Jennison Associates LLC Invests $1.57 Billion in Palantir Technologies Inc. $PLTR

Key Points

• Jennison Associates LLC disclosed a new first-quarter stake in Palantir Technologies, buying 10.76 million shares valued at about $1.57 billion. The position represents roughly 1.1% of Jennison’s portfolio and about 0.45% of Palantir’s shares outstanding.
• Other institutional investors have also been active in PLTR, while hedge funds and institutions collectively own 45.65% of the company. Insider selling has been notable too, with Shyam Sankar and director Lauren Elaina Friedman Stat both trimming holdings under pre-arranged trading plans.
• Palantir remains a Wall Street focus after strong quarterly results and bullish AI-related news, including its Nvidia partnership and positive commentary from CEO Alex Karp. Analysts are mixed overall, but the stock currently carries a Moderate Buy consensus with a $190.85 target price.

Jennison Associates LLC purchased a new stake in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 10,760,942 shares of the company's stock, valued at approximately $1,574,111,000. Palantir Technologies makes up 1.1% of Jennison Associates LLC's investment portfolio, making the stock its 23rd largest holding. Jennison Associates LLC owned approximately 0.45% of Palantir Technologies as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Revolve Wealth Partners LLC acquired a new position in Palantir Technologies during the fourth quarter worth $450,000. Bison Wealth LLC increased its stake in shares of Palantir Technologies by 37.4% in the 4th quarter. Bison Wealth LLC now owns 17,130 shares of the company's stock worth $1,296,000 after acquiring an additional 4,667 shares during the last quarter. Capstone Wealth Management Group LLC increased its stake in shares of Palantir Technologies by 38.0% in the 1st quarter. Capstone Wealth Management Group LLC now owns 17,147 shares of the company's stock worth $1,447,000 after acquiring an additional 4,722 shares during the last quarter. Schnieders Capital Management LLC. increased its stake in shares of Palantir Technologies by 36.8% in the 2nd quarter. Schnieders Capital Management LLC. now owns 6,294 shares of the company's stock worth $858,000 after acquiring an additional 1,694 shares during the last quarter. Finally, Vivaldi Capital Management LP purchased a new position in shares of Palantir Technologies during the 2nd quarter worth $315,000. Institutional investors and hedge funds own 45.65% of the company's stock.

Insiders Place Their Bets

In other news, Director Lauren Elaina Friedman Stat sold 1,598 shares of the business's stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $160.00, for a total value of $255,680.00. Following the sale, the director directly owned 55,022 shares of the company's stock, valued at approximately $8,803,520. The trade was a 2.82% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Shyam Sankar sold 35,000 shares of the company's stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $130.00, for a total transaction of $4,550,000.00. Following the completion of the transaction, the insider owned 642,786 shares in the company, valued at approximately $83,562,180. This represents a 5.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 1,112,270 shares of company stock worth $150,247,785. Insiders own 9.53% of the company's stock.

More Palantir Technologies News

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

• Positive Sentiment: DA Davidson reaffirmed its buy rating on Palantir and set a $175 price target, implying meaningful upside from current levels. This helps reinforce the bullish case after recent volatility. Benzinga article
• Positive Sentiment: Palantir’s partnership with Nvidia on sovereign AI is drawing investor interest and is being framed as a potential long-term growth catalyst, especially as AI infrastructure spending continues. Article
• Positive Sentiment: Palantir CEO Alex Karp has been highlighting the company as one of the key beneficiaries of AI infrastructure demand, which may support the bull thesis that Palantir is becoming a major enterprise AI winner. Article

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on PLTR. Mizuho lowered their price target on shares of Palantir Technologies from $195.00 to $185.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 14th. Wedbush initiated coverage on shares of Palantir Technologies in a research report on Tuesday, June 16th. They set an "outperform" rating for the company. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $138.00 target price on shares of Palantir Technologies in a research note on Friday, May 22nd. Zacks Research upgraded shares of Palantir Technologies from a "hold" rating to a "strong-buy" rating in a report on Thursday, May 7th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $225.00 price target on shares of Palantir Technologies in a research note on Friday, June 5th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating, eleven have issued a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $190.85.

Palantir Technologies Trading Down 1.5%

Shares of NASDAQ:PLTR opened at $132.38 on Friday. The company has a market capitalization of $317.36 billion, a price-to-earnings ratio of 148.74, a PEG 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 business has a 50-day moving average price of $132.20 and a 200 day moving average price of $144.30.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last posted its earnings results on Monday, May 4th. The company reported $0.33 EPS for the quarter, beating analysts' consensus estimates of $0.28 by $0.05. The company 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%. Palantir Technologies's revenue for the quarter was up 84.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.13 earnings per share. As a group, equities research analysts predict that Palantir Technologies Inc. will post 1.17 earnings per share for the current fiscal year.

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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