ARK Investment Management LLC Cuts Stock Holdings in Palantir Technologies Inc. (NASDAQ:PLTR)

ARK Investment Management LLC reduced its stake in shares of Palantir Technologies Inc. (NASDAQ:PLTR) by 29.3% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 7,793,443 shares of the company’s stock after selling 3,224,331 shares during the quarter. Palantir Technologies comprises 4.9% of ARK Investment Management LLC’s portfolio, making the stock its 4th biggest holding. ARK Investment Management LLC’s holdings in Palantir Technologies were worth $589,418,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of PLTR. Allspring Global Investments Holdings LLC increased its stake in shares of Palantir Technologies by 227.2% in the third quarter. Allspring Global Investments Holdings LLC now owns 122,200 shares of the company’s stock worth $4,546,000 after purchasing an additional 84,856 shares during the period. Assenagon Asset Management S.A. increased its stake in shares of Palantir Technologies by 80.2% in the third quarter. Assenagon Asset Management S.A. now owns 37,012 shares of the company’s stock worth $1,377,000 after purchasing an additional 16,469 shares during the period. Allworth Financial LP increased its stake in shares of Palantir Technologies by 8.3% in the third quarter. Allworth Financial LP now owns 24,590 shares of the company’s stock worth $915,000 after purchasing an additional 1,891 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Palantir Technologies by 2,252.6% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 171,645 shares of the company’s stock worth $6,323,000 after purchasing an additional 164,349 shares during the period. Finally, Bay Colony Advisory Group Inc d b a Bay Colony Advisors increased its stake in shares of Palantir Technologies by 17.3% in the third quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors now owns 12,829 shares of the company’s stock worth $477,000 after purchasing an additional 1,892 shares during the period. 45.65% of the stock is currently owned by institutional investors.

Palantir Technologies Price Performance

Shares of PLTR opened at $87.84 on Wednesday. The company has a market capitalization of $200.10 billion, a P/E ratio of 462.34, a PEG ratio of 10.84 and a beta of 2.81. Palantir Technologies Inc. has a one year low of $20.33 and a one year high of $125.41. The business’s 50 day simple moving average is $86.44 and its 200-day simple moving average is $60.68.

Insider Transactions at Palantir Technologies

In other news, insider Shyam Sankar sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $66.59, for a total value of $1,997,700.00. Following the transaction, the insider now directly owns 752,786 shares of the company’s stock, valued at $50,128,019.74. The trade was a 3.83 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lauren Elaina Friedman Stat sold 10,721 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $76.78, for a total value of $823,158.38. Following the completion of the transaction, the director now directly owns 100,923 shares in the company, valued at $7,748,867.94. The trade was a 9.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,719,783 shares of company stock valued at $477,414,743 in the last three months. 12.93% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on PLTR shares. Baird R W upgraded Palantir Technologies to a “hold” rating in a research note on Thursday, December 12th. UBS Group lifted their target price on Palantir Technologies from $80.00 to $105.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 4th. Cantor Fitzgerald lifted their target price on Palantir Technologies from $72.00 to $98.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 4th. Loop Capital assumed coverage on Palantir Technologies in a research report on Thursday, February 20th. They set a “buy” rating and a $141.00 target price on the stock. Finally, Jefferies Financial Group lifted their target price on Palantir Technologies from $28.00 to $60.00 and gave the stock an “underperform” rating in a research report on Tuesday, February 4th. Six equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Palantir Technologies has a consensus rating of “Hold” and an average target price of $73.21.

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.