OP Asset Management Ltd Purchases New Shares in Palantir Technologies Inc. $PLTR

Key Points

• OP Asset Management disclosed a new first-quarter position in Palantir, buying 399,886 shares valued at about $58.5 million. The stake makes Palantir its 28th-largest holding and about 0.6% of its portfolio.
• Institutional ownership remains heavy, with several large firms including Vanguard, State Street, Geode, Norges Bank, and Invesco adding to or initiating positions. Overall, hedge funds and other institutions own about 45.65% of Palantir’s shares.
• Analyst sentiment is mixed but constructive: the stock carries a Moderate Buy consensus and an average price target of $192.76, even as some firms cut targets or downgraded ratings. Meanwhile, the company reported strong quarterly results, including 84.7% revenue growth year over year and EPS above estimates.

OP Asset Management Ltd purchased a new position in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 399,886 shares of the company's stock, valued at approximately $58,495,000. Palantir Technologies comprises approximately 0.6% of OP Asset Management Ltd's holdings, making the stock its 28th biggest position.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Palantir Technologies by 0.7% during the 4th 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 position in Palantir Technologies by 1.1% in the 4th quarter. State Street Corp now owns 102,385,317 shares of the company's stock worth $18,198,990,000 after purchasing an additional 1,126,418 shares during the period. Geode Capital Management LLC raised its position in Palantir Technologies by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 54,200,265 shares of the company's stock worth $9,599,882,000 after purchasing an additional 805,047 shares during the period. Norges Bank bought a new stake in Palantir Technologies in the fourth quarter worth about $5,149,641,000. Finally, Invesco Ltd. lifted its stake in Palantir Technologies by 2.8% in the fourth quarter. Invesco Ltd. now owns 22,415,082 shares of the company's stock worth $3,984,281,000 after purchasing an additional 616,297 shares during the last quarter. 45.65% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PLTR. DA Davidson cut their target price on Palantir Technologies from $180.00 to $165.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 5th. Wolfe Research upgraded Palantir Technologies from an "underperform" rating to a "peer perform" rating in a report on Tuesday, June 16th. Rosenblatt Securities reiterated a "buy" rating and issued a $225.00 target price on shares of Palantir Technologies in a research note on Friday, June 5th. Mizuho lowered their target price on shares of Palantir Technologies from $195.00 to $185.00 and set an "outperform" rating for the company in a research note on Tuesday, April 14th. Finally, Benchmark downgraded shares of Palantir Technologies to a "hold" rating in a research note on Tuesday, June 16th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, twelve have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, Palantir Technologies currently has a consensus rating of "Moderate Buy" and a consensus price target of $192.76.

Insider Buying and Selling

In other Palantir Technologies news, insider Stephen Andrew Cohen sold 319,934 shares of the firm's stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $136.04, for a total transaction of $43,523,821.36. Following the transaction, the insider owned 592 shares of the company's stock, valued at approximately $80,535.68. This trade represents a 99.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Jeffrey Buckley sold 1,481 shares of the business's stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $128.80, for a total transaction of $190,752.80. Following the completion of the sale, the insider owned 60,226 shares of the company's stock, valued at approximately $7,757,108.80. This represents a 2.40% decrease in their position. 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. Insiders sold 927,270 shares of company stock valued at $126,197,785 over the last quarter. 9.53% of the stock is owned by company insiders.

Palantir Technologies Stock Down 2.8%

PLTR opened at $113.47 on Thursday. The stock's fifty day moving average is $137.11 and its two-hundred day moving average is $151.23. The company has a market capitalization of $272.03 billion, a P/E ratio of 127.50, a PEG ratio of 1.85 and a beta of 1.53. Palantir Technologies Inc. has a 52 week low of $112.25 and a 52 week high of $207.52.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last issued its earnings results on Monday, May 4th. The company reported $0.33 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $1.54 billion. During the same period in the prior year, the business earned $0.13 EPS. The business's revenue for the quarter was up 84.7% compared to the same quarter last year. Equities analysts anticipate that Palantir Technologies Inc. will post 1.18 earnings per share for the current year.

Palantir Technologies News Roundup

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

• Positive Sentiment: Palantir’s partnership with Zeta Global strengthens the company’s AI growth narrative and adds another enterprise use case for Foundry, which analysts view as validation of Palantir’s platform. Article Title
• Positive Sentiment: Cathie Wood’s ARK Invest bought Palantir shares, a signal that some growth investors still see value in the pullback. Article Title
• Neutral Sentiment: Several articles argue that Palantir’s selloff may have gone too far and that the stock could be a buy for long-term investors, but these are opinion pieces rather than new fundamentals. Article Title
• Negative Sentiment: Sentiment remains weak because Palantir has been sliding toward or hitting new 52-week lows, with reports pointing to AI disruption fears, sector rotation out of software, and valuation concerns as reasons for the decline. Article Title
• Negative Sentiment: Coverage also highlighted competitive and international setbacks, including reports of European customers moving away from Palantir, which may add pressure to the stock. Article Title

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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