Sumitomo Mitsui Trust Group Inc. Has $1.03 Billion Holdings in Palantir Technologies Inc. $PLTR

Sumitomo Mitsui Trust Group Inc. cut its stake in Palantir Technologies Inc. (NASDAQ:PLTR) by 5.4% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,055,353 shares of the company’s stock after selling 401,905 shares during the period. Palantir Technologies makes up approximately 0.7% of Sumitomo Mitsui Trust Group Inc.’s holdings, making the stock its 24th biggest position. Sumitomo Mitsui Trust Group Inc. owned 0.29% of Palantir Technologies worth $1,032,057,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of Palantir Technologies during the fourth quarter valued at about $5,149,641,000. State Street Corp lifted its stake in shares of Palantir Technologies by 7.2% in the third quarter. State Street Corp now owns 101,258,899 shares of the company’s stock valued at $18,471,648,000 after buying an additional 6,777,771 shares during the period. Cardano Risk Management B.V. grew its position in Palantir Technologies by 917.4% during the fourth quarter. Cardano Risk Management B.V. now owns 6,585,630 shares of the company’s stock worth $1,170,596,000 after buying an additional 5,938,343 shares in the last quarter. Corient Private Wealth LLC grew its position in Palantir Technologies by 1,449.7% during the fourth quarter. Corient Private Wealth LLC now owns 5,272,601 shares of the company’s stock worth $937,205,000 after buying an additional 4,932,364 shares in the last quarter. Finally, Amundi increased its stake in Palantir Technologies by 38.7% during the third quarter. Amundi now owns 15,679,158 shares of the company’s stock valued at $2,814,879,000 after acquiring an additional 4,373,201 shares during the period. 45.65% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PLTR has been the subject of several recent research reports. Phillip Securities upped their price target on Palantir Technologies from $190.00 to $202.00 in a report on Monday, May 11th. Rosenblatt Securities restated a “buy” rating and set a $225.00 price objective on shares of Palantir Technologies in a research report on Friday, June 5th. Citigroup upped their target price on Palantir Technologies from $210.00 to $225.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Mizuho reduced their target price on Palantir Technologies from $195.00 to $185.00 and set an “outperform” rating for the company in a research report on Tuesday, April 14th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $138.00 target price on shares of Palantir Technologies in a research report on Friday, May 22nd. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, eleven have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $190.85.

Palantir Technologies Stock Down 1.6%

Shares of PLTR opened at $132.22 on Thursday. The stock has a market cap of $316.97 billion, a price-to-earnings ratio of 148.56, a P/E/G ratio of 2.15 and a beta of 1.56. Palantir Technologies Inc. has a 12 month low of $106.37 and a 12 month high of $207.52. The company has a 50-day moving average price of $133.05 and a two-hundred day moving average price of $146.99.

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

Key Headlines Impacting Palantir Technologies

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

• Positive Sentiment: DA Davidson upgraded Palantir to Buy and set a higher price target, reinforcing the bullish case that the company’s AI platform and defense exposure can support further upside. This Wall Street Analyst Sees 30% Upside in Palantir. Is It Time to Buy the Stock?
• Positive Sentiment: Palantir expanded its commercial footprint in Latin America by signing Mexico’s largest insurer, GNP Seguros, its first publicly announced commercial customer in the region, which supports the growth narrative beyond U.S. government contracts. Palantir Expands Its Presence in Mexico and Strengthens Its AI Offering in the Insurance Sector with GNP Seguros
• Positive Sentiment: The company also announced a strategic partnership with SNP to accelerate secure SAP transformations, adding another enterprise-use-case win that could broaden adoption of Palantir’s platform. SNP and Palantir Form Strategic Partnership to Accelerate Secure SAP Transformations
• Neutral Sentiment: Several pieces highlighted Palantir’s growing AI and defense relevance, including its sovereign AI work with Nvidia and commentary that the company is becoming more deeply embedded in long-duration government programs. Nvidia and Palantir Are Bringing Sovereign AI to the U.S. Government. Here’s How.
• Negative Sentiment: Shares are sliding as investors worry about intensifying political scrutiny of Palantir’s government business, including reports of possible House action tied to its contracts and criticism of the company’s political posture. Palantir’s real weak spot
• Negative Sentiment: Broader AI and growth-stock weakness is also weighing on PLTR, as traders sell expensive software names amid concerns about slower AI adoption and stretched valuations. What Is Going on With Palantir Stock on Wednesday?
• Negative Sentiment: Recent insider selling, including a large sale by Shyam Sankar, has added to investor caution and reinforced worries that insiders may see the stock as fully valued. Insider trade filing

Insiders Place Their Bets

In related news, Director Lauren Elaina Friedman Stat sold 1,598 shares of the business’s stock in a transaction on Monday, June 1st. The stock was sold at an average price of $160.00, for a total value of $255,680.00. Following the sale, the director owned 55,022 shares of the company’s stock, valued at $8,803,520. The trade was a 2.82% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Alexander C. Karp sold 397,744 shares of the company’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $136.04, for a total value of $54,109,093.76. Following the completion of the sale, the insider owned 6,432,258 shares in the company, valued at $875,044,378.32. This trade represents a 5.82% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 1,112,270 shares of company stock worth $150,247,785 over the last quarter. Corporate insiders own 9.53% of the company’s stock.

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.