Fred Alger Management LLC Increases Stake in Palantir Technologies Inc. $PLTR

Key Points

• Fred Alger Management LLC increased its stake in Palantir Technologies by 5.0% in the first quarter, raising its total holdings to 506,819 shares worth approximately $42.8 million.
• Palantir reported earnings per share of $0.16 for the last quarter, surpassing estimates and indicating a 48% increase in revenue year-over-year.
• Insiders have sold over 1.9 million shares recently, signaling potential shifts in ownership dynamics, with 12.93% of the company stock still owned by insiders.

Fred Alger Management LLC boosted its position in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 5.0% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 506,819 shares of the company's stock after acquiring an additional 24,119 shares during the period. Fred Alger Management LLC's holdings in Palantir Technologies were worth $42,776,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Allegiance Financial Group Advisory Services LLC grew its holdings in Palantir Technologies by 3.0% during the 1st quarter. Allegiance Financial Group Advisory Services LLC now owns 2,917 shares of the company's stock worth $246,000 after acquiring an additional 84 shares in the last quarter. Delta Investment Management LLC grew its holdings in Palantir Technologies by 1.9% during the 1st quarter. Delta Investment Management LLC now owns 4,716 shares of the company's stock worth $398,000 after acquiring an additional 90 shares in the last quarter. Sovran Advisors LLC lifted its position in shares of Palantir Technologies by 1.8% during the 1st quarter. Sovran Advisors LLC now owns 5,453 shares of the company's stock worth $460,000 after buying an additional 94 shares during the last quarter. Lodestone Wealth Management LLC lifted its position in shares of Palantir Technologies by 1.1% during the 1st quarter. Lodestone Wealth Management LLC now owns 8,950 shares of the company's stock worth $755,000 after buying an additional 97 shares during the last quarter. Finally, Continuum Advisory LLC lifted its position in shares of Palantir Technologies by 3.8% during the 4th quarter. Continuum Advisory LLC now owns 2,670 shares of the company's stock worth $202,000 after buying an additional 98 shares during the last quarter. Institutional investors and hedge funds own 45.65% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Morgan Stanley set a $155.00 price objective on shares of Palantir Technologies and gave the stock an "equal weight" rating in a research report on Tuesday, August 5th. Deutsche Bank Aktiengesellschaft upgraded shares of Palantir Technologies from a "sell" rating to a "hold" rating and boosted their price objective for the stock from $80.00 to $160.00 in a research report on Tuesday, August 5th. Piper Sandler set a $182.00 price objective on shares of Palantir Technologies in a research report on Tuesday, August 5th. UBS Group restated a "neutral" rating and set a $165.00 price objective (up previously from $110.00) on shares of Palantir Technologies in a research report on Tuesday, August 5th. Finally, Bank of America boosted their price objective on shares of Palantir Technologies from $150.00 to $180.00 and gave the stock a "buy" rating in a research report on Tuesday, August 5th. Four investment analysts have rated the stock with a Buy rating, sixteen have given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Palantir Technologies has an average rating of "Hold" and an average price target of $136.61.

Palantir Technologies Trading Up 2.7%

PLTR stock traded up $4.38 on Wednesday, hitting $166.74. The company's stock had a trading volume of 62,019,696 shares, compared to its average volume of 90,367,602. The firm has a 50 day moving average of $158.03 and a two-hundred day moving average of $125.50. Palantir Technologies Inc. has a 1 year low of $33.62 and a 1 year high of $190.00. The stock has a market cap of $395.56 billion, a price-to-earnings ratio of 555.82, a price-to-earnings-growth ratio of 8.80 and a beta of 2.59.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of $0.14 by $0.02. Palantir Technologies had a net margin of 22.18% and a return on equity of 10.75%. The firm had revenue of $1 billion during the quarter, compared to the consensus estimate of $939.29 million. During the same quarter in the prior year, the firm earned $0.09 EPS. Palantir Technologies's revenue for the quarter was up 48.0% on a year-over-year basis. 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.

Insider Activity at Palantir Technologies

In other Palantir Technologies news, insider Alexander C. Karp sold 222,878 shares of the company's stock in a transaction on Wednesday, August 20th. The shares were sold at an average price of $151.37, for a total transaction of $33,737,042.86. Following the completion of the transaction, the insider owned 6,432,258 shares in the company, valued at approximately $973,650,893.46. This represents a 3.35% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Shyam Sankar sold 375,000 shares of the company's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $151.20, for a total transaction of $56,700,000.00. Following the transaction, the insider owned 702,786 shares of the company's stock, valued at approximately $106,261,243.20. The trade was a 34.79% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,604,634 shares of company stock worth $245,441,454 in the last 90 days. Corporate insiders own 12.93% of the company's stock.

Palantir Technologies Company 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.