Sumitomo Mitsui Financial Group Inc. Takes $155,000 Position in Palantir Technologies Inc. $PLTR

Key Points

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Sumitomo Mitsui Financial Group Inc. acquired a new position in Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 1,800 shares of the company's stock, valued at approximately $155,000.

Other hedge funds also recently added to or reduced their stakes in the company. Northern Trust Corp boosted its position in shares of Palantir Technologies by 0.3% during the first quarter. Northern Trust Corp now owns 19,553,438 shares of the company's stock worth $1,650,310,000 after buying an additional 64,973 shares during the period. Invesco Ltd. boosted its position in shares of Palantir Technologies by 20.3% during the first quarter. Invesco Ltd. now owns 17,746,956 shares of the company's stock worth $1,497,843,000 after buying an additional 2,998,716 shares during the period. Goldman Sachs Group Inc. boosted its position in shares of Palantir Technologies by 38.5% during the first quarter. Goldman Sachs Group Inc. now owns 15,180,154 shares of the company's stock worth $1,281,205,000 after buying an additional 4,221,392 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Palantir Technologies by 4.4% during the first quarter. Charles Schwab Investment Management Inc. now owns 13,614,399 shares of the company's stock worth $1,149,055,000 after buying an additional 571,544 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in shares of Palantir Technologies by 1.5% during the first quarter. Bank of New York Mellon Corp now owns 13,031,532 shares of the company's stock worth $1,099,861,000 after buying an additional 187,860 shares during the period. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Palantir Technologies news, Director Lauren Elaina Friedman Stat sold 800 shares of Palantir Technologies stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $139.61, for a total transaction of $111,688.00. Following the completion of the sale, the director directly owned 62,887 shares of the company's stock, valued at $8,779,654.07. The trade was a 1.26% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Eric H. Woersching sold 10,214 shares of Palantir Technologies stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $130.95, for a total value of $1,337,523.30. Following the sale, the director directly owned 2,348 shares of the company's stock, valued at $307,470.60. This trade represents a 81.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 529,684 shares of company stock valued at $71,900,350 over the last quarter. Corporate insiders own 9.23% of the company's stock.

Palantir Technologies Trading Up 1.6%

NASDAQ:PLTR traded up $2.4930 during midday trading on Friday, reaching $158.6730. The company had a trading volume of 92,527,554 shares, compared to its average volume of 92,130,148. The firm has a market capitalization of $376.43 billion, a price-to-earnings ratio of 528.93, a PEG ratio of 8.79 and a beta of 2.60. The stock's fifty day simple moving average is $153.18 and its 200-day simple moving average is $121.39. Palantir Technologies Inc. has a 12-month low of $29.31 and a 12-month high of $190.00.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.14 by $0.02. The company had revenue of $1 billion during the quarter, compared to the consensus estimate of $939.29 million. Palantir Technologies had a return on equity of 10.75% and a net margin of 22.18%.Palantir Technologies's revenue for the quarter was up 48.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.09 EPS. Palantir Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. As a group, sell-side analysts expect that Palantir Technologies Inc. will post 0.31 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Citigroup restated a "neutral" rating and set a $177.00 price target (up from $158.00) on shares of Palantir Technologies in a research report on Tuesday, August 5th. Morgan Stanley set a $155.00 target price on Palantir Technologies and gave the company an "equal weight" rating in a report on Tuesday, August 5th. Bank of America lifted their target price on Palantir Technologies from $150.00 to $180.00 and gave the company a "buy" rating in a report on Tuesday, August 5th. Mizuho upgraded Palantir Technologies from an "underperform" rating to a "neutral" rating and lifted their target price for the company from $116.00 to $135.00 in a report on Wednesday, July 16th. Finally, DA Davidson set a $170.00 target price on Palantir Technologies and gave the company a "neutral" rating in a report on Tuesday, August 5th. Four equities research analysts have rated the stock with a Buy rating, sixteen have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Palantir Technologies presently has an average rating of "Hold" and an average price target of $136.61.

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.