BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Raises Stock Holdings in Palantir Technologies Inc. (NYSE:PLTR)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its position in shares of Palantir Technologies Inc. (NYSE:PLTR) by 63.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 364,167 shares of the company’s stock after purchasing an additional 141,800 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Palantir Technologies were worth $9,224,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Vanguard Group Inc. boosted its position in Palantir Technologies by 1.6% in the first quarter. Vanguard Group Inc. now owns 196,834,580 shares of the company’s stock valued at $4,529,164,000 after buying an additional 3,029,317 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Palantir Technologies by 15.7% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 14,571,224 shares of the company’s stock worth $335,284,000 after acquiring an additional 1,980,495 shares during the period. ARK Investment Management LLC raised its stake in shares of Palantir Technologies by 2.2% during the 2nd quarter. ARK Investment Management LLC now owns 13,023,099 shares of the company’s stock valued at $329,875,000 after buying an additional 277,623 shares during the last quarter. Nikko Asset Management Americas Inc. grew its holdings in Palantir Technologies by 19.2% in the first quarter. Nikko Asset Management Americas Inc. now owns 9,829,631 shares of the company’s stock valued at $226,180,000 after purchasing an additional 1,580,548 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in Palantir Technologies by 4.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 7,326,275 shares of the company’s stock worth $185,575,000 after buying an additional 292,885 shares during the last quarter. 45.65% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Palantir Technologies

In related news, insider Shyam Sankar sold 50,000 shares of the company’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $32.35, for a total transaction of $1,617,500.00. Following the transaction, the insider now owns 752,786 shares of the company’s stock, valued at $24,352,627.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Palantir Technologies news, insider Shyam Sankar sold 50,000 shares of the stock in a transaction dated Thursday, August 22nd. The shares were sold at an average price of $32.35, for a total value of $1,617,500.00. Following the completion of the transaction, the insider now directly owns 752,786 shares of the company’s stock, valued at $24,352,627.10. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Eric H. Woersching sold 3,026 shares of the business’s stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $28.00, for a total transaction of $84,728.00. Following the completion of the sale, the director now owns 29,817 shares in the company, valued at $834,876. The disclosure for this sale can be found here. Insiders sold 5,389,893 shares of company stock worth $190,485,693 over the last 90 days. 12.93% of the stock is currently owned by insiders.

Palantir Technologies Stock Up 0.6 %

Shares of Palantir Technologies stock opened at $37.12 on Thursday. Palantir Technologies Inc. has a 52-week low of $13.88 and a 52-week high of $38.19. The company has a 50 day moving average of $31.10 and a 200 day moving average of $26.15. The company has a market capitalization of $83.12 billion, a P/E ratio of 309.32 and a beta of 2.72.

Palantir Technologies (NYSE:PLTR) last announced its quarterly earnings results on Monday, August 5th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.01). The company had revenue of $678.13 million during the quarter, compared to analysts’ expectations of $653.23 million. Palantir Technologies had a net margin of 16.32% and a return on equity of 8.88%. Palantir Technologies’s revenue was up 27.2% on a year-over-year basis. During the same period last year, the firm earned $0.01 earnings per share. As a group, research analysts anticipate that Palantir Technologies Inc. will post 0.19 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PLTR. Royal Bank of Canada reissued an “underperform” rating and set a $9.00 target price on shares of Palantir Technologies in a report on Tuesday, August 6th. Northland Capmk raised Palantir Technologies to a “hold” rating in a research note on Thursday, August 22nd. Argus began coverage on shares of Palantir Technologies in a research note on Monday, June 17th. They issued a “buy” rating and a $29.00 price target on the stock. Raymond James cut shares of Palantir Technologies from an “outperform” rating to a “market perform” rating in a research report on Monday. Finally, The Goldman Sachs Group boosted their target price on Palantir Technologies from $14.00 to $16.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Five investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $26.79.

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.