ratio of 623.22, a P/E/G ratio of 11.88 and a beta of 2.60. Palantir Technologies Inc. has a 52-week low of $29.10 and a 52-week high of $187.99. The business's fifty day moving average is $145.64 and its 200-day moving average is $115.87.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The company reported $0.16 earnings per share for the quarter, beating analysts' consensus estimates of $0.14 by $0.02. Palantir Technologies had a return on equity of 10.75% and a net margin of 22.18%. The firm had revenue of $1 billion during the quarter, compared to analyst estimates of $939.29 million. During the same quarter in the prior year, the firm posted $0.09 earnings per share. The business's quarterly revenue was up 48.0% compared to the same quarter last year. On average, sell-side analysts predict that Palantir Technologies Inc. will post 0.31 earnings per share for the current fiscal year.

Palantir Technologies Company 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.