CIBC Asset Management Inc Trims Stock Holdings in Palantir Technologies Inc. $PLTR

CIBC Asset Management Inc lowered its stake in shares of Palantir Technologies Inc. (NASDAQ:PLTR) by 2.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 824,331 shares of the company’s stock after selling 20,892 shares during the period. CIBC Asset Management Inc’s holdings in Palantir Technologies were worth $112,373,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in Palantir Technologies by 3.6% during the 2nd quarter. Vanguard Group Inc. now owns 205,717,666 shares of the company’s stock worth $28,043,432,000 after purchasing an additional 7,194,216 shares in the last quarter. State Street Corp lifted its holdings in shares of Palantir Technologies by 6.9% in the second quarter. State Street Corp now owns 94,481,128 shares of the company’s stock worth $12,879,667,000 after buying an additional 6,097,629 shares in the last quarter. Norges Bank purchased a new stake in shares of Palantir Technologies in the second quarter worth about $3,307,457,000. Invesco Ltd. boosted its position in shares of Palantir Technologies by 16.0% in the second quarter. Invesco Ltd. now owns 20,585,256 shares of the company’s stock valued at $2,806,182,000 after acquiring an additional 2,838,300 shares during the period. Finally, Northern Trust Corp grew its stake in Palantir Technologies by 0.3% during the first quarter. Northern Trust Corp now owns 19,553,438 shares of the company’s stock valued at $1,650,310,000 after acquiring an additional 64,973 shares in the last quarter. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

Palantir Technologies Trading Up 3.3%

PLTR opened at $187.91 on Thursday. The stock has a 50-day moving average price of $179.09 and a 200-day moving average price of $162.75. Palantir Technologies Inc. has a 12-month low of $63.40 and a 12-month high of $207.52. The stock has a market capitalization of $447.87 billion, a P/E ratio of 447.42, a PEG ratio of 7.05 and a beta of 1.49.

Palantir Technologies (NASDAQ:PLTR) last announced its quarterly earnings data on Monday, November 3rd. The company reported $0.21 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.04. The company had revenue of $1.18 billion for the quarter, compared to analysts’ expectations of $1.09 billion. Palantir Technologies had a return on equity of 15.48% and a net margin of 28.11%.Palantir Technologies’s revenue for the quarter was up 62.8% compared to the same quarter last year. During the same period last year, the firm posted $0.10 EPS. On average, equities research analysts predict that Palantir Technologies Inc. will post 0.31 EPS for the current year.

Insider Transactions at Palantir Technologies

In other news, insider Shyam Sankar sold 19,004 shares of the company’s stock in a transaction on Friday, November 21st. The shares were sold at an average price of $156.25, for a total value of $2,969,375.00. Following the completion of the sale, the insider owned 642,786 shares of the company’s stock, valued at approximately $100,435,312.50. This represents a 2.87% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jeffrey Buckley sold 1,252 shares of Palantir Technologies stock in a transaction on Monday, November 24th. The stock was sold at an average price of $157.50, for a total transaction of $197,190.00. Following the completion of the transaction, the insider owned 47,044 shares in the company, valued at approximately $7,409,430. The trade was a 2.59% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 1,008,844 shares of company stock worth $164,676,161. Corporate insiders own 9.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on PLTR. Northland Securities increased their target price on shares of Palantir Technologies from $14.00 to $18.50 in a research note on Tuesday, November 4th. Wall Street Zen downgraded Palantir Technologies from a “buy” rating to a “hold” rating in a research report on Friday, November 28th. Royal Bank Of Canada lifted their price objective on Palantir Technologies from $45.00 to $50.00 and gave the company an “underperform” rating in a research note on Tuesday, November 4th. UBS Group upped their target price on Palantir Technologies from $165.00 to $205.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 4th. Finally, HSBC raised their price target on Palantir Technologies from $181.00 to $197.00 and gave the company a “hold” rating in a report on Wednesday, November 5th. Four investment analysts have rated the stock with a Buy rating, eighteen have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $172.28.

Palantir Technologies Company Profile

Palantir Technologies, Inc engages in the business of building and deploying software platforms that serve as the central operating systems for its customers. It operates under the Commercial and Government segments. The Commercial segment focuses on customers working in non-government industries. The Government segment is involved in providing services to customers that are the United States government and non-United States government agencies.