Destination Wealth Management Buys 12,164 Shares of Palantir Technologies Inc. $PLTR

Key Points

• Destination Wealth Management increased its Palantir stake by 70.4% in the fourth quarter, buying 12,164 additional shares and bringing its total holding to 29,439 shares worth about $5.23 million.
• Palantir continues to attract major institutional investors, with firms like Vanguard, State Street, Geode, and Norges Bank holding large positions; overall, institutions own about 45.65% of the stock.
• The company recently reported strong quarterly results, including EPS of $0.33 versus $0.28 expected and revenue of $1.63 billion, with revenue up 84.7% year over year. Despite the earnings beat, insiders have sold shares and the stock has been trading below its 50-day and 200-day moving averages.

Destination Wealth Management raised its stake in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 70.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 29,439 shares of the company's stock after purchasing an additional 12,164 shares during the quarter. Destination Wealth Management's holdings in Palantir Technologies were worth $5,233,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Palantir Technologies by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 215,444,098 shares of the company's stock valued at $38,295,188,000 after purchasing an additional 1,557,828 shares during the last quarter. State Street Corp lifted its position in Palantir Technologies by 1.1% during the fourth quarter. State Street Corp now owns 102,385,317 shares of the company's stock valued at $18,198,990,000 after purchasing an additional 1,126,418 shares during the last quarter. Geode Capital Management LLC lifted its position in Palantir Technologies by 1.5% during the fourth quarter. Geode Capital Management LLC now owns 54,200,265 shares of the company's stock valued at $9,599,882,000 after purchasing an additional 805,047 shares during the last quarter. Norges Bank bought a new stake in Palantir Technologies during the fourth quarter valued at approximately $5,149,641,000. Finally, Invesco Ltd. lifted its position in Palantir Technologies by 5.9% during the third quarter. Invesco Ltd. now owns 21,798,785 shares of the company's stock valued at $3,976,534,000 after purchasing an additional 1,213,529 shares during the last quarter. 45.65% of the stock is currently owned by institutional investors.

Palantir Technologies Stock Performance

Shares of PLTR opened at $127.99 on Friday. The firm has a market cap of $306.83 billion, a price-to-earnings ratio of 143.81, a PEG ratio of 2.03 and a beta of 1.53. Palantir Technologies Inc. has a fifty-two week low of $122.68 and a fifty-two week high of $207.52. The firm has a 50 day moving average price of $139.54 and a 200-day moving average price of $153.76.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last announced its quarterly earnings data on Monday, May 4th. The company reported $0.33 earnings per share for the quarter, topping analysts' consensus estimates of $0.28 by $0.05. The firm had revenue of $1.63 billion during the quarter, compared to analyst estimates of $1.54 billion. Palantir Technologies had a net margin of 43.67% and a return on equity of 28.34%. The business's quarterly revenue was up 84.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.13 EPS. As a group, equities research analysts predict that Palantir Technologies Inc. will post 1.18 earnings per share for the current year.

Insider Transactions at Palantir Technologies

In other news, insider Shyam Sankar sold 165,514 shares of the business's stock in a transaction that occurred on Wednesday, May 20th. The shares were sold at an average price of $136.04, for a total value of $22,516,524.56. Following the completion of the sale, the insider directly owned 642,786 shares in the company, valued at approximately $87,444,607.44. The trade was a 20.48% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Jeffrey Buckley sold 830 shares of the business's stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $137.41, for a total transaction of $114,050.30. Following the completion of the sale, the insider owned 61,707 shares of the company's stock, valued at approximately $8,479,158.87. The trade was a 1.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 925,789 shares of company stock worth $126,007,032. Corporate insiders own 9.53% of the company's stock.

Key Palantir Technologies News

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

• Positive Sentiment: Palantir expanded its commercial AI footprint with new multiyear enterprise deals, showing continued customer demand and growth beyond government contracts. Palantir Expands Commercial AI Footprint With New Multiyear Enterprise Deals
• Positive Sentiment: Zacks said Palantir’s operating leverage is driving margins and operating income higher, suggesting the company is becoming more profitable as revenue scales. PLTR's Operating Leverage Pushes Profitability to New Levels
• Neutral Sentiment: More than 56% of non-insider shareholders backed a proposal for a human rights report, but the measure is not expected to move forward, so the market impact should be limited. Most Palantir Shareholders Vote for Human Rights Probe. Why It Won’t Happen.
• Negative Sentiment: Traders are watching whether PLTR can hold support around $126.50 after a failed breakout, signaling near-term technical risk and potential for more downside if that level breaks. Palantir Tests Key Support After Breakout Fails
• Negative Sentiment: Ongoing commentary around CEO Alex Karp’s warnings on AI industry dynamics and wealth inequality may add to investor caution, especially amid broader concerns about valuation and sentiment in high-growth tech. Palantir CEO Warns AI Could Supercharge Wealth Inequality

Analysts Set New Price Targets

Several brokerages have issued reports on PLTR. DZ Bank began coverage on shares of Palantir Technologies in a research report on Thursday, April 23rd. They set a "buy" rating and a $175.00 target price for the company. Oppenheimer began coverage on shares of Palantir Technologies in a research report on Thursday, April 30th. They set an "outperform" rating and a $200.00 target price for the company. Benchmark began coverage on shares of Palantir Technologies in a research report on Wednesday, April 1st. They set a "hold" rating for the company. Royal Bank Of Canada reiterated an "underperform" rating and set a $90.00 target price on shares of Palantir Technologies in a research report on Tuesday, May 5th. Finally, HSBC lowered shares of Palantir Technologies from a "buy" rating to a "hold" rating and dropped their target price for the company from $205.00 to $151.00 in a research report on Friday, May 1st. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Palantir Technologies currently has an average rating of "Moderate Buy" and a consensus price target of $192.76.

About Palantir Technologies

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.

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