Patton Fund Management Inc. Decreases Stake in Palantir Technologies Inc. $PLTR

Key Points

• Patton Fund Management sharply reduced its Palantir stake by 93.8% in the first quarter, selling 29,746 shares and leaving it with 1,974 shares valued at about $289,000.
• Palantir reported a strong quarter, with EPS of $0.33 versus expectations of $0.28 and revenue of $1.63 billion, up 84.7% year over year. The company also has a high valuation, trading at a market cap of $277.3 billion and a P/E ratio near 130.
• Analyst sentiment is mixed but generally constructive, with several firms issuing buy or outperform ratings and a consensus target price of $190.46. At the same time, insiders including Shyam Sankar and Alexander C. Karp sold shares last quarter, largely tied to tax withholding from equity awards.

Patton Fund Management Inc. cut its stake in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 93.8% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,974 shares of the company's stock after selling 29,746 shares during the quarter. Patton Fund Management Inc.'s holdings in Palantir Technologies were worth $289,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in PLTR. Milestone Asset Management LLC increased its holdings in shares of Palantir Technologies by 229.5% in the 4th quarter. Milestone Asset Management LLC now owns 60,551 shares of the company's stock valued at $10,763,000 after acquiring an additional 42,173 shares during the last quarter. VCI Wealth Management LLC boosted its holdings in Palantir Technologies by 42.3% in the fourth quarter. VCI Wealth Management LLC now owns 12,187 shares of the company's stock valued at $2,166,000 after purchasing an additional 3,621 shares in the last quarter. Vanguard Group Inc. increased its stake in Palantir Technologies by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 215,444,098 shares of the company's stock valued at $38,295,188,000 after purchasing an additional 1,557,828 shares during the last quarter. PFA Pension Forsikringsaktieselskab acquired a new stake in Palantir Technologies during the fourth quarter worth approximately $222,143,000. Finally, Jefferson Bridge Capital LLC purchased a new stake in shares of Palantir Technologies during the 4th quarter worth approximately $1,322,000. Institutional investors and hedge funds own 45.65% of the company's stock.

Palantir Technologies Stock Up 2.4%

NASDAQ PLTR opened at $115.67 on Tuesday. The firm has a market cap of $277.30 billion, a P/E ratio of 129.97, a P/E/G ratio of 1.82 and a beta of 1.53. Palantir Technologies Inc. has a 52-week low of $106.37 and a 52-week high of $207.52. The business's 50-day moving average price is $135.42 and its 200 day moving average price is $149.76.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last posted its quarterly earnings data on Monday, May 4th. The company reported $0.33 EPS for the quarter, beating 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 firm had revenue of $1.63 billion during the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the prior year, the business earned $0.13 EPS. The firm's revenue was up 84.7% compared to the same quarter last year. As a group, analysts anticipate that Palantir Technologies Inc. will post 1.16 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the stock. BNP Paribas Exane began coverage on shares of Palantir Technologies in a research report on Tuesday, June 16th. They issued an "underperform" rating on the stock. President Capital raised Palantir Technologies from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $25.50 to $133.00 in a report on Monday. Wedbush began coverage on Palantir Technologies in a report on Tuesday, June 16th. They issued an "outperform" rating for the company. DZ Bank started coverage on Palantir Technologies in a research note on Thursday, April 23rd. They set a "buy" rating and a $175.00 price target on the stock. Finally, Oppenheimer started coverage on Palantir Technologies in a research report on Thursday, April 30th. They set an "outperform" rating and a $200.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, twelve have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $190.46.

Insider Transactions at Palantir Technologies

In other Palantir Technologies news, insider Shyam Sankar sold 165,514 shares of the business's stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $136.04, for a total value of $22,516,524.56. Following the transaction, the insider directly owned 642,786 shares of the company's stock, valued at approximately $87,444,607.44. The trade was a 20.48% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Alexander C. Karp sold 397,744 shares of the company's stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $136.04, for a total transaction of $54,109,093.76. Following the transaction, the insider owned 6,432,258 shares of the company's stock, valued at approximately $875,044,378.32. The trade was a 5.82% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 927,270 shares of company stock worth $126,197,785 over the last quarter. 9.53% of the stock is currently owned by corporate insiders.

Palantir Technologies News Summary

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

• Positive Sentiment: Palantir announced a strategic partnership with Nvidia to run AI and Nemotron models in secure government and critical-infrastructure environments, boosting its sovereign AI growth narrative. Palantir Launches Engine for Deploying NVIDIA Nemotron Open Models in Sovereign Environments
• Positive Sentiment: Reports that Japan could use Palantir’s Maven Smart System added another potential international government-use case for its AI software. Japan considers using Palantir's Maven Smart System
• Positive Sentiment: Several articles highlighted that Palantir’s recent selloff may have made the stock more attractive, while buying from Ark Invest and upbeat analyst commentary provided extra support. Cathie Wood Is Backing the Truck Up on Palantir Stock. Is She Finally Right?

Palantir Technologies 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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