Canada Pension Plan Investment Board Reduces Stake in Palantir Technologies Inc. (NYSE:PLTR)

Canada Pension Plan Investment Board decreased its position in shares of Palantir Technologies Inc. (NYSE:PLTR) by 47.1% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 870,374 shares of the company’s stock after selling 774,562 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Palantir Technologies were worth $22,047,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of PLTR. Vanguard Group Inc. grew its position in shares of Palantir Technologies by 3.5% in the fourth quarter. Vanguard Group Inc. now owns 193,805,263 shares of the company’s stock valued at $3,327,636,000 after purchasing an additional 6,466,596 shares in the last quarter. 1832 Asset Management L.P. raised its stake in Palantir Technologies by 248,208.2% in the first quarter. 1832 Asset Management L.P. now owns 3,625,300 shares of the company’s stock valued at $83,418,000 after purchasing an additional 3,623,840 shares in the last quarter. Norges Bank bought a new stake in Palantir Technologies during the fourth quarter worth about $46,542,000. Coatue Management LLC lifted its stake in Palantir Technologies by 285.6% in the fourth quarter. Coatue Management LLC now owns 3,447,363 shares of the company’s stock worth $59,191,000 after purchasing an additional 2,553,432 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Palantir Technologies by 15.7% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 14,571,224 shares of the company’s stock valued at $335,284,000 after acquiring an additional 1,980,495 shares during the last quarter. Hedge funds and other institutional investors own 45.65% of the company’s stock.

Insider Transactions at Palantir Technologies

In other news, insider Alexander C. Karp sold 4,500,000 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $36.07, for a total value of $162,315,000.00. Following the transaction, the insider now directly owns 6,432,258 shares in the company, valued at $232,011,546.06. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Palantir Technologies news, insider Alexander C. Karp sold 4,500,000 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $36.07, for a total transaction of $162,315,000.00. Following the completion of the sale, the insider now directly owns 6,432,258 shares of the company’s stock, valued at $232,011,546.06. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Lauren Elaina Friedman Stat sold 6,000 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $36.35, for a total transaction of $218,100.00. Following the sale, the director now directly owns 152,280 shares of the company’s stock, valued at $5,535,378. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,383,238 shares of company stock worth $190,231,672. Insiders own 12.93% of the company’s stock.

Palantir Technologies Stock Performance

Shares of PLTR opened at $37.20 on Monday. Palantir Technologies Inc. has a fifty-two week low of $13.68 and a fifty-two week high of $37.35. The stock has a market capitalization of $83.31 billion, a PE ratio of 310.03 and a beta of 2.72. The company’s fifty day moving average is $30.57 and its 200 day moving average is $25.92.

Palantir Technologies (NYSE:PLTR) last posted its quarterly earnings data on Monday, August 5th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.01). The firm had revenue of $678.13 million for the quarter, compared to the consensus estimate of $653.23 million. Palantir Technologies had a net margin of 16.32% and a return on equity of 8.88%. The company’s revenue was up 27.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.01 EPS. As a group, research analysts forecast that Palantir Technologies Inc. will post 0.19 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research firms have commented on PLTR. Northland Capmk raised Palantir Technologies to a “hold” rating in a research report on Thursday, August 22nd. Royal Bank of Canada restated an “underperform” rating and issued a $9.00 price target on shares of Palantir Technologies in a research note on Tuesday, August 6th. Mizuho lowered Palantir Technologies from a “neutral” rating to an “underperform” rating and lifted their price objective for the stock from $21.00 to $22.00 in a report on Tuesday, July 16th. Jefferies Financial Group upped their price objective on Palantir Technologies from $24.00 to $28.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Finally, Northland Securities assumed coverage on shares of Palantir Technologies in a research note on Thursday, August 22nd. They set a “market perform” rating and a $35.00 target price on the stock. Five analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Palantir Technologies presently has a consensus rating of “Hold” and an average target price of $26.79.

About Palantir Technologies

Palantir Technologies Inc builds and deploys software platforms for the intelligence community to assist in counterterrorism investigations and operations in the United States, the United Kingdom, and internationally. The company provides Palantir Gotham, a software platform which enables users to identify patterns hidden deep within datasets, ranging from signals intelligence sources to reports from confidential informants, as well as facilitates the handoff between analysts and operational users, helping operators plan and execute real-world responses to threats that have been identified within the platform.