Norges Bank Takes $1.36 Billion Position in Palantir Technologies Inc. (NASDAQ:PLTR)

Norges Bank purchased a new position in Palantir Technologies Inc. (NASDAQ:PLTR) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 17,984,806 shares of the company’s stock, valued at approximately $1,360,191,000. Norges Bank owned about 0.79% of Palantir Technologies at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Prestige Wealth Management Group LLC raised its position in shares of Palantir Technologies by 747.1% in the third quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock valued at $27,000 after buying an additional 650 shares during the last quarter. Roxbury Financial LLC purchased a new position in Palantir Technologies in the 4th quarter worth approximately $27,000. First PREMIER Bank purchased a new position in Palantir Technologies in the 4th quarter worth approximately $28,000. Wolff Wiese Magana LLC grew its position in shares of Palantir Technologies by 230.4% in the fourth quarter. Wolff Wiese Magana LLC now owns 380 shares of the company’s stock valued at $29,000 after purchasing an additional 265 shares in the last quarter. Finally, HighMark Wealth Management LLC grew its position in shares of Palantir Technologies by 73.5% in the fourth quarter. HighMark Wealth Management LLC now owns 392 shares of the company’s stock valued at $30,000 after purchasing an additional 166 shares in the last quarter. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

Palantir Technologies Price Performance

PLTR stock opened at $92.28 on Thursday. The company has a market cap of $216.43 billion, a price-to-earnings ratio of 485.71, a price-to-earnings-growth ratio of 10.84 and a beta of 2.81. The company has a fifty day moving average price of $91.28 and a 200 day moving average price of $68.54. Palantir Technologies Inc. has a 12 month low of $20.33 and a 12 month high of $125.41.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Robert W. Baird raised their price objective on shares of Palantir Technologies from $70.00 to $100.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 4th. DA Davidson lifted their price target on shares of Palantir Technologies from $47.00 to $105.00 and gave the company a “neutral” rating in a research report on Tuesday, February 4th. Mizuho raised their target price on Palantir Technologies from $44.00 to $80.00 and gave the stock an “underperform” rating in a research note on Tuesday, February 4th. William Blair set a $84.00 price target on Palantir Technologies in a report on Wednesday, March 5th. Finally, Cantor Fitzgerald boosted their price objective on shares of Palantir Technologies from $72.00 to $98.00 and gave the company a “neutral” rating in a report on Tuesday, February 4th. Five investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Palantir Technologies presently has an average rating of “Hold” and an average price target of $74.45.

Insider Activity

In other Palantir Technologies news, Director Lauren Elaina Friedman Stat sold 800 shares of the company’s stock in a transaction on 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 transaction, the director now owns 62,139 shares in the company, valued at approximately $4,740,584.31. This represents a 1.27 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Stephen Andrew Cohen sold 310,000 shares of Palantir Technologies stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $87.07, for a total value of $26,991,700.00. Following the completion of the sale, the insider now directly owns 592 shares in the company, valued at $51,545.44. This represents a 99.81 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 3,379,785 shares of company stock valued at $281,528,938. Insiders own 12.93% of the company’s stock.

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.