Retirement Systems of Alabama Buys Shares of 440,118 Palantir Technologies Inc. (NYSE:PLTR)

Retirement Systems of Alabama purchased a new position in Palantir Technologies Inc. (NYSE:PLTR) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 440,118 shares of the company’s stock, valued at approximately $16,372,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. State Street Corp grew its stake in Palantir Technologies by 96.4% during the 3rd quarter. State Street Corp now owns 82,512,440 shares of the company’s stock worth $3,069,463,000 after buying an additional 40,498,024 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Palantir Technologies by 52.9% during the third quarter. Geode Capital Management LLC now owns 47,946,926 shares of the company’s stock worth $1,777,568,000 after acquiring an additional 16,598,253 shares during the last quarter. International Assets Investment Management LLC increased its holdings in shares of Palantir Technologies by 3,476.2% in the 3rd quarter. International Assets Investment Management LLC now owns 6,832,301 shares of the company’s stock worth $254,162,000 after acquiring an additional 6,641,253 shares during the period. Charles Schwab Investment Management Inc. lifted its position in Palantir Technologies by 60.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 12,387,040 shares of the company’s stock valued at $460,798,000 after purchasing an additional 4,667,955 shares during the last quarter. Finally, Marshall Wace LLP boosted its stake in Palantir Technologies by 594.3% during the 2nd quarter. Marshall Wace LLP now owns 3,550,176 shares of the company’s stock valued at $89,926,000 after purchasing an additional 3,038,861 shares during the period. 45.65% of the stock is owned by institutional investors and hedge funds.

Palantir Technologies Stock Performance

Palantir Technologies stock opened at $76.07 on Monday. The firm has a market cap of $173.29 billion, a price-to-earnings ratio of 380.37, a price-to-earnings-growth ratio of 10.18 and a beta of 2.87. Palantir Technologies Inc. has a 1 year low of $15.66 and a 1 year high of $80.91. The firm’s 50 day moving average price is $55.75 and its two-hundred day moving average price is $38.63.

Palantir Technologies (NYSE:PLTR) last issued its earnings results on Monday, November 4th. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. Palantir Technologies had a return on equity of 9.94% and a net margin of 18.01%. The business had revenue of $725.52 million for the quarter, compared to analysts’ expectations of $705.11 million. During the same period in the previous year, the firm posted $0.03 EPS. The company’s quarterly revenue was up 30.0% on a year-over-year basis. As a group, equities analysts predict that Palantir Technologies Inc. will post 0.21 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Bank of America boosted their price objective on Palantir Technologies from $55.00 to $75.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Northland Capmk raised Palantir Technologies to a “hold” rating in a research note on Thursday, August 22nd. Robert W. Baird assumed coverage on shares of Palantir Technologies in a research note on Thursday. They set a “neutral” rating and a $70.00 price objective on the stock. The Goldman Sachs Group increased their target price on shares of Palantir Technologies from $16.00 to $41.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Finally, Baird R W upgraded shares of Palantir Technologies to a “hold” rating in a research report on Thursday. Six investment analysts have rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $38.40.

Insiders Place Their Bets

In other news, insider Shyam Sankar sold 5,250,000 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $70.08, for a total value of $367,920,000.00. Following the completion of the sale, the insider now owns 752,786 shares in the company, valued at $52,755,242.88. This represents a 87.46 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Lauren Elaina Friedman Stat sold 6,655 shares of Palantir Technologies stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $38.17, for a total value of $254,021.35. Following the transaction, the director now owns 145,625 shares in the company, valued at $5,558,506.25. This represents a 4.37 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 35,612,366 shares of company stock worth $1,867,342,292. Company insiders own 12.93% of the company’s stock.

About Palantir Technologies

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.