New York Life Investment Management LLC Boosts Stock Holdings in Palantir Technologies Inc. $PLTR

Key Points

• New York Life Investment Management increased its Palantir stake by 1.5% in the fourth quarter, owning 313,222 shares worth about $55.7 million at the end of the period.
• Institutional ownership remains heavy, with hedge funds and other institutions holding 45.65% of Palantir shares; several large investors, including Vanguard and State Street, also added to positions.
• Insiders have been selling shares recently, including notable sales by Shyam Sankar and David A. Glazer, even as Palantir’s latest earnings beat expectations with 84.7% revenue growth year over year.

New York Life Investment Management LLC raised its holdings in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 1.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 313,222 shares of the company's stock after buying an additional 4,691 shares during the period. New York Life Investment Management LLC's holdings in Palantir Technologies were worth $55,675,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Palantir Technologies by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 215,444,098 shares of the company's stock worth $38,295,188,000 after purchasing an additional 1,557,828 shares during the period. State Street Corp raised its stake in Palantir Technologies by 7.2% in the third quarter. State Street Corp now owns 101,258,899 shares of the company's stock worth $18,471,648,000 after buying an additional 6,777,771 shares in the last quarter. Invesco Ltd. raised its stake in Palantir Technologies by 5.9% in the third quarter. Invesco Ltd. now owns 21,798,785 shares of the company's stock worth $3,976,534,000 after buying an additional 1,213,529 shares in the last quarter. Northern Trust Corp raised its stake in Palantir Technologies by 3.8% in the third quarter. Northern Trust Corp now owns 21,088,462 shares of the company's stock worth $3,846,957,000 after buying an additional 769,238 shares in the last quarter. Finally, Amundi raised its stake in Palantir Technologies by 38.7% in the third quarter. Amundi now owns 15,679,158 shares of the company's stock worth $2,814,879,000 after buying an additional 4,373,201 shares in the last quarter. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Palantir Technologies

In related news, insider Shyam Sankar sold 168,004 shares of the firm's stock in a transaction that occurred on Friday, February 20th. The shares were sold at an average price of $133.72, for a total transaction of $22,465,494.88. Following the completion of the sale, the insider owned 642,786 shares of the company's stock, valued at $85,953,343.92. This trade represents a 20.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider David A. Glazer sold 17,438 shares of the firm's stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $133.72, for a total transaction of $2,331,809.36. Following the completion of the sale, the insider owned 392,370 shares in the company, valued at $52,467,716.40. This represents a 4.26% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 1,029,479 shares of company stock valued at $137,685,797 over the last ninety days. Corporate insiders own 9.53% of the company's stock.

Palantir Technologies Stock Up 2.8%

Shares of PLTR opened at $133.73 on Friday. The company has a market capitalization of $320.59 billion, a P/E ratio of 150.26, a price-to-earnings-growth ratio of 2.06 and a beta of 1.52. The firm has a 50 day moving average of $145.01 and a 200 day moving average of $159.97. Palantir Technologies Inc. has a twelve month low of $118.93 and a twelve month high of $207.52.

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 for the quarter, beating the consensus estimate of $0.28 by $0.05. The company had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.54 billion. Palantir Technologies had a net margin of 43.67% and a return on equity of 28.34%. The firm's quarterly revenue was up 84.7% compared to the same quarter last year. During the same quarter last year, the firm earned $0.13 earnings per share. On average, sell-side analysts expect that Palantir Technologies Inc. will post 1.18 EPS for the current year.

Key Headlines Impacting Palantir Technologies

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

• Positive Sentiment: Analyst optimism remains a tailwind, with Freedom Broker reportedly raising its price target on Palantir to $230 and reiterating a Buy rating after the company’s strong Q1 results. Freedom Broker Lifts Palantir (PLTR) Price Target After Strong Results
• Positive Sentiment: Multiple pieces argue the post-earnings selloff may be overdone, citing Palantir’s rapid revenue growth, expanding commercial adoption, and the view that the AI boom is still early in its cycle. Ignore the Post-Earnings Selloff in Palantir Stock: The AI Revolution Is Just in the ‘Third Inning’
• Positive Sentiment: Palantir’s defense and autonomy ecosystem is also in focus after partner Ondas reported explosive revenue growth and raised guidance, which helps validate Palantir’s presence in fast-growing defense-tech use cases. Palantir-Backed Ondas Stock Soars. Autonomous Drone Company Sees Revenue Grow 1,065%.
• Positive Sentiment: Palantir also got a boost from news that its AI capabilities may be further leveraged in Ukraine’s war effort, reinforcing the company’s strategic relevance in defense and government contracts. Ukraine Will Leverage Palantir’s AI Capabilities In Its War With Russia. This Helps Prove PLTR Stock Will Never Be Irrelevant.
• Neutral Sentiment: Some headlines are highlighting heavier retail selling, insider selling, and valuation concerns, suggesting part of the market still sees PLTR as expensive after its big run. Retail traders are trimming holdings of longtime AI favorite Palantir in a pivot from software stocks
• Neutral Sentiment: Other coverage notes that Google’s expanded DoD AI contract could increase competition for government AI spending, which may pressure sentiment around Palantir’s long-term growth runway. Why Palantir Suddenly Looks Vulnerable After Google’s Move (PLTR)

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on PLTR shares. Wedbush reissued an "outperform" rating and issued a $230.00 price target on shares of Palantir Technologies in a research note on Tuesday, May 5th. Weiss Ratings downgraded shares of Palantir Technologies from a "hold (c+)" rating to a "hold (c)" rating in a research note on Monday, April 27th. HSBC downgraded shares of Palantir Technologies from a "buy" rating to a "hold" rating and decreased their price target for the stock from $205.00 to $151.00 in a research note on Friday, May 1st. Citigroup raised their target price on shares of Palantir Technologies from $210.00 to $225.00 and gave the company a "buy" rating in a research note on Wednesday, May 6th. Finally, Daiwa Securities Group raised Palantir Technologies from a "neutral" rating to a "buy" rating and set a $180.00 price target on the stock in a research report on Tuesday, February 10th. Two equities 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 assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $195.16.

Palantir Technologies Company 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.

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