Summit X LLC Purchases New Stake in Palantir Technologies Inc. (NASDAQ:PLTR)

Summit X LLC acquired a new position in shares of Palantir Technologies Inc. (NASDAQ:PLTR) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 7,967 shares of the company’s stock, valued at approximately $603,000.

Several other large investors have also recently added to or reduced their stakes in the company. State Street Corp increased its position 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 period. Geode Capital Management LLC increased its position in shares of Palantir Technologies by 52.9% in the third quarter. Geode Capital Management LLC now owns 47,946,926 shares of the company’s stock worth $1,777,568,000 after purchasing an additional 16,598,253 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its position in shares of Palantir Technologies by 5.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 14,982,925 shares of the company’s stock worth $557,365,000 after purchasing an additional 808,444 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Palantir Technologies by 5.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 13,042,855 shares of the company’s stock worth $986,431,000 after purchasing an additional 655,815 shares during the period. Finally, Bank of New York Mellon Corp increased its position in shares of Palantir Technologies by 10.9% in the fourth quarter. Bank of New York Mellon Corp now owns 12,843,672 shares of the company’s stock worth $971,367,000 after purchasing an additional 1,262,479 shares during the period. Institutional investors own 45.65% of the company’s stock.

Palantir Technologies Trading Up 2.2 %

Shares of PLTR stock opened at $78.05 on Wednesday. The business’s 50-day moving average price is $87.46 and its 200-day moving average price is $64.35. Palantir Technologies Inc. has a 12 month low of $20.33 and a 12 month high of $125.41. The firm has a market capitalization of $183.06 billion, a price-to-earnings ratio of 410.81, a PEG ratio of 10.84 and a beta of 2.81.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Robert W. Baird raised their price target on Palantir Technologies from $70.00 to $100.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 4th. Cantor Fitzgerald raised their price target on Palantir Technologies from $72.00 to $98.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 4th. Bank of America raised their price target on Palantir Technologies from $90.00 to $125.00 and gave the stock a “buy” rating in a research report on Tuesday, February 4th. UBS Group raised their price target on Palantir Technologies from $80.00 to $105.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 4th. Finally, Northland Securities raised their price objective on Palantir Technologies from $38.00 to $80.00 and gave the company a “market perform” rating in a research note on Tuesday, February 4th. Five equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $75.25.

Insider Activity

In related news, insider Shyam Sankar sold 30,000 shares of Palantir Technologies stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $92.43, for a total value of $2,772,900.00. Following the transaction, the insider now directly owns 702,786 shares of the company’s stock, valued at $64,958,509.98. The trade was a 4.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Alexandra W. Schiff sold 4,000 shares of Palantir Technologies stock in a transaction that occurred on Tuesday, January 7th. The stock was sold at an average price of $71.63, for a total value of $286,520.00. Following the completion of the transaction, the director now directly owns 195,393 shares in the company, valued at approximately $13,996,000.59. This represents a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 985,838 shares of company stock valued at $75,333,389. 12.93% of the stock is currently owned by corporate insiders.

Palantir Technologies 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.