Sumitomo Mitsui DS Asset Management Company Ltd Boosts Stock Holdings in Palantir Technologies Inc. (NASDAQ:PLTR)

Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in shares of Palantir Technologies Inc. (NASDAQ:PLTR) by 13.0% during the fourth quarter, Holdings Channel reports. The fund owned 247,585 shares of the company’s stock after acquiring an additional 28,534 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Palantir Technologies were worth $18,725,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. Tritonpoint Wealth LLC increased its position in shares of Palantir Technologies by 1.9% during the fourth quarter. Tritonpoint Wealth LLC now owns 7,100 shares of the company’s stock worth $537,000 after acquiring an additional 132 shares during the period. Kennebec Savings Bank increased its position in shares of Palantir Technologies by 29.5% during the fourth quarter. Kennebec Savings Bank now owns 698 shares of the company’s stock worth $53,000 after acquiring an additional 159 shares during the period. RMR Wealth Builders increased its position in shares of Palantir Technologies by 2.4% during 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. Bay Rivers Group increased its holdings in Palantir Technologies by 2.7% in the fourth quarter. Bay Rivers Group now owns 6,406 shares of the company’s stock valued at $484,000 after buying an additional 171 shares during the last quarter. Finally, Christensen King & Associates Investment Services Inc. raised its stake in Palantir Technologies by 3.0% in the fourth quarter. Christensen King & Associates Investment Services Inc. now owns 5,897 shares of the company’s stock valued at $486,000 after buying an additional 174 shares in the last quarter. Hedge funds and other institutional investors own 45.65% of the company’s stock.

Palantir Technologies Stock Performance

Shares of PLTR opened at $111.28 on Friday. The stock has a fifty day moving average of $75.56 and a two-hundred day moving average of $52.26. The company has a market capitalization of $253.50 billion, a PE ratio of 556.43, a price-to-earnings-growth ratio of 7.54 and a beta of 2.81. Palantir Technologies Inc. has a fifty-two week low of $20.33 and a fifty-two week high of $111.55.

Palantir Technologies (NASDAQ:PLTR) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.01. Palantir Technologies had a net margin of 18.01% and a return on equity of 9.94%. The company had revenue of $725.52 million during the quarter, compared to analysts’ expectations of $705.11 million. During the same period in the previous year, the company earned $0.03 EPS. The business’s quarterly revenue was up 30.0% compared to the same quarter last year. As a group, equities research analysts forecast that Palantir Technologies Inc. will post 0.19 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Lauren Elaina Friedman Stat sold 800 shares of the company’s stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $76.29, for a total transaction of $61,032.00. Following the completion of the sale, the director now directly owns 62,139 shares of the company’s stock, valued at approximately $4,740,584.31. This represents a 1.27 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Alexander C. Karp sold 4,500,000 shares of the company’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $63.10, for a total transaction of $283,950,000.00. Following the sale, the insider now directly owns 6,432,258 shares of the company’s stock, valued at approximately $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 valued at $1,040,105,687 in the last ninety days. Company insiders own 12.93% of the company’s stock.

Wall Street Analysts Forecast Growth

PLTR has been the topic of a number of analyst reports. Robert W. Baird raised their price target on Palantir Technologies from $70.00 to $100.00 and gave the company a “neutral” rating in a research note on Tuesday. Morgan Stanley upgraded Palantir Technologies from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $60.00 to $95.00 in a research note on Tuesday. Jefferies Financial Group raised their price target on Palantir Technologies from $28.00 to $60.00 and gave the company an “underperform” rating in a research note on Tuesday. The Goldman Sachs Group raised their price target on Palantir Technologies from $16.00 to $41.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Finally, Royal Bank of Canada lifted their target price on Palantir Technologies from $11.00 to $40.00 and gave the stock an “underperform” rating in a research report on Tuesday. Six investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $69.44.

Palantir Technologies Company 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.