State of Michigan Retirement System Lowers Stake in Palantir Technologies Inc. (NASDAQ:PLTR)

State of Michigan Retirement System cut its holdings in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 5.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 926,100 shares of the company's stock after selling 50,200 shares during the period. State of Michigan Retirement System's holdings in Palantir Technologies were worth $78,163,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Assenagon Asset Management S.A. grew its position in Palantir Technologies by 15.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 49,651 shares of the company's stock worth $4,191,000 after purchasing an additional 6,479 shares in the last quarter. Pitcairn Co. purchased a new position in shares of Palantir Technologies in the 4th quarter worth approximately $281,000. Sagespring Wealth Partners LLC grew its holdings in shares of Palantir Technologies by 36.3% in the first quarter. Sagespring Wealth Partners LLC now owns 24,054 shares of the company's stock valued at $2,030,000 after acquiring an additional 6,405 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of Palantir Technologies during the fourth quarter valued at approximately $52,033,000. Finally, CX Institutional purchased a new stake in shares of Palantir Technologies during the first quarter valued at approximately $62,000. Institutional investors and hedge funds own 45.65% of the company's stock.

Insider Transactions at Palantir Technologies

In related news, insider Alexander C. Karp sold 358,982 shares of the business's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $126.39, for a total transaction of $45,371,734.98. Following the completion of the transaction, the insider directly owned 6,432,258 shares in the company, valued at $812,973,088.62. The trade was a 5.29% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Stephen Andrew Cohen sold 309,696 shares of the firm's stock in a transaction dated 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 sale, the insider directly owned 592 shares in the company, valued at approximately $74,822.88. The trade was a 99.81% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,451,497 shares of company stock worth $186,110,685. 9.23% of the stock is owned by corporate insiders.

Palantir Technologies Stock Performance

NASDAQ PLTR traded down $0.40 during trading hours on Friday, hitting $142.10. The company had a trading volume of 52,005,962 shares, compared to its average volume of 83,116,242. The firm has a market capitalization of $335.34 billion, a price-to-earnings ratio of 1,187.50, a PEG ratio of 12.16 and a beta of 2.59. Palantir Technologies Inc. has a 52 week low of $21.23 and a 52 week high of $148.22. The firm has a 50 day simple moving average of $130.45 and a 200 day simple moving average of $103.25.

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

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on PLTR shares. Loop Capital set a $155.00 target price on Palantir Technologies and gave the company a "buy" rating in a research report on Thursday, June 12th. Citigroup increased their price target on shares of Palantir Technologies from $110.00 to $115.00 and gave the company a "neutral" rating in a research report on Thursday, May 8th. Daiwa America raised shares of Palantir Technologies to a "hold" rating in a research report on Tuesday, April 1st. Royal Bank Of Canada reiterated an "underperform" rating on shares of Palantir Technologies in a research note on Tuesday, May 6th. Finally, Wedbush restated an "outperform" rating on shares of Palantir Technologies in a research note on Thursday. Five equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $89.32.

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.