Arrowstreet Capital Limited Partnership Acquires Shares of 3,176,468 Palantir Technologies Inc. (NASDAQ:PLTR)

Arrowstreet Capital Limited Partnership bought a new position in Palantir Technologies Inc. (NASDAQ:PLTR) in the fourth quarter, Holdings Channel reports. The firm bought 3,176,468 shares of the company’s stock, valued at approximately $240,236,000.

Several other hedge funds have also recently made changes to their positions in the company. State Street Corp lifted its holdings in Palantir Technologies by 96.4% during the third quarter. State Street Corp now owns 82,512,440 shares of the company’s stock valued at $3,069,463,000 after purchasing an additional 40,498,024 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Palantir Technologies by 52.9% during the 3rd quarter. Geode Capital Management LLC now owns 47,946,926 shares of the company’s stock valued at $1,777,568,000 after buying an additional 16,598,253 shares in the last quarter. Norges Bank bought a new position in Palantir Technologies in the 4th quarter worth approximately $1,360,191,000. Charles Schwab Investment Management Inc. grew its stake in Palantir Technologies by 5.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 13,042,855 shares of the company’s stock valued at $986,431,000 after buying an additional 655,815 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Palantir Technologies by 10.9% during the 4th quarter. Bank of New York Mellon Corp now owns 12,843,672 shares of the company’s stock valued at $971,367,000 after acquiring an additional 1,262,479 shares during the period. 45.65% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Palantir Technologies news, insider Stephen Andrew Cohen sold 310,000 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $87.07, for a total transaction of $26,991,700.00. Following the transaction, the insider now owns 592 shares in the company, valued at approximately $51,545.44. This represents a 99.81 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Ryan D. Taylor sold 483,987 shares of Palantir Technologies stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $74.48, for a total transaction of $36,047,351.76. Following the completion of the sale, the insider now directly owns 170,273 shares of the company’s stock, valued at approximately $12,681,933.04. This trade represents a 73.97 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 3,379,785 shares of company stock worth $281,528,938. 12.93% of the stock is owned by corporate insiders.

Palantir Technologies Price Performance

PLTR opened at $85.85 on Friday. Palantir Technologies Inc. has a one year low of $20.33 and a one year high of $125.41. The business has a 50 day simple moving average of $91.98 and a two-hundred day simple moving average of $69.28. The firm has a market capitalization of $201.35 billion, a price-to-earnings ratio of 451.87, a PEG ratio of 10.84 and a beta of 2.81.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PLTR. Wedbush reiterated an “outperform” rating and set a $120.00 price target on shares of Palantir Technologies in a research report on Monday, March 3rd. Jefferies Financial Group upped their target price on shares of Palantir Technologies from $28.00 to $60.00 and gave the stock an “underperform” rating in a report on Tuesday, February 4th. DA Davidson boosted their price target on shares of Palantir Technologies from $47.00 to $105.00 and gave the company a “neutral” rating in a research report on Tuesday, February 4th. Morgan Stanley raised shares of Palantir Technologies from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $60.00 to $95.00 in a report on Tuesday, February 4th. Finally, Mizuho lifted their price objective on Palantir Technologies from $44.00 to $80.00 and gave the company an “underperform” rating in a research note on Tuesday, February 4th. Five investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $74.45.

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.