Arizona State Retirement System Increases Stake in Palantir Technologies

The Arizona State Retirement System has increased its investment in Palantir Technologies Inc. (NASDAQ:PLTR) by 1.4% during the fourth quarter of the previous year. According to their latest filing with the Securities and Exchange Commission, the fund now holds 588,806 shares of Palantir after purchasing an additional 8,256 shares during this time. The total value of Arizona State Retirement System's holdings in Palantir Technologies is estimated to be around $44.5 million as of their most recent filing.

In addition to Arizona State Retirement System, several other institutional investors have recently made adjustments to their positions in Palantir Technologies. For instance, Verdence Capital Advisors LLC significantly increased its stake by 49.7%, now owning 16,726 shares valued at approximately $1.27 million after an additional purchase of 5,551 shares. Proficio Capital Partners LLC acquired a new position in Palantir Technologies during the fourth quarter worth $522,000, while SPC Financial Inc. also bought a new stake valued at about $211,000. M&T Bank Corp raised its position by 18.4%, now holding 201,305 shares worth about $15.23 million after a purchase of 31,262 shares. Atria Investments Inc. also expanded its holdings by 16.3%, now owning 63,954 shares valued at about $4.84 million. In total, institutional investors now control 45.65% of the company's stock.

Recent Insider Transactions

In other updates regarding Palantir Technologies, there has been notable insider activity. Director Lauren Elaina Friedman Stat sold 10,721 shares of the company on December 6th, with the shares sold at an average price of $76.78, totaling approximately $823,158. Following this transaction, Stat retains 100,923 shares of Palantir, equating to a value of about $7.75 million. This sale resulted in a 9.60% reduction in her ownership of the stock.

Another insider, Stephen Andrew Cohen, sold a much larger block of shares. He offloaded 416,053 shares on December 13th, at an average price of $74.17, amounting to a transaction worth $30.86 million. Following this sale, Cohen now directly owns just 592 shares in the company, valued at roughly $43,908. This sale demonstrates a substantial decrease of 99.86% in his holdings. Over the last three months, insiders have sold a total of 1,439,783 shares of the company's stock, with insider ownership currently at 12.93%.

Market Performance of Palantir Technologies

As of the latest trading session, Palantir Technologies shares opened at $84.40. The stock has experienced a remarkable journey over the past year, hitting a low of $20.33 and a high of $125.41. With a market capitalization of $192.26 billion, the company exhibits a P/E ratio of 444.23 and a P/E/G ratio of 10.84, alongside a beta of 2.81. The fifty-day simple moving average stands at $87.18, while the 200-day simple moving average is noted at $62.60.

Analyst Ratings and Insights

A variety of investment analysts have shared their projections and ratings regarding Palantir Technologies' stock. Wedbush maintains an “outperform” rating along with a price target of $120.00. Meanwhile, Cantor Fitzgerald has raised its target from $72.00 to $98.00, giving the stock a “neutral” rating in a recent analysis. DA Davidson has also increased its price target from $47.00 to $105.00 while maintaining a “neutral” rating. On the other hand, Argus has downgraded Palantir from a “buy” to a “hold” rating, while Mizuho has upped its target from $44.00 to $80.00, rating the stock as “underperform.” Overall, the consensus rating among analysts is “Hold” with an average target price of $74.79, noting that six analysts are issuing sell ratings, twelve maintain holds, and four have buy recommendations.

About Palantir Technologies

Palantir Technologies, Inc. is focused on creating and implementing software platforms that serve as central operating systems for its clientele. Their business model is divided into two segments: Commercial and Government. The Commercial segment caters to organizations in non-government industries while the Government segment provides services primarily to the United States government and its affiliated agencies.

Arizona, Retirement, Investment