State of New Jersey Common Pension Fund D Has $59.88 Million Stock Holdings in Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• The State of New Jersey Common Pension Fund D has reduced its stake in Palantir Technologies Inc. by 5.2%, owning 709,506 shares valued at approximately $59.9 million following the sale of 38,738 shares.
• Insider transactions show significant selling activity, with a total of 1.52 million shares sold by company insiders over the last three months, resulting in a 99.81% decrease in one insider's ownership.
• Analysts have recently upgraded Palantir Technologies' ratings, with new price targets set, including an increase from $150 to $180 by Bank of America.

State of New Jersey Common Pension Fund D reduced its position in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 5.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 709,506 shares of the company's stock after selling 38,738 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Palantir Technologies were worth $59,882,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of PLTR. Assenagon Asset Management S.A. grew its holdings in shares of Palantir Technologies by 15.0% during the first quarter. Assenagon Asset Management S.A. now owns 49,651 shares of the company's stock valued at $4,191,000 after purchasing an additional 6,479 shares during the last quarter. Garrison Bradford & Associates Inc. bought a new position in shares of Palantir Technologies during the first quarter valued at approximately $45,000. Menard Financial Group LLC grew its holdings in shares of Palantir Technologies by 8.2% during the first quarter. Menard Financial Group LLC now owns 25,938 shares of the company's stock valued at $2,189,000 after purchasing an additional 1,964 shares during the last quarter. TCW Group Inc. grew its holdings in shares of Palantir Technologies by 14.5% during the first quarter. TCW Group Inc. now owns 32,031 shares of the company's stock valued at $2,703,000 after purchasing an additional 4,068 shares during the last quarter. Finally, Sagespring Wealth Partners LLC grew its holdings in shares of Palantir Technologies by 36.3% during the first quarter. Sagespring Wealth Partners LLC now owns 24,054 shares of the company's stock valued at $2,030,000 after purchasing an additional 6,405 shares during the last quarter. 45.65% of the stock is owned by institutional investors.

Palantir Technologies Stock Performance

Shares of NASDAQ PLTR traded down $3.85 during trading on Friday, hitting $177.17. The company had a trading volume of 60,159,324 shares, compared to its average volume of 59,720,308. The company has a market cap of $418.11 billion, a P/E ratio of 590.59, a PEG ratio of 9.99 and a beta of 2.60. Palantir Technologies Inc. has a 52 week low of $29.31 and a 52 week high of $190.00. The business's 50-day moving average is $151.03 and its 200 day moving average is $119.48.

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, research analysts expect that Palantir Technologies Inc. will post 0.31 EPS for the current year.

Insider Buying and Selling

In other Palantir Technologies news, insider Stephen Andrew Cohen sold 309,696 shares of the business's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $126.39, for a total transaction of $39,142,477.44. Following the sale, the insider directly owned 592 shares of the company's stock, valued at $74,822.88. The trade was a 99.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Shyam Sankar sold 405,000 shares of the business's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $132.08, for a total transaction of $53,492,400.00. Following the sale, the insider directly owned 702,786 shares in the company, valued at approximately $92,823,974.88. This trade represents a 36.56% decrease in their ownership of the stock. 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 9.23% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on PLTR. Morgan Stanley set a $155.00 target price on Palantir Technologies and gave the company an "equal weight" rating in a report on Tuesday, August 5th. DA Davidson set a $170.00 target price on Palantir Technologies and gave the company a "neutral" rating in a report on Tuesday, August 5th. UBS Group reiterated a "neutral" rating and set a $165.00 price objective (up from $110.00) on shares of Palantir Technologies in a research report on Tuesday, August 5th. The Goldman Sachs Group boosted their price objective on Palantir Technologies from $90.00 to $141.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 6th. Finally, Cantor Fitzgerald boosted their price objective on Palantir Technologies from $110.00 to $155.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 5th. Two investment 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. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $136.61.

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.