State of New Jersey Common Pension Fund D Lowers Stock Holdings in Palantir Technologies Inc. (NYSE:PLTR)

State of New Jersey Common Pension Fund D reduced its stake in Palantir Technologies Inc. (NYSE:PLTR) by 34.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 704,350 shares of the company’s stock after selling 362,253 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Palantir Technologies were worth $17,841,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of PLTR. Summit Securities Group LLC purchased a new position in shares of Palantir Technologies in the 2nd quarter valued at approximately $25,000. Farmers & Merchants Investments Inc. acquired a new stake in shares of Palantir Technologies in the 2nd quarter valued at approximately $25,000. West Paces Advisors Inc. lifted its holdings in shares of Palantir Technologies by 110.7% in the 1st quarter. West Paces Advisors Inc. now owns 1,180 shares of the company’s stock valued at $27,000 after buying an additional 620 shares during the period. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Palantir Technologies by 105.3% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 1,347 shares of the company’s stock valued at $31,000 after buying an additional 691 shares during the period. Finally, Bogart Wealth LLC lifted its holdings in shares of Palantir Technologies by 332.8% in the 1st quarter. Bogart Wealth LLC now owns 1,385 shares of the company’s stock valued at $32,000 after buying an additional 1,065 shares during the period. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently commented on PLTR shares. Citigroup raised their price target on Palantir Technologies from $25.00 to $28.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. Mizuho cut Palantir Technologies from a “neutral” rating to an “underperform” rating and raised their price target for the company from $21.00 to $22.00 in a report on Tuesday, July 16th. Monness Crespi & Hardt reduced their price target on Palantir Technologies from $20.00 to $18.00 and set a “sell” rating for the company in a report on Tuesday, August 6th. Argus initiated coverage on Palantir Technologies in a report on Monday, June 17th. They issued a “buy” rating and a $29.00 price target for the company. Finally, DA Davidson lifted their price objective on Palantir Technologies from $24.00 to $28.00 and gave the stock a “neutral” rating in a report on Tuesday, August 6th. Five analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $26.79.

Palantir Technologies Stock Performance

Palantir Technologies stock opened at $34.93 on Friday. The stock has a fifty day moving average of $29.52 and a two-hundred day moving average of $25.40. The company has a market capitalization of $77.79 billion, a price-to-earnings ratio of 291.08, a PEG ratio of 5.35 and a beta of 2.72. Palantir Technologies Inc. has a fifty-two week low of $13.68 and a fifty-two week high of $35.40.

Palantir Technologies (NYSE:PLTR) last released its quarterly earnings results on Monday, August 5th. The company reported $0.03 earnings per share for the quarter, missing the consensus estimate of $0.04 by ($0.01). The company had revenue of $678.13 million for the quarter, compared to analysts’ expectations of $653.23 million. Palantir Technologies had a return on equity of 8.88% and a net margin of 16.32%. The business’s quarterly revenue was up 27.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.01 EPS. On average, analysts forecast that Palantir Technologies Inc. will post 0.19 EPS for the current fiscal year.

Insiders Place Their Bets

In other Palantir Technologies news, insider Ryan D. Taylor sold 155,539 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $35.02, for a total transaction of $5,446,975.78. Following the completion of the transaction, the insider now owns 331,369 shares of the company’s stock, valued at $11,604,542.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Ryan D. Taylor sold 155,539 shares of Palantir Technologies stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $35.02, for a total value of $5,446,975.78. Following the completion of the sale, the insider now owns 331,369 shares of the company’s stock, valued at $11,604,542.38. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Eric H. Woersching sold 3,026 shares of Palantir Technologies stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $28.00, for a total value of $84,728.00. Following the completion of the sale, the director now directly owns 29,817 shares of the company’s stock, valued at approximately $834,876. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 880,238 shares of company stock valued at $27,776,572. Corporate insiders own 12.93% of the company’s stock.

Palantir Technologies Company Profile

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