First Dallas Securities Inc. has significantly expanded its investment in Palantir Technologies Inc. (NASDAQ: PLTR) by increasing its holdings by 33.7% during the second quarter of 2023. According to the company’s recent Form 13F filing with the U.S. Securities and Exchange Commission (SEC), First Dallas now owns 9,119 shares of Palantir, following the acquisition of an additional 2,300 shares during the period. At the end of the reporting period, these shares were valued at approximately $1.24 million.
This move comes as several other large investors have also adjusted their positions in Palantir Technologies. For instance, Revolve Wealth Partners LLC acquired a new stake in the company worth $450,000 during the fourth quarter. Similarly, Bison Wealth LLC increased its holdings by 37.4%, now owning 17,130 shares valued at $1.30 million. In the first quarter, Capstone Wealth Management Group LLC and Ballentine Partners LLC also increased their stakes by 38.0% and 19.2%, respectively.
As of now, institutional investors and hedge funds collectively own 45.65% of Palantir’s stock. This shift in ownership reflects growing confidence in the company’s future prospects.
Analyst Ratings and Price Performance
Analysts have reacted positively to Palantir’s performance, with several brokerages issuing updated price targets. Robert W. Baird raised its price objective from $170.00 to $200.00 while maintaining a “neutral” rating. Meanwhile, Daiwa Capital Markets also adjusted its target to $200.00, and Piper Sandler increased its target to $225.00, providing an “overweight” rating.
Currently, Palantir shares are trading at around $177.93, having experienced significant fluctuations over the past year. The stock’s 52-week range shows a low of $55.30 and a high of $207.52. The company boasts a market capitalization of $422.11 billion and a price-to-earnings (P/E) ratio of 423.65.
In its most recent quarterly earnings report, issued on November 3, 2023, Palantir announced earnings per share (EPS) of $0.21, exceeding analyst expectations of $0.17. The company reported revenue of $1.18 billion, surpassing estimates of $1.09 billion, and marking a year-over-year revenue increase of 62.8%.
Insider Activity and Corporate Overview
Recent insider trading has also attracted attention. On August 20, 2023, insider Stephen Andrew Cohen sold 191,720 shares for a total of around $29 million. Following this transaction, Cohen retained only 592 shares. Additionally, Ryan D. Taylor sold 36,048 shares on September 5, 2023, valued at approximately $5.7 million.
Currently, corporate insiders hold around 12.93% of the company’s stock, indicating a notable level of insider ownership.
Palantir Technologies, based in Denver, Colorado, specializes in developing software platforms that serve as central operating systems for a variety of clients, spanning both commercial and government sectors. The company continues to position itself as a leader in the technology landscape, driven by strong growth and institutional support.
For those interested in tracking further developments regarding Palantir’s stock, additional insights can be accessed through dedicated financial news platforms.
