Empirical Financial Services LLC d.b.a. Empirical Wealth Management Boosts Stock Position in Palantir Technologies Inc. $PLTR

Key Points

• Empirical Wealth Management increased its Palantir stake by 48.6% in the first quarter, buying an additional 10,695 shares and lifting its total holding to 32,680 shares worth about $4.78 million.
• Institutional ownership remains substantial, with large investors like Vanguard, State Street, and Geode all adding to positions; overall, about 45.65% of Palantir shares are held by hedge funds and other institutions.
• Palantir continues to show strong operating momentum, reporting earnings and revenue above expectations in its latest quarter, while news highlighted expanding government use of its software and ongoing AI platform adoption.

Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its stake in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 48.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 32,680 shares of the company's stock after acquiring an additional 10,695 shares during the quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management's holdings in Palantir Technologies were worth $4,780,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in PLTR. Vanguard Group Inc. boosted its stake in shares of Palantir Technologies by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 215,444,098 shares of the company's stock worth $38,295,188,000 after acquiring an additional 1,557,828 shares during the period. State Street Corp raised its stake in Palantir Technologies by 1.1% during the 4th 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 period. Geode Capital Management LLC raised its stake in Palantir Technologies by 1.5% during the 4th 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 period. Norges Bank purchased a new position in Palantir Technologies in the 4th quarter worth approximately $5,149,641,000. Finally, Invesco Ltd. lifted its holdings in Palantir Technologies by 2.8% in the 4th quarter. Invesco Ltd. now owns 22,415,082 shares of the company's stock worth $3,984,281,000 after purchasing an additional 616,297 shares in the last quarter. 45.65% of the stock is owned by hedge funds and other institutional investors.

More Palantir Technologies News

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

• Positive Sentiment: The U.S. Small Business Administration said it is expanding use of Palantir software to strengthen pandemic-fraud detection and enforcement, another example of the company winning mission-critical government work. SBA Expands Use of Palantir Software to Accelerate Pandemic Fraud Crackdown
• Positive Sentiment: Coverage around Palantir’s AI platform and “ontology” technology highlighted continued enterprise adoption, supporting the case that its software is becoming more deeply embedded in customer workflows. Palantir's Ontology Edge Is Redefining AI Software Leadership
• Positive Sentiment: Palantir also drew bullish commentary from investors and analysts who see it as a high-upside growth stock, and a report noted the shares recovered after an early dip, suggesting buyers are still stepping in on weakness. ‘One to Admire,’ Says Top Investor About Palantir Stock

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on PLTR shares. BTIG Research lowered shares of Palantir Technologies to a "neutral" rating in a research report on Tuesday, June 16th. Weiss Ratings downgraded shares of Palantir Technologies from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, April 27th. DZ Bank assumed coverage on Palantir Technologies in a research report on Thursday, April 23rd. They set a "buy" rating and a $175.00 price objective for the company. Royal Bank Of Canada reiterated an "underperform" rating and issued a $90.00 target price on shares of Palantir Technologies in a research report on Tuesday, May 5th. Finally, HSBC cut Palantir Technologies from a "buy" rating to a "hold" rating and cut their price target for the company from $205.00 to $151.00 in a report on Friday, May 1st. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, eleven have assigned a Hold rating and three have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $190.85.

Palantir Technologies Stock Up 2.8%

Shares of NASDAQ:PLTR opened at $133.72 on Wednesday. The firm has a fifty day simple moving average of $132.36 and a two-hundred day simple moving average of $145.19. Palantir Technologies Inc. has a 52 week low of $106.37 and a 52 week high of $207.52. The stock has a market capitalization of $320.57 billion, a P/E ratio of 150.25, a PEG ratio of 2.08 and a beta of 1.56.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last announced its earnings results on Monday, May 4th. The company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.05. Palantir Technologies had a net margin of 43.67% and a return on equity of 28.34%. The firm had revenue of $1.63 billion for the quarter, compared to analysts' expectations of $1.54 billion. During the same period in the prior year, the company earned $0.13 EPS. The business's revenue was up 84.7% compared to the same quarter last year. On average, analysts expect that Palantir Technologies Inc. will post 1.17 earnings per share for the current year.

Insider Activity

In other Palantir Technologies news, insider David A. Glazer sold 17,128 shares of Palantir Technologies stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $136.04, for a total transaction of $2,330,093.12. Following the completion of the transaction, the insider directly owned 375,242 shares of the company's stock, valued at $51,047,921.68. The trade was a 4.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Stephen Andrew Cohen sold 319,934 shares of the business's stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $136.04, for a total transaction of $43,523,821.36. Following the transaction, the insider owned 592 shares in the company, valued at $80,535.68. This trade represents a 99.82% decrease in their position. 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. In the last quarter, insiders have sold 1,112,270 shares of company stock worth $150,247,785. Company insiders own 9.53% of the company's stock.

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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