Palantir Technologies Inc. (NASDAQ:PLTR) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. reduced its position in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 14.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 10,202,840 shares of the company's stock after selling 1,719,723 shares during the quarter. Palantir Technologies makes up about 0.6% of Sumitomo Mitsui Trust Group Inc.'s holdings, making the stock its 25th biggest holding. Sumitomo Mitsui Trust Group Inc. owned about 0.44% of Palantir Technologies worth $861,120,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PLTR. Barnes Pettey Financial Advisors LLC purchased a new position in shares of Palantir Technologies during the first quarter valued at about $250,000. J. L. Bainbridge & Co. Inc. purchased a new position in shares of Palantir Technologies during the 1st quarter worth approximately $209,000. Patron Partners LLC raised its position in shares of Palantir Technologies by 21.6% in the 1st quarter. Patron Partners LLC now owns 7,597 shares of the company's stock worth $641,000 after acquiring an additional 1,347 shares in the last quarter. Tsfg LLC lifted its stake in shares of Palantir Technologies by 96.8% in the 1st quarter. Tsfg LLC now owns 5,437 shares of the company's stock valued at $459,000 after purchasing an additional 2,674 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its position in shares of Palantir Technologies by 134.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 417,677 shares of the company's stock valued at $35,369,000 after purchasing an additional 239,178 shares in the last quarter. 45.65% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PLTR has been the topic of several recent research reports. Citigroup upped their price target on Palantir Technologies from $110.00 to $115.00 and gave the stock a "neutral" rating in a research note on Thursday, May 8th. DA Davidson upped their target price on shares of Palantir Technologies from $100.00 to $115.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Morgan Stanley upped their target price on shares of Palantir Technologies from $90.00 to $98.00 and gave the stock an "equal weight" rating in a research report on Tuesday, May 6th. Mizuho upped their target price on shares of Palantir Technologies from $94.00 to $116.00 and gave the stock an "underperform" rating in a research report on Wednesday, June 11th. Finally, Daiwa America raised shares of Palantir Technologies to a "hold" rating in a research report on Tuesday, April 1st. Five equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $89.32.

Insider Buying and Selling

In other Palantir Technologies news, insider Shyam Sankar sold 405,000 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 702,786 shares of the company's stock, valued at approximately $92,823,974.88. The trade was a 36.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Eric H. Woersching sold 17,000 shares of the business's stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of $129.29, for a total value of $2,197,930.00. Following the completion of the transaction, the director now directly owns 12,562 shares of the company's stock, valued at $1,624,140.98. The trade was a 57.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,506,925 shares of company stock valued at $188,456,658 over the last quarter. 12.93% of the stock is currently owned by company insiders.

Palantir Technologies Trading Down 9.4%

Shares of PLTR stock traded down $13.51 during trading hours on Friday, reaching $130.74. 200,764,922 shares of the company's stock were exchanged, compared to its average volume of 82,409,392. Palantir Technologies Inc. has a 1 year low of $21.23 and a 1 year high of $148.22. The stock has a market cap of $308.53 billion, a PE ratio of 1,089.50, a PEG ratio of 11.16 and a beta of 2.64. The stock's fifty day moving average price is $125.24 and its two-hundred day moving average price is $99.62.

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