State of Michigan Retirement System Has $78.16 Million Stock Position in Palantir Technologies Inc. (NASDAQ:PLTR)

State of Michigan Retirement System lowered its stake in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 5.1% during the first quarter, according to its most recent Form 13F filing 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 quarter.

A number of other hedge funds have also recently added to or reduced their stakes in PLTR. Norges Bank acquired a new position in shares of Palantir Technologies during the fourth quarter worth $1,360,191,000. Geode Capital Management LLC lifted its holdings in shares of Palantir Technologies by 8.6% during the fourth quarter. Geode Capital Management LLC now owns 52,074,232 shares of the company's stock worth $3,929,401,000 after purchasing an additional 4,127,306 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Palantir Technologies by 504.0% during the fourth quarter. Wellington Management Group LLP now owns 4,682,230 shares of the company's stock worth $354,117,000 after purchasing an additional 3,907,022 shares during the period. Invesco Ltd. lifted 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 purchasing an additional 3,509,311 shares during the period. Finally, Capital World Investors acquired a new position in shares of Palantir Technologies during the fourth quarter worth $253,816,000. Institutional investors and hedge funds own 45.65% of the company's stock.

Insiders Place Their Bets

In other news, insider Shyam Sankar sold 405,000 shares of the firm's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $132.08, for a total transaction of $53,492,400.00. Following the transaction, the insider directly owned 702,786 shares of the company's stock, valued at approximately $92,823,974.88. This trade represents a 36.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Alexander C. Karp sold 358,982 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 $45,371,734.98. Following the transaction, the insider directly owned 6,432,258 shares in the company, valued at $812,973,088.62. This trade represents a 5.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,451,497 shares of company stock valued at $186,110,685 over the last quarter. Insiders own 9.23% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Daiwa America raised shares of Palantir Technologies to a "hold" rating in a research note on Tuesday, April 1st. Deutsche Bank Aktiengesellschaft reaffirmed a "sell" rating on shares of Palantir Technologies in a research note on Tuesday, May 6th. The Goldman Sachs Group lifted their price target on shares of Palantir Technologies from $80.00 to $90.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Wedbush reissued an "outperform" rating on shares of Palantir Technologies in a research report on Thursday. Finally, Daiwa Capital Markets initiated coverage on shares of Palantir Technologies in a research report on Tuesday, April 1st. They set a "neutral" rating and a $90.00 target price for the company. Five analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Palantir Technologies currently has an average rating of "Hold" and a consensus target price of $89.32.

Palantir Technologies Trading Down 0.4%

Palantir Technologies stock opened at $142.50 on Friday. The firm's 50 day simple moving average is $130.45 and its 200 day simple moving average is $103.25. The firm has a market capitalization of $336.29 billion, a PE ratio of 619.57, a price-to-earnings-growth ratio of 12.22 and a beta of 2.59. Palantir Technologies Inc. has a 1-year low of $21.23 and a 1-year high of $148.22.

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

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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