Spirepoint Private Client LLC has reduced its stake in Palantir Technologies Inc. (NASDAQ: PLTR) by 3.2% during the third quarter, according to the firm’s recent Form 13F filing with the Securities and Exchange Commission (SEC). Following the sale of 6,675 shares, Spirepoint now holds 200,507 shares of Palantir, which constitutes approximately 3.8% of its investment portfolio, making it the firm’s fourth largest holding. As of the end of the last quarter, these shares were valued at about $36.58 million.
Several other hedge funds have also adjusted their positions in Palantir Technologies. For instance, Signature Resources Capital Management LLC acquired a new stake worth around $25,000 in the second quarter, while Briaud Financial Planning Inc. and LFA Lugano Financial Advisors SA each invested approximately $27,000. Frazier Financial Advisors LLC and Delos Wealth Advisors LLC also entered new positions, valued at $28,000 and $29,000, respectively. Notably, institutional investors now own 45.65% of Palantir’s stock.
Analysts Provide Mixed Ratings on PLTR Stock
Recent reports from various research firms suggest a range of opinions on Palantir Technologies’ stock performance. Mizuho has increased its price target from $165.00 to $205.00, maintaining a “neutral” rating. Similarly, Daiwa Capital Markets raised its target from $178.00 to $200.00, while Deutsche Bank Aktiengesellschaft also lifted its price target to $200.00, assigning a “hold” rating. In a consistent move, Robert W. Baird increased its price objective to $200.00. Morgan Stanley followed suit by boosting its target from $155.00 to $205.00.
Currently, one analyst has rated Palantir as a Strong Buy, five have given it a Buy rating, sixteen analysts suggest holding the stock, and two have issued Sell ratings. According to MarketBeat, Palantir Technologies has a consensus rating of “Hold” and an average price target of $172.28.
Recent Insider Activity and Company Performance
In terms of insider trading, David A. Glazer, an insider at Palantir, sold 9,000 shares on December 12, 2023, at an average price of $185.91, totaling $1,673,190. Following this sale, Glazer retained 413,639 shares valued at approximately $76.90 million, marking a 2.13% reduction in his holdings.
Additionally, insider Stephen Andrew Cohen sold 39,136 shares on November 21, 2023, at an average price of $156.25, bringing in $6,115,000. After this transaction, Cohen owned just 592 shares, valued at about $92,500, reflecting a significant decrease in his position by 98.51%. Over the past ninety days, insiders have offloaded 1,008,044 shares valued at $164.60 million, with insiders collectively holding 9.23% of the company’s stock.
On the performance front, shares of Palantir opened at $174.04 on a recent Tuesday. The company’s fifty-day moving average stands at $180.57, while the 200-day moving average is $169.74. Palantir has a market capitalization of $414.81 billion and a price-to-earnings (P/E) ratio of 414.39. Over the past year, the stock has fluctuated between a low of $63.40 and a high of $207.52.
Palantir Technologies recently reported its quarterly earnings on November 3, 2023, announcing earnings per share (EPS) of $0.21, surpassing analysts’ expectations of $0.17 by $0.04. The company generated revenue of $1.18 billion, also exceeding forecasts of $1.09 billion. Compared to the same quarter last year, revenue surged by 62.8%, with a return on equity of 15.48% and a net margin of 28.11%. Analysts predict that Palantir will post an EPS of $0.31 for the current fiscal year.
Founded in 2003 by innovators including Alex Karp and Peter Thiel, Palantir Technologies specializes in software that facilitates data integration, analytics, and operational decision-making for both government and commercial sectors. The company went public in 2020 and continues to focus on large-scale data projects, emphasizing security and real-time collaboration.
