Sumitomo Mitsui Trust Group Inc. Sells 3,060,362 Shares of Palantir Technologies Inc. (NASDAQ:PLTR)

Sumitomo Mitsui Trust Group Inc. lessened its position in Palantir Technologies Inc. (NASDAQ:PLTR) by 20.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 11,922,563 shares of the company’s stock after selling 3,060,362 shares during the period. Palantir Technologies accounts for 0.6% of Sumitomo Mitsui Trust Group Inc.’s investment portfolio, making the stock its 22nd biggest position. Sumitomo Mitsui Trust Group Inc.’s holdings in Palantir Technologies were worth $901,703,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Northwest Investment Counselors LLC bought a new stake in shares of Palantir Technologies during the 3rd quarter valued at about $25,000. Prestige Wealth Management Group LLC boosted its stake in shares of Palantir Technologies by 747.1% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock valued at $27,000 after purchasing an additional 650 shares in the last quarter. First PREMIER Bank bought a new stake in shares of Palantir Technologies during the 4th quarter valued at about $28,000. Wolff Wiese Magana LLC boosted its stake in shares of Palantir Technologies by 230.4% during the 4th quarter. Wolff Wiese Magana LLC now owns 380 shares of the company’s stock valued at $29,000 after purchasing an additional 265 shares in the last quarter. Finally, R Squared Ltd bought a new stake in shares of Palantir Technologies during the 4th quarter valued at about $33,000. Institutional investors own 45.65% of the company’s stock.

Palantir Technologies Stock Up 9.8 %

Shares of PLTR stock opened at $111.28 on Friday. The company has a 50 day moving average price of $75.56 and a 200-day moving average price of $52.26. Palantir Technologies Inc. has a 52 week low of $20.33 and a 52 week high of $111.55. The firm has a market capitalization of $253.50 billion, a PE ratio of 556.43, a P/E/G ratio of 7.54 and a beta of 2.81.

Palantir Technologies (NASDAQ:PLTR) last announced its quarterly earnings results on Monday, November 4th. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. Palantir Technologies had a net margin of 18.01% and a return on equity of 9.94%. The firm had revenue of $725.52 million during the quarter, compared to analyst estimates of $705.11 million. During the same period in the previous year, the business posted $0.03 earnings per share. The business’s revenue for the quarter was up 30.0% on a year-over-year basis. Analysts anticipate that Palantir Technologies Inc. will post 0.19 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on PLTR shares. Bank of America lifted their target price on shares of Palantir Technologies from $90.00 to $125.00 and gave the company a “buy” rating in a research note on Tuesday. Argus cut shares of Palantir Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, November 7th. DA Davidson lifted their price target on shares of Palantir Technologies from $47.00 to $105.00 and gave the company a “neutral” rating in a research report on Tuesday. Citigroup lifted their price target on shares of Palantir Technologies from $42.00 to $110.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, Jefferies Financial Group lifted their price target on shares of Palantir Technologies from $28.00 to $60.00 and gave the company an “underperform” rating in a research report on Tuesday. Six research analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $69.44.

Insider Transactions at Palantir Technologies

In related news, Director Lauren Elaina Friedman Stat sold 11,794 shares of the business’s stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $102.80, for a total transaction of $1,212,423.20. Following the completion of the sale, the director now directly owns 88,129 shares in the company, valued at approximately $9,059,661.20. The trade was a 11.80 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Alexander C. Karp sold 4,500,000 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $63.10, for a total transaction of $283,950,000.00. Following the sale, the insider now owns 6,432,258 shares of the company’s stock, valued at $405,875,479.80. This trade represents a 41.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,656,687 shares of company stock worth $1,040,105,687 over the last three months. 12.93% of the stock is currently owned by company insiders.

About Palantir Technologies

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.