Public Sector Pension Investment Board Increases Position in Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• The Public Sector Pension Investment Board increased its holdings in Palantir Technologies Inc. (NASDAQ:PLTR) by 81.4%, adding 242,610 shares for a total of 540,792 shares valued at approximately $45.6 million.
• Several institutional investors reported significant increases in their stakes in Palantir, with Northern Trust Corp adding 20.4% and Goldman Sachs Group Inc. increasing theirs by 38.5% during the last quarter.
• Palantir's recent quarterly earnings beat estimates, reporting $1 billion in revenue and $0.16 earnings per share, marking a 48% year-over-year revenue increase.

Public Sector Pension Investment Board lifted its holdings in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 81.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 540,792 shares of the company's stock after acquiring an additional 242,610 shares during the quarter. Public Sector Pension Investment Board's holdings in Palantir Technologies were worth $45,643,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Northern Trust Corp grew its stake in 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 in the last quarter. Invesco Ltd. grew its stake in Palantir Technologies by 20.3% in the first quarter. Invesco Ltd. now owns 17,746,956 shares of the company's stock worth $1,497,843,000 after purchasing an additional 2,998,716 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in 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 in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Palantir Technologies by 4.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 13,614,399 shares of the company's stock worth $1,149,055,000 after purchasing an additional 571,544 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in Palantir Technologies by 1.5% in the first quarter. Bank of New York Mellon Corp now owns 13,031,532 shares of the company's stock worth $1,099,861,000 after purchasing an additional 187,860 shares in the last quarter. 45.65% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Palantir Technologies news, insider Shyam Sankar sold 405,000 shares of the company's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $132.08, for a total value of $53,492,400.00. Following the transaction, the insider owned 702,786 shares of the company's stock, valued at approximately $92,823,974.88. This represents a 36.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Stephen Andrew Cohen sold 309,696 shares of the company's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $126.39, for a total value of $39,142,477.44. Following the completion of the transaction, the insider directly owned 592 shares in the company, valued at $74,822.88. This represents a 99.81% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,515,632 shares of company stock valued at $196,472,623 in the last three months. Insiders own 12.93% of the company's stock.

Palantir Technologies Price Performance

Shares of NASDAQ:PLTR opened at $186.96 on Monday. Palantir Technologies Inc. has a 12 month low of $29.10 and a 12 month high of $187.99. The stock has a market cap of $441.21 billion, a price-to-earnings ratio of 623.22, a PEG ratio of 10.54 and a beta of 2.60. The stock's 50 day moving average price is $145.64 and its 200 day moving average price is $116.13.

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

Wall Street Analysts Forecast Growth

PLTR has been the subject of a number of research reports. Piper Sandler set a $182.00 price target on Palantir Technologies in a research note on Tuesday, August 5th. Deutsche Bank Aktiengesellschaft upgraded Palantir Technologies from a "sell" rating to a "hold" rating and lifted their target price for the company from $80.00 to $160.00 in a research note on Tuesday, August 5th. UBS Group restated a "neutral" rating and issued a $165.00 target price (up from $110.00) 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 company a "neutral" rating in a research note on Tuesday, August 5th. Finally, Citigroup restated a "neutral" rating and issued a $177.00 target price (up from $158.00) on shares of Palantir Technologies in a research note on Tuesday, August 5th. Two equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Palantir Technologies has an average rating of "Hold" and a consensus target price of $136.61.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.