State of Michigan Retirement System Trims Stock Position in Palantir Technologies Inc. (NASDAQ:PLTR)

State of Michigan Retirement System trimmed its holdings in Palantir Technologies Inc. (NASDAQ:PLTR) by 8.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 976,300 shares of the company’s stock after selling 85,100 shares during the quarter. State of Michigan Retirement System’s holdings in Palantir Technologies were worth $73,838,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Tritonpoint Wealth LLC increased its holdings in shares of Palantir Technologies by 1.9% during the 4th quarter. Tritonpoint Wealth LLC now owns 7,100 shares of the company’s stock valued at $537,000 after purchasing an additional 132 shares in the last quarter. Twin Peaks Wealth Advisors LLC grew its position in Palantir Technologies by 2.2% during the fourth quarter. Twin Peaks Wealth Advisors LLC now owns 6,523 shares of the company’s stock valued at $493,000 after buying an additional 139 shares during the period. Kennebec Savings Bank increased its holdings in Palantir Technologies by 29.5% in the fourth quarter. Kennebec Savings Bank now owns 698 shares of the company’s stock valued at $53,000 after buying an additional 159 shares in the last quarter. HighMark Wealth Management LLC increased its holdings in Palantir Technologies by 73.5% in the fourth quarter. HighMark Wealth Management LLC now owns 392 shares of the company’s stock valued at $30,000 after buying an additional 166 shares in the last quarter. Finally, RMR Wealth Builders raised its position in shares of Palantir Technologies by 2.4% in the fourth quarter. RMR Wealth Builders now owns 7,201 shares of the company’s stock worth $545,000 after acquiring an additional 167 shares during the period. 45.65% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Stephen Andrew Cohen sold 416,053 shares of Palantir Technologies stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $74.17, for a total transaction of $30,858,651.01. Following the sale, the insider now owns 592 shares of the company’s stock, valued at approximately $43,908.64. The trade was a 99.86 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lauren Elaina Friedman Stat sold 10,721 shares of the 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 owns 100,923 shares of the company’s stock, 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 sold 1,439,783 shares of company stock valued at $107,497,043 in the last three months. 12.93% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

PLTR has been the topic of a number of analyst reports. Mizuho raised their target price on Palantir Technologies from $44.00 to $80.00 and gave the company an “underperform” rating in a research report on Tuesday, February 4th. Northland Securities raised their price objective on Palantir Technologies from $38.00 to $80.00 and gave the company a “market perform” rating in a report on Tuesday, February 4th. Royal Bank of Canada upped their target price on Palantir Technologies from $11.00 to $40.00 and gave the stock an “underperform” rating in a research note on Tuesday, February 4th. Bank of America increased their target price on Palantir Technologies from $90.00 to $125.00 and gave the company a “buy” rating in a research report on Tuesday, February 4th. Finally, The Goldman Sachs Group boosted their price target on shares of Palantir Technologies from $16.00 to $41.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Six equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $74.79.

Palantir Technologies Stock Performance

NASDAQ:PLTR opened at $83.42 on Tuesday. The stock has a 50 day moving average price of $87.14 and a 200 day moving average price of $62.23. The stock has a market cap of $190.03 billion, a PE ratio of 439.08, a P/E/G 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.

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.