Summit Global Investments Buys 17,001 Shares of Palantir Technologies Inc. $PLTR

Summit Global Investments grew its stake in shares of Palantir Technologies Inc. (NASDAQ:PLTR) by 110.7% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 32,355 shares of the company’s stock after buying an additional 17,001 shares during the period. Summit Global Investments’ holdings in Palantir Technologies were worth $4,733,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in PLTR. Milestone Asset Management LLC lifted its position in Palantir Technologies by 229.5% in the fourth quarter. Milestone Asset Management LLC now owns 60,551 shares of the company’s stock worth $10,763,000 after purchasing an additional 42,173 shares during the period. VCI Wealth Management LLC increased its holdings in Palantir Technologies by 42.3% in the 4th quarter. VCI Wealth Management LLC now owns 12,187 shares of the company’s stock valued at $2,166,000 after buying an additional 3,621 shares during the period. PFA Pension Forsikringsaktieselskab acquired a new position in shares of Palantir Technologies in the 4th quarter valued at $222,143,000. Vanguard Group Inc. raised its stake in shares of Palantir Technologies by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 215,444,098 shares of the company’s stock valued at $38,295,188,000 after buying an additional 1,557,828 shares in the last quarter. Finally, Jefferson Bridge Capital LLC bought a new position in shares of Palantir Technologies during the 4th quarter worth about $1,322,000. 45.65% of the stock is owned by institutional investors and hedge funds.

Key Palantir Technologies News

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

• Positive Sentiment: Several articles argue Palantir’s long-term growth case remains intact, pointing to its expanding AI software footprint and the strength of its AIP platform. Palantir: The Stock Is Richly Valued With a Forward P/S Multiple of Over 40x, but Is the Growth Story Still Worth Buying Into?
• Positive Sentiment: Commentary from top investors and market watchers says Palantir’s business momentum and product expansion could support further gains despite the stock’s premium valuation. It’s Not Crazy, Says Top Investor About Palantir Stock
• Positive Sentiment: Another piece says Palantir keeps defying skeptics with a string of earnings beats and a raised outlook, reinforcing the idea that fundamentals are still improving. Predicition: Palantir Defies Doubters. Here’s Our New Price Target
• Neutral Sentiment: Palantir is also being widely searched and discussed, which shows elevated investor interest but does not by itself change the outlook.
• Neutral Sentiment: Several articles revisit the stock’s big run from its IPO and its recent pullback, keeping focus on valuation and volatility rather than any new company-specific catalyst.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PLTR. BTIG Research lowered shares of Palantir Technologies to a “neutral” rating in a research report on Tuesday, June 16th. Benchmark cut shares of Palantir Technologies to a “hold” rating in a research note on Tuesday, June 16th. UBS Group raised Palantir Technologies from a “buy” rating to a “buy” rating in a report on Tuesday, June 16th. DA Davidson reissued a “buy” rating and issued a $175.00 target price on shares of Palantir Technologies in a report on Friday. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $225.00 target price on shares of Palantir Technologies in a report on Friday, June 5th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, eleven have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, Palantir Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $190.85.

Palantir Technologies Stock Up 1.9%

Shares of PLTR stock opened at $134.85 on Tuesday. The company has a market capitalization of $323.28 billion, a P/E ratio of 151.52, a P/E/G ratio of 2.12 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 firm has a 50-day moving average price of $132.16 and a 200 day moving average price of $143.69.

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

Insiders Place Their Bets

In related news, insider Stephen Andrew Cohen sold 319,934 shares of the stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $136.04, for a total transaction of $43,523,821.36. Following the sale, the insider directly owned 592 shares in the company, valued at $80,535.68. This represents a 99.82% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Alexander C. Karp sold 397,744 shares of the firm’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 sale, the insider directly owned 6,432,258 shares of the company’s stock, valued at $875,044,378.32. This 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 sold 1,112,270 shares of company stock worth $150,247,785 over the last ninety days. 9.53% of the stock is owned by insiders.

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.