First Citizens Bank & Trust Co. Raises Stake in Palantir Technologies Inc. $PLTR

Key Points

• First Citizens Bank & Trust Co. increased its stake in Palantir Technologies by 41.3%, now owning 80,612 shares valued at approximately $10.99 million.
• Palantir reported $1 billion in revenue and $0.16 earnings per share for the recently concluded quarter, surpassing analyst expectations.
• The company's stock has experienced a decline of 3.3%, with a market cap of $416.29 billion and recent trading at about $175.48 per share.

First Citizens Bank & Trust Co. boosted its holdings in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 41.3% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 80,612 shares of the company's stock after buying an additional 23,568 shares during the period. First Citizens Bank & Trust Co.'s holdings in Palantir Technologies were worth $10,989,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of PLTR. Revolve Wealth Partners LLC bought a new stake in Palantir Technologies in the fourth quarter worth about $450,000. Bison Wealth LLC boosted its holdings in Palantir Technologies by 37.4% during the 4th quarter. Bison Wealth LLC now owns 17,130 shares of the company's stock valued at $1,296,000 after acquiring an additional 4,667 shares during the period. GAMMA Investing LLC boosted its holdings in Palantir Technologies by 76.4% during the 1st quarter. GAMMA Investing LLC now owns 22,653 shares of the company's stock valued at $1,912,000 after acquiring an additional 9,810 shares during the period. Continuum Advisory LLC grew its position in Palantir Technologies by 62.4% in the 1st quarter. Continuum Advisory LLC now owns 4,335 shares of the company's stock valued at $366,000 after acquiring an additional 1,665 shares during the last quarter. Finally, Valmark Advisers Inc. lifted its position in shares of Palantir Technologies by 24.7% during the first quarter. Valmark Advisers Inc. now owns 8,764 shares of the company's stock worth $740,000 after purchasing an additional 1,734 shares during the last quarter. Institutional investors own 45.65% of the company's stock.

Palantir Technologies Trading Down 3.3%

PLTR stock opened at $175.48 on Thursday. The stock has a market cap of $416.29 billion, a price-to-earnings ratio of 584.94, a PEG ratio of 9.84 and a beta of 2.60. The business's 50-day moving average is $171.21 and its 200 day moving average is $144.89. Palantir Technologies Inc. has a 12-month low of $40.90 and a 12-month high of $190.00.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The company reported $0.16 earnings per share for the quarter, beating analysts' consensus estimates of $0.14 by $0.02. The company had revenue of $1 billion for the quarter, compared to analyst estimates of $939.29 million. Palantir Technologies had a return on equity of 10.75% and a net margin of 22.18%.The firm's revenue for the quarter was up 48.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.09 EPS. Palantir Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. As a group, equities analysts forecast that Palantir Technologies Inc. will post 0.31 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Morgan Stanley set a $155.00 price target on shares of Palantir Technologies and gave the company an "equal weight" rating in a research report on Tuesday, August 5th. Weiss Ratings reiterated a "buy (b-)" rating on shares of Palantir Technologies in a research note on Wednesday, October 8th. Wall Street Zen cut shares of Palantir Technologies from a "buy" rating to a "hold" rating in a report on Saturday, August 30th. UBS Group reissued a "neutral" rating and set a $165.00 price objective (up from $110.00) on shares of Palantir Technologies in a report on Tuesday, August 5th. Finally, Cantor Fitzgerald lifted their price target on Palantir Technologies from $110.00 to $155.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 5th. Five equities research analysts have rated the stock with a Buy rating, fifteen have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $141.28.

Insider Activity

In other Palantir Technologies news, insider Jeffrey Buckley sold 2,803 shares of the business's stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $157.00, for a total transaction of $440,071.00. Following the completion of the transaction, the insider owned 50,961 shares in the company, valued at $8,000,877. The trade was a 5.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider David A. Glazer sold 81,000 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $154.47, for a total transaction of $12,512,070.00. Following the sale, the insider owned 431,169 shares of the company's stock, valued at $66,602,675.43. This represents a 15.82% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,557,750 shares of company stock valued at $239,713,896. 9.23% of the stock is owned by corporate insiders.

Palantir Technologies Profile

Palantir Technologies, Inc engages in the business of building and deploying software platforms that serve as the central operating systems for its customers. It operates under the Commercial and Government segments. The Commercial segment focuses on customers working in non-government industries. The Government segment is involved in providing services to customers that are the United States government and non-United States government agencies.

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