Employees Retirement System of Texas Grows Position in Palantir Technologies Inc. $PLTR

Key Points

• Employees Retirement System of Texas dramatically increased its Palantir stake by 4,600% in the fourth quarter, ending with 25,474 shares worth about $4.53 million.
• Palantir’s latest earnings were strong, with EPS of $0.33 beating estimates and revenue of $1.63 billion rising 84.7% year over year.
• Despite some insider selling and a high valuation, analysts remain broadly positive on the stock, with a Moderate Buy consensus and an average price target of $192.76.

Employees Retirement System of Texas boosted its stake in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 4,600.0% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 25,474 shares of the company's stock after purchasing an additional 24,932 shares during the period. Employees Retirement System of Texas' holdings in Palantir Technologies were worth $4,528,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Expressive Wealth LLC purchased a new position in Palantir Technologies during the fourth quarter valued at approximately $1,317,000. Steel Grove Capital Advisors LLC purchased a new position in shares of Palantir Technologies in the fourth quarter valued at about $512,000. Williamson Legacy Group LLC lifted its position in shares of Palantir Technologies by 0.9% in the fourth quarter. Williamson Legacy Group LLC now owns 20,411 shares of the company's stock valued at $3,628,000 after acquiring an additional 179 shares in the last quarter. Roundview Capital LLC lifted its position in shares of Palantir Technologies by 30.2% in the fourth quarter. Roundview Capital LLC now owns 11,126 shares of the company's stock valued at $1,978,000 after acquiring an additional 2,581 shares in the last quarter. Finally, King Wealth Management Group lifted its position in shares of Palantir Technologies by 3.4% in the fourth quarter. King Wealth Management Group now owns 44,393 shares of the company's stock valued at $7,891,000 after acquiring an additional 1,462 shares in the last quarter. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

Trending Headlines about Palantir Technologies

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

• Positive Sentiment: Several articles highlighted Palantir’s strong AI momentum and enterprise adoption, arguing the recent pullback could be a buying opportunity as demand for its AI Platform remains strong. Palantir Stock Is Down 34% from Its Highs. Don’t Miss This Chance to Buy the Dip.
• Positive Sentiment: Analyst-style coverage also noted Palantir’s growing government and enterprise traction, with some comparisons favoring PLTR over other AI-first software names. Palantir vs. UiPath: Which AI-First Software Stock is a Buy?
• Positive Sentiment: Some coverage said Palantir is still not showing enough evidence for a bearish case, implying the selloff may be overdone relative to the company’s operating performance. Palantir: Still Not Enough Evidence For A Sell Case Here

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the company. Argus upgraded Palantir Technologies from a "hold" rating to a "buy" rating and set a $190.00 price objective on the stock in a research report on Wednesday, May 6th. Freedom Capital raised shares of Palantir Technologies from a "strong sell" rating to a "strong-buy" rating in a report on Friday, February 13th. Oppenheimer initiated coverage on shares of Palantir Technologies in a report on Thursday, April 30th. They issued an "outperform" rating and a $200.00 target price on the stock. DZ Bank initiated coverage on shares of Palantir Technologies in a report on Thursday, April 23rd. They issued a "buy" rating and a $175.00 target price on the stock. Finally, Northland Securities raised shares of Palantir Technologies from a "market perform" rating to an "outperform" rating and set a $190.00 target price on the stock in a report on Tuesday, February 3rd. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, ten have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $192.76.

Palantir Technologies Stock Performance

NASDAQ PLTR opened at $132.51 on Thursday. Palantir Technologies Inc. has a one year low of $118.93 and a one year high of $207.52. The company's 50-day simple moving average is $141.86 and its two-hundred day simple moving average is $156.37. The company has a market capitalization of $317.67 billion, a price-to-earnings ratio of 148.89, a price-to-earnings-growth ratio of 2.17 and a beta of 1.52.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last announced its quarterly earnings results on Monday, May 4th. The company reported $0.33 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.28 by $0.05. Palantir Technologies had a return on equity of 28.34% and a net margin of 43.67%.The business had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.54 billion. During the same period last year, the business posted $0.13 EPS. The business's revenue was up 84.7% compared to the same quarter last year. Equities analysts expect that Palantir Technologies Inc. will post 1.18 earnings per share for the current fiscal year.

Insider Activity

In other Palantir Technologies news, insider David A. Glazer sold 17,128 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 transaction of $2,330,093.12. Following the sale, the insider owned 375,242 shares of the company's stock, valued at approximately $51,047,921.68. The trade was a 4.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Ryan D. Taylor sold 19,662 shares of the business's 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 $2,674,818.48. Following the sale, the insider directly owned 199,759 shares in the company, valued at approximately $27,175,214.36. This represents a 8.96% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 922,524 shares of company stock worth $125,501,302 over the last quarter. Company insiders own 9.53% of the company's stock.

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.

Want to see what other hedge funds are holding PLTR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Palantir Technologies Inc. (NASDAQ:PLTR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.