Nikko Asset Management Americas Inc. Sells 3,367,475 Shares of Palantir Technologies Inc. (NASDAQ:PLTR)

Nikko Asset Management Americas Inc. reduced its stake in shares of Palantir Technologies Inc. (NASDAQ:PLTR) by 33.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,811,647 shares of the company’s stock after selling 3,367,475 shares during the quarter. Palantir Technologies accounts for approximately 5.6% of Nikko Asset Management Americas Inc.’s portfolio, making the stock its 4th largest holding. Nikko Asset Management Americas Inc. owned 0.30% of Palantir Technologies worth $515,301,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Westover Capital Advisors LLC grew its position in Palantir Technologies by 1.8% during the fourth quarter. Westover Capital Advisors LLC now owns 7,330 shares of the company’s stock worth $554,000 after buying an additional 130 shares during the period. Tritonpoint Wealth LLC grew its position in Palantir Technologies by 1.9% during the fourth quarter. Tritonpoint Wealth LLC now owns 7,100 shares of the company’s stock worth $537,000 after buying an additional 132 shares during the period. Twin Peaks Wealth Advisors LLC grew its position in Palantir Technologies by 2.2% during the fourth quarter. Twin Peaks Wealth Advisors LLC now owns 6,523 shares of the company’s stock worth $493,000 after buying an additional 139 shares during the period. Truvestments Capital LLC lifted its holdings in shares of Palantir Technologies by 1.2% in the fourth quarter. Truvestments Capital LLC now owns 12,311 shares of the company’s stock valued at $931,000 after purchasing an additional 142 shares in the last quarter. Finally, RKL Wealth Management LLC lifted its holdings in shares of Palantir Technologies by 2.7% in the fourth quarter. RKL Wealth Management LLC now owns 5,689 shares of the company’s stock valued at $430,000 after purchasing an additional 150 shares in the last quarter. 45.65% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, Director Lauren Elaina Friedman Stat sold 800 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $76.29, for a total transaction of $61,032.00. Following the completion of the sale, the director now owns 62,139 shares in the company, valued at $4,740,584.31. This trade represents a 1.27 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Stephen Andrew Cohen sold 1,250,000 shares of the stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $82.75, for a total transaction of $103,437,500.00. Following the sale, the insider now owns 592 shares of the company’s stock, valued at $48,988. This trade represents a 99.95 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,069,785 shares of company stock worth $254,537,238. 12.93% of the stock is currently owned by corporate insiders.

Palantir Technologies Stock Performance

Shares of PLTR stock opened at $86.24 on Monday. Palantir Technologies Inc. has a 52-week low of $20.33 and a 52-week high of $125.41. The stock has a market cap of $202.26 billion, a price-to-earnings ratio of 453.92, a P/E/G ratio of 10.84 and a beta of 2.81. The firm has a fifty day moving average of $87.83 and a 200-day moving average of $65.46.

Analyst Ratings Changes

Several brokerages have issued reports on PLTR. Citigroup upped their price target on shares of Palantir Technologies from $42.00 to $110.00 and gave the company a “neutral” rating in a report on Wednesday, February 5th. Loop Capital reduced their price target on shares of Palantir Technologies from $141.00 to $125.00 and set a “buy” rating on the stock in a report on Thursday. Bank of America upped their price target on shares of Palantir Technologies from $90.00 to $125.00 and gave the company a “buy” rating in a report on Tuesday, February 4th. Baird R W raised shares of Palantir Technologies to a “hold” rating in a report on Thursday, December 12th. Finally, William Blair set a $84.00 price objective on shares of Palantir Technologies in a research note on Wednesday, March 5th. 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 company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $74.45.

About Palantir Technologies

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.