Palantir Technologies Inc. (NASDAQ:PLTR) Stake Increased by Mitsubishi UFJ Trust & Banking Corp

Key Points

• Mitsubishi UFJ Trust & Banking Corp increased its stake in Palantir Technologies by 7.3%, owning a total of 986,304 shares valued at approximately $83.2 million as of the latest filing.
• Several institutional investors, including Invesco Ltd. and Toronto Dominion Bank, have significantly raised their holdings, with over 45% of Palantir's shares now owned by hedge funds and other institutional investors.
• Insider trading activity included a significant sell-off, with Shyam Sankar selling 405,000 shares worth over $53 million, representing a 36.56% decrease in his ownership stake.

Mitsubishi UFJ Trust & Banking Corp increased its position in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 7.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 986,304 shares of the company's stock after acquiring an additional 67,252 shares during the period. Mitsubishi UFJ Trust & Banking Corp's holdings in Palantir Technologies were worth $83,244,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of PLTR. Invesco Ltd. raised its holdings in shares of Palantir Technologies by 31.2% during the fourth quarter. Invesco Ltd. now owns 14,748,240 shares of the company's stock worth $1,115,409,000 after acquiring an additional 3,509,311 shares in the last quarter. Capital World Investors bought a new position in Palantir Technologies during the fourth quarter valued at about $253,816,000. Northern Trust Corp raised its holdings in Palantir Technologies by 20.4% during the fourth quarter. Northern Trust Corp now owns 19,488,465 shares of the company's stock valued at $1,473,913,000 after buying an additional 3,299,779 shares in the last quarter. Clear Street Derivatives LLC bought a new position in Palantir Technologies during the fourth quarter valued at about $216,953,000. Finally, Toronto Dominion Bank raised its holdings in Palantir Technologies by 266.2% during the fourth quarter. Toronto Dominion Bank now owns 3,932,955 shares of the company's stock valued at $297,449,000 after buying an additional 2,859,091 shares in the last quarter. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, insider Shyam Sankar sold 405,000 shares of Palantir Technologies stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $132.08, for a total value of $53,492,400.00. Following the completion of the transaction, the insider owned 702,786 shares in the company, valued at approximately $92,823,974.88. The trade was a 36.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider David A. Glazer sold 30,812 shares of the company's stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $126.39, for a total value of $3,894,328.68. Following the transaction, the insider directly owned 495,497 shares in the company, valued at approximately $62,625,865.83. This represents a 5.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,485,632 shares of company stock valued at $191,222,623 in the last ninety days. 9.23% of the stock is owned by corporate insiders.

Palantir Technologies Trading Down 2.6%

NASDAQ PLTR opened at $154.27 on Friday. The stock's 50 day moving average is $140.37 and its two-hundred day moving average is $111.96. The company has a market capitalization of $364.06 billion, a price-to-earnings ratio of 670.74, a PEG ratio of 13.50 and a beta of 2.60. Palantir Technologies Inc. has a 1-year low of $21.23 and a 1-year high of $160.89.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last posted its earnings results on Monday, May 5th. The company reported $0.13 earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of $0.13. Palantir Technologies had a net margin of 18.32% and a return on equity of 6.55%. The company had revenue of $883.86 million during the quarter, compared to analysts' expectations of $863.89 million. During the same quarter in the previous year, the company posted $0.08 earnings per share. Palantir Technologies's quarterly revenue was up 39.4% compared to the same quarter last year. On average, analysts predict that Palantir Technologies Inc. will post 0.31 earnings per share for the current year.

Wall Street Analyst Weigh In

PLTR has been the topic of several recent research reports. Citigroup raised their target price on Palantir Technologies from $110.00 to $115.00 and gave the company a "neutral" rating in a report on Thursday, May 8th. DA Davidson lifted their price objective on Palantir Technologies from $100.00 to $115.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Royal Bank Of Canada reiterated an "underperform" rating on shares of Palantir Technologies in a research note on Tuesday, May 6th. Morgan Stanley lifted their price objective on Palantir Technologies from $90.00 to $98.00 and gave the stock an "equal weight" rating in a research note on Tuesday, May 6th. Finally, Piper Sandler started coverage on Palantir Technologies in a research note on Friday, July 25th. They issued an "overweight" rating and a $170.00 price objective on the stock. Four equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $96.45.

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.

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