California State Teachers Retirement System Reduces Stake in Palantir Technologies Inc. $PLTR

California State Teachers Retirement System trimmed its position in Palantir Technologies Inc. (NASDAQ:PLTR) by 1.9% during the first quarter, HoldingsChannel reports. The institutional investor owned 3,445,257 shares of the company’s stock after selling 68,168 shares during the period. Palantir Technologies comprises approximately 0.5% of California State Teachers Retirement System’s holdings, making the stock its 25th biggest holding. California State Teachers Retirement System’s holdings in Palantir Technologies were worth $503,972,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the business. Basepoint Wealth LLC bought a new stake in shares of Palantir Technologies during the 4th quarter valued at about $29,000. Morton Brown Family Wealth LLC raised its stake in Palantir Technologies by 250.0% in the fourth quarter. Morton Brown Family Wealth LLC now owns 175 shares of the company’s stock valued at $31,000 after purchasing an additional 125 shares in the last quarter. Cornerstone Financial Management LLC bought a new stake in Palantir Technologies during the fourth quarter valued at approximately $31,000. Clayton Financial Group LLC lifted its position in Palantir Technologies by 500.0% during the fourth quarter. Clayton Financial Group LLC now owns 180 shares of the company’s stock valued at $32,000 after purchasing an additional 150 shares during the last quarter. Finally, Whipplewood Advisors LLC purchased a new position in Palantir Technologies in the 1st quarter worth approximately $32,000. Institutional investors own 45.65% of the company’s stock.

Key Headlines Impacting Palantir Technologies

Here are the key news stories impacting Palantir Technologies this week:

• Positive Sentiment: Oppenheimer reiterated its Outperform rating and $200 price target, citing the potential for a strong second-quarter earnings beat and another increase to Palantir’s outlook. Oppenheimer earnings expectations
• Positive Sentiment: Analysts and other market commentators expect revenue growth of roughly 85% in the second quarter, with U.S. government demand potentially supporting stronger full-year guidance. Palantir’s artificial-intelligence platform continues to gain traction with government and commercial customers. Palantir earnings outlook
• Positive Sentiment: Technical analysts noted that PLTR had recently reclaimed its 20-day and 50-day moving averages, while a bullish-flag pattern could support a rebound if earnings trigger an upside breakout. Palantir technical forecast

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PLTR. Benchmark cut shares of Palantir Technologies to a “hold” rating in a research report on Tuesday, June 16th. Wedbush began coverage on shares of Palantir Technologies in a research report on Tuesday, June 16th. They issued an “outperform” rating for the company. Citigroup reduced their target price on Palantir Technologies from $225.00 to $200.00 and set a “buy” rating on the stock in a research note on Friday, July 24th. Royal Bank Of Canada reiterated an “underperform” rating and issued a $90.00 price objective on shares of Palantir Technologies in a report on Tuesday, May 5th. Finally, Oppenheimer reiterated an “outperform” rating on shares of Palantir Technologies in a research report on Monday. Two research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, eleven have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, Palantir Technologies has an average rating of “Moderate Buy” and a consensus target price of $189.88.

Palantir Technologies Price Performance

NASDAQ PLTR opened at $123.53 on Wednesday. Palantir Technologies Inc. has a 1 year low of $106.37 and a 1 year high of $207.52. The stock has a market capitalization of $296.14 billion, a PE ratio of 138.80, a PEG ratio of 2.10 and a beta of 1.56. The business’s 50-day moving average is $131.24 and its 200 day moving average is $141.58.

Palantir Technologies (NASDAQ:PLTR) last released its quarterly earnings results on Monday, May 4th. The company reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.05. Palantir Technologies had a return on equity of 28.34% and a net margin of 43.67%.The business had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.54 billion. During the same quarter in the prior year, the company posted $0.13 EPS. Palantir Technologies’s quarterly revenue was up 84.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Palantir Technologies Inc. will post 1.17 earnings per share for the current year.

Insider Activity

In related news, insider Stephen Andrew Cohen sold 319,934 shares of Palantir Technologies stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $136.04, for a total value of $43,523,821.36. Following the sale, the insider owned 592 shares in the company, valued at $80,535.68. The trade was a 99.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider David A. Glazer sold 17,128 shares of the business’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $136.04, for a total transaction of $2,330,093.12. Following the transaction, the insider directly owned 375,242 shares in the company, valued at approximately $51,047,921.68. The trade was a 4.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders sold 1,112,270 shares of company stock valued at $150,247,785. 9.53% of the stock is owned by insiders.

Palantir Technologies Profile

Palantir Technologies is a software company that develops data integration, analytics and operational decision-making platforms for government and commercial customers. Founded in 2003 by a team that included Alex Karp and Peter Thiel, Palantir has grown into a provider of enterprise-scale software designed to help organizations integrate disparate data sources, build analytic models and drive operational workflows. The company went public in 2020 and continues to position its products around large, complex data projects where security, provenance and real-time collaboration are important.

Palantir’s product portfolio centers on a small number of core platforms.