State Board of Administration of Florida Retirement System Cuts Stock Position in Palantir Technologies Inc. (NYSE:PLTR)

State Board of Administration of Florida Retirement System trimmed its position in shares of Palantir Technologies Inc. (NYSE:PLTRGet Rating) by 2.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,935,883 shares of the company’s stock after selling 43,028 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Palantir Technologies were worth $26,580,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. IndexIQ Advisors LLC acquired a new stake in Palantir Technologies during the 1st quarter valued at $27,000. Endurance Wealth Management Inc. acquired a new position in Palantir Technologies during the 1st quarter worth $27,000. UMB Bank N A MO acquired a new position in Palantir Technologies during the 4th quarter worth $37,000. CarsonAllaria Wealth Management Ltd. acquired a new position in Palantir Technologies during the 4th quarter worth $46,000. Finally, TCI Wealth Advisors Inc. grew its holdings in Palantir Technologies by 58.5% during the 1st quarter. TCI Wealth Advisors Inc. now owns 2,820 shares of the company’s stock worth $39,000 after acquiring an additional 1,041 shares in the last quarter. 40.02% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Palantir Technologies

In other news, insider David A. Glazer sold 105,553 shares of Palantir Technologies stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $11.02, for a total value of $1,163,194.06. Following the transaction, the insider now directly owns 1,911,484 shares of the company’s stock, valued at $21,064,553.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider David A. Glazer sold 105,553 shares of Palantir Technologies stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $11.02, for a total value of $1,163,194.06. Following the transaction, the insider now directly owns 1,911,484 shares of the company’s stock, valued at $21,064,553.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Alexander D. Moore sold 11,377 shares of the business’s stock in a transaction that occurred on Thursday, June 9th. The shares were sold at an average price of $8.89, for a total transaction of $101,141.53. Following the transaction, the director now directly owns 1,960,928 shares in the company, valued at $17,432,649.92. The disclosure for this sale can be found here. Insiders have sold a total of 427,935 shares of company stock valued at $4,209,427 over the last ninety days. Corporate insiders own 13.22% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on PLTR shares. Monness Crespi & Hardt lowered shares of Palantir Technologies from a “buy” rating to a “neutral” rating in a report on Friday, July 22nd. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Palantir Technologies from $15.00 to $11.00 in a research report on Tuesday, May 10th. Citigroup reduced their price target on shares of Palantir Technologies from $10.00 to $7.00 in a research report on Tuesday, May 10th. The Goldman Sachs Group started coverage on shares of Palantir Technologies in a research report on Thursday, June 23rd. They issued a “neutral” rating and a $10.00 price objective on the stock. Finally, Royal Bank of Canada downgraded shares of Palantir Technologies from a “sector perform” rating to an “underperform” rating and dropped their price target for the stock from $12.00 to $6.00 in a research report on Monday, May 9th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $14.75.

Palantir Technologies Price Performance

Shares of PLTR opened at $11.45 on Friday. The firm’s 50 day moving average is $9.39 and its 200-day moving average is $10.89. The stock has a market capitalization of $23.43 billion, a P/E ratio of -45.80 and a beta of 3.79. Palantir Technologies Inc. has a 12-month low of $6.44 and a 12-month high of $29.29.

Palantir Technologies (NYSE:PLTRGet Rating) last released its earnings results on Monday, May 9th. The company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.02). The firm had revenue of $446.36 million during the quarter, compared to analysts’ expectations of $443.51 million. Palantir Technologies had a positive return on equity of 12.04% and a negative net margin of 30.25%. The business’s revenue was up 30.8% on a year-over-year basis. During the same period last year, the business earned $0.04 earnings per share. As a group, equities research analysts forecast that Palantir Technologies Inc. will post -0.08 EPS for the current fiscal year.

Palantir Technologies Company Profile

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Palantir Technologies Inc builds and deploys software platforms for the intelligence community in the United States to assist in counterterrorism investigations and operations. 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.

Further Reading

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Institutional Ownership by Quarter for Palantir Technologies (NYSE:PLTR)

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