Resona Asset Management Co. Ltd. Sells 24,206 Shares of Palantir Technologies Inc. $PLTR

Key Points

• Resona Asset Management cut its Palantir stake by 3.4% in the fourth quarter, selling 24,206 shares and leaving it with 678,946 shares worth about $121.5 million.
• Palantir’s latest earnings showed strong momentum, with EPS of $0.33 beating estimates and revenue of $1.63 billion topping expectations, up 84.7% year over year.
• Analyst sentiment remains constructive overall: several firms reiterated buy/outperform ratings, and the stock currently has a consensus Moderate Buy rating with a $195.16 target price.

Resona Asset Management Co. Ltd. reduced its stake in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 3.4% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 678,946 shares of the company's stock after selling 24,206 shares during the period. Palantir Technologies accounts for approximately 0.6% of Resona Asset Management Co. Ltd.'s investment portfolio, making the stock its 22nd biggest position. Resona Asset Management Co. Ltd.'s holdings in Palantir Technologies were worth $121,462,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of Palantir Technologies by 0.7% in the 4th quarter. Vanguard Group Inc. now owns 215,444,098 shares of the company's stock worth $38,295,188,000 after acquiring an additional 1,557,828 shares in the last quarter. State Street Corp raised its position in shares of Palantir Technologies by 7.2% in the 3rd quarter. State Street Corp now owns 101,258,899 shares of the company's stock worth $18,471,648,000 after acquiring an additional 6,777,771 shares in the last quarter. Invesco Ltd. raised its position in shares of Palantir Technologies by 5.9% in the 3rd quarter. Invesco Ltd. now owns 21,798,785 shares of the company's stock worth $3,976,534,000 after acquiring an additional 1,213,529 shares in the last quarter. Northern Trust Corp raised its position in shares of Palantir Technologies by 3.8% in the 3rd quarter. Northern Trust Corp now owns 21,088,462 shares of the company's stock worth $3,846,957,000 after acquiring an additional 769,238 shares in the last quarter. Finally, Amundi raised its position in shares of Palantir Technologies by 38.7% in the 3rd quarter. Amundi now owns 15,679,158 shares of the company's stock worth $2,814,879,000 after acquiring an additional 4,373,201 shares in the last quarter. 45.65% of the stock is owned by institutional investors.

Analyst Ratings Changes

PLTR has been the subject of several research analyst reports. DZ Bank initiated coverage on Palantir Technologies in a research report on Thursday, April 23rd. They issued a "buy" rating and a $175.00 price objective for the company. William Blair raised Palantir Technologies from a "market perform" rating to an "outperform" rating in a research report on Monday, February 2nd. Citigroup lifted their price objective on Palantir Technologies from $210.00 to $225.00 and gave the stock a "buy" rating in a research report on Wednesday, May 6th. Mizuho lowered their price objective on Palantir Technologies from $195.00 to $185.00 and set an "outperform" rating for the company in a research report on Tuesday, April 14th. Finally, Wedbush reissued an "outperform" rating and issued a $230.00 price objective on shares of Palantir Technologies in a research report on Tuesday, May 5th. Two analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Palantir Technologies currently has a consensus rating of "Moderate Buy" and a consensus target price of $195.16.

Palantir Technologies Price Performance

Shares of Palantir Technologies stock opened at $135.14 on Tuesday. Palantir Technologies Inc. has a one year low of $118.93 and a one year high of $207.52. The firm has a market capitalization of $323.97 billion, a price-to-earnings ratio of 151.84, a PEG ratio of 2.13 and a beta of 1.52. The business has a 50-day simple moving average of $144.27 and a 200 day simple moving average of $159.20.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last issued its earnings results on Monday, May 4th. The company reported $0.33 EPS for the quarter, beating analysts' consensus estimates 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 analyst estimates of $1.54 billion. During the same period in the previous year, the company posted $0.13 EPS. The firm's revenue was up 84.7% compared to the same quarter last year. On average, sell-side analysts expect that Palantir Technologies Inc. will post 1.18 EPS for the current year.

Insider Transactions at Palantir Technologies

In other Palantir Technologies news, insider Alexander C. Karp sold 493,025 shares of the firm's stock in a transaction on Friday, February 20th. The shares were sold at an average price of $133.78, for a total value of $65,956,884.50. Following the transaction, the insider directly owned 6,432,258 shares of the company's stock, valued at approximately $860,507,475.24. This trade represents a 7.12% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider David A. Glazer sold 17,438 shares of the business's stock in a transaction dated 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 sale, the insider directly owned 392,370 shares of the company's stock, valued at approximately $52,467,716.40. The trade was a 4.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 1,029,479 shares of company stock valued at $137,685,797. Corporate insiders own 9.53% of the company's stock.

Key Stories Impacting Palantir Technologies

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

• Positive Sentiment: PLTR moved higher after strong earnings from Cisco and an improved revenue outlook boosted optimism across the software sector, helping lift Palantir alongside peers. Why Palantir Technologies (PLTR) Stock Is Up Today
• Positive Sentiment: Recent commentary continues to highlight Palantir’s powerful fundamentals, including 85% revenue growth, raised full-year guidance, and expanding demand for government AI solutions. Palantir Technologies Stock (PLTR) Opinions on Recent Earnings and Analyst Upgrades
• Positive Sentiment: Analyst commentary remains constructive, with several firms reiterating buy/outperform views and price targets well above the current share price, reinforcing the bull case for further upside. Palantir Technologies Stock (PLTR) Opinions on Recent Earnings and Analyst Upgrades

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.

Want to see what other hedge funds are holding PLTR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Palantir Technologies Inc. (NASDAQ:PLTR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.