Alliancebernstein L.P. Decreases Stake in Palantir Technologies Inc. (NASDAQ:PLTR)

Alliancebernstein L.P. lessened its holdings in Palantir Technologies Inc. (NASDAQ:PLTR) by 4.2% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,765,658 shares of the company’s stock after selling 122,255 shares during the period. Alliancebernstein L.P.’s holdings in Palantir Technologies were worth $209,167,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

PLTR has been the subject of a number of research reports. Northland Securities increased their target price on shares of Palantir Technologies from $38.00 to $80.00 and gave the company a “market perform” rating in a research report on Tuesday, February 4th. Bank of America raised their target price on Palantir Technologies from $90.00 to $125.00 and gave the stock a “buy” rating in a research report on Tuesday, February 4th. William Blair set a $84.00 price target on Palantir Technologies in a research report on Wednesday, March 5th. Cantor Fitzgerald lifted their price objective on Palantir Technologies from $72.00 to $98.00 and gave the stock a “neutral” rating in a report on Tuesday, February 4th. Finally, Jefferies Financial Group upped their price objective on shares of Palantir Technologies from $28.00 to $60.00 and gave the company an “underperform” rating in a report on Tuesday, February 4th. Five investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $74.45.

Palantir Technologies Trading Down 1.7 %

PLTR stock opened at $84.40 on Tuesday. The company’s 50 day moving average is $92.23 and its 200 day moving average is $69.88. The stock has a market cap of $197.95 billion, a price-to-earnings ratio of 444.23, a price-to-earnings-growth ratio of 10.84 and a beta of 2.81. Palantir Technologies Inc. has a 1-year low of $20.33 and a 1-year high of $125.41.

Insiders Place Their Bets

In other news, insider Stephen Andrew Cohen sold 310,000 shares of Palantir Technologies stock in a transaction on 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 completion of the sale, the insider now directly owns 592 shares of the company’s stock, valued at approximately $51,545.44. The trade was a 99.81 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Heather A. Planishek sold 13,891 shares of the stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $115.96, for a total value of $1,610,800.36. Following the completion of the transaction, the insider now directly owns 512,006 shares in the company, valued at approximately $59,372,215.76. This represents a 2.64 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 3,379,785 shares of company stock valued at $281,528,938 in the last quarter. Corporate insiders own 12.93% of the company’s stock.

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.