Oak Ridge Investments LLC Has $7.12 Million Stock Holdings in Palantir Technologies Inc. (NASDAQ:PLTR)

Key Points

• Oak Ridge Investments LLC significantly increased its holdings in Palantir Technologies by 874.7% in the first quarter, boosting its ownership to 84,392 shares valued at approximately $7.12 million.
• Various hedge funds have also increased their stakes in Palantir, reflecting growing institutional interest, with institutional investors owning about 45.65% of the company’s stock.
• Palantir Technologies reported $1 billion in revenue for the last quarter, exceeding analyst estimates, and noted a substantial 48.0% year-over-year revenue growth.

Oak Ridge Investments LLC raised its holdings in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 874.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 84,392 shares of the company's stock after purchasing an additional 75,734 shares during the period. Oak Ridge Investments LLC's holdings in Palantir Technologies were worth $7,123,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in PLTR. Nuveen LLC acquired a new position in Palantir Technologies during the 1st quarter valued at about $520,232,000. Goldman Sachs Group Inc. lifted its position in Palantir Technologies by 38.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 15,180,154 shares of the company's stock valued at $1,281,205,000 after purchasing an additional 4,221,392 shares during the period. Capital World Investors acquired a new position in Palantir Technologies during the 4th quarter valued at about $253,816,000. Northern Trust Corp raised its position in shares of Palantir Technologies by 20.4% in the 4th quarter. Northern Trust Corp now owns 19,488,465 shares of the company's stock valued at $1,473,913,000 after acquiring an additional 3,299,779 shares during the period. Finally, Invesco Ltd. raised its position in shares of Palantir Technologies by 20.3% in the 1st quarter. Invesco Ltd. now owns 17,746,956 shares of the company's stock valued at $1,497,843,000 after acquiring an additional 2,998,716 shares during the period. 45.65% of the stock is currently owned by institutional investors and hedge funds.

Palantir Technologies Price Performance

Shares of PLTR traded down $3.35 during mid-day trading on Thursday, hitting $181.02. 53,317,061 shares of the company's stock were exchanged, compared to its average volume of 60,054,936. The company has a market cap of $427.19 billion, a PE ratio of 603.42, a P/E/G ratio of 10.39 and a beta of 2.60. Palantir Technologies Inc. has a 52 week low of $29.31 and a 52 week high of $190.00. The company has a 50-day simple moving average of $150.04 and a 200 day simple moving average of $118.54.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported $0.16 earnings per share for the quarter, topping analysts' consensus estimates of $0.14 by $0.02. The business had revenue of $1 billion for the quarter, compared to the consensus estimate of $939.29 million. Palantir Technologies had a net margin of 22.18% and a return on equity of 10.75%. The firm's revenue for the quarter was up 48.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.09 earnings per share. On average, analysts anticipate that Palantir Technologies Inc. will post 0.31 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on PLTR shares. 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. Royal Bank Of Canada increased their price target on shares of Palantir Technologies from $40.00 to $45.00 and gave the company an "underperform" rating in a research report on Tuesday, August 5th. Citigroup reiterated a "neutral" rating and issued a $177.00 price target (up from $158.00) on shares of Palantir Technologies in a research report on Tuesday, August 5th. Piper Sandler set a $182.00 price target on shares of Palantir Technologies in a research report on Tuesday, August 5th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of Palantir Technologies from a "sell" rating to a "hold" rating and increased their price target for the company from $80.00 to $160.00 in a research report on Tuesday, August 5th. Two investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $136.61.

Insider Buying and Selling at Palantir Technologies

In related news, insider Shyam Sankar sold 405,000 shares of the business's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $132.08, for a total transaction of $53,492,400.00. Following the transaction, the insider directly owned 702,786 shares in the company, valued at approximately $92,823,974.88. The trade was a 36.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Stephen Andrew Cohen sold 309,696 shares of the business's stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $126.39, for a total transaction of $39,142,477.44. Following the transaction, the insider owned 592 shares in the company, valued at approximately $74,822.88. The trade was a 99.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,515,632 shares of company stock valued at $196,472,623 in the last 90 days. Company insiders own 9.23% of the company's stock.

About Palantir Technologies

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.