Summit Global Investments Has $4.73 Million Holdings in Palantir Technologies Inc. $PLTR

Key Points

• Summit Global Investments boosted its Palantir stake by 110.7% in the first quarter, ending with 32,355 shares valued at about $4.73 million.
• Several other hedge funds also increased their Palantir holdings, and institutional investors now own 45.65% of the company’s stock.
• Palantir insiders have been selling shares recently, with total insider sales of 1.11 million shares worth about $150.2 million over the last 90 days, largely tied to tax withholding on equity awards.

Summit Global Investments raised its position in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 110.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,355 shares of the company's stock after purchasing an additional 17,001 shares during the period. Summit Global Investments' holdings in Palantir Technologies were worth $4,733,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Convergence Investment Partners LLC raised its position in Palantir Technologies by 438.9% during the first quarter. Convergence Investment Partners LLC now owns 9,436 shares of the company's stock valued at $1,380,000 after acquiring an additional 7,685 shares in the last quarter. JSF Financial LLC grew its position in Palantir Technologies by 4.7% in the first quarter. JSF Financial LLC now owns 3,541 shares of the company's stock worth $518,000 after acquiring an additional 160 shares in the last quarter. Commerzbank Aktiengesellschaft FI grew its position in Palantir Technologies by 187.0% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 55,741 shares of the company's stock worth $8,154,000 after acquiring an additional 36,316 shares in the last quarter. Alta Advisers Ltd increased its stake in shares of Palantir Technologies by 1.7% during the 1st quarter. Alta Advisers Ltd now owns 8,974 shares of the company's stock worth $1,313,000 after purchasing an additional 152 shares during the last quarter. Finally, Swan Global Investments LLC increased its stake in shares of Palantir Technologies by 9.7% during the 1st quarter. Swan Global Investments LLC now owns 2,469 shares of the company's stock worth $361,000 after purchasing an additional 218 shares during the last quarter. Institutional investors and hedge funds own 45.65% of the company's stock.

Insiders Place Their Bets

In related news, insider Stephen Andrew Cohen sold 319,934 shares of the business's stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $136.04, for a total transaction of $43,523,821.36. Following the completion of the transaction, the insider owned 592 shares of the company's stock, valued at approximately $80,535.68. The trade was a 99.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Shyam Sankar sold 165,514 shares of the stock in a transaction that occurred 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 sale, the insider 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 SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 1,112,270 shares of company stock valued at $150,247,785 in the last ninety days. Company insiders own 9.53% of the company's stock.

Palantir Technologies News Summary

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

• Positive Sentiment: Several articles argue Palantir’s long-term growth case remains intact, pointing to its expanding AI software footprint and the strength of its AIP platform. Palantir: The Stock Is Richly Valued With a Forward P/S Multiple of Over 40x, but Is the Growth Story Still Worth Buying Into?
• Positive Sentiment: Commentary from top investors and market watchers says Palantir’s business momentum and product expansion could support further gains despite the stock’s premium valuation. It’s Not Crazy, Says Top Investor About Palantir Stock
• Positive Sentiment: Another piece says Palantir keeps defying skeptics with a string of earnings beats and a raised outlook, reinforcing the idea that fundamentals are still improving. Predicition: Palantir Defies Doubters. Here’s Our New Price Target
• Neutral Sentiment: Palantir is also being widely searched and discussed, which shows elevated investor interest but does not by itself change the outlook.
• Neutral Sentiment: Several articles revisit the stock’s big run from its IPO and its recent pullback, keeping focus on valuation and volatility rather than any new company-specific catalyst.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PLTR. Weiss Ratings cut shares of Palantir Technologies from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, April 27th. UBS Group upgraded Palantir Technologies from a "buy" rating to a "buy" rating in a report on Tuesday, June 16th. Mizuho reduced their price target 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. BTIG Research downgraded Palantir Technologies to a "neutral" rating in a research note on Tuesday, June 16th. Finally, DA Davidson reissued a "buy" rating and set a $175.00 price objective on shares of Palantir Technologies in a report on Friday. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, eleven have given a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat, Palantir Technologies currently has an average rating of "Moderate Buy" and an average price target of $190.85.

Palantir Technologies Trading Up 1.9%

NASDAQ:PLTR opened at $134.85 on Tuesday. Palantir Technologies Inc. has a 1 year low of $106.37 and a 1 year high of $207.52. The firm's fifty day simple moving average is $132.16 and its 200 day simple moving average is $143.69. The firm has a market capitalization of $323.28 billion, a PE ratio of 151.52, a PEG ratio of 2.12 and a beta of 1.56.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last announced its earnings results on Monday, May 4th. The company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.28 by $0.05. The firm had revenue of $1.63 billion for the quarter, compared to the consensus estimate of $1.54 billion. Palantir Technologies had a net margin of 43.67% and a return on equity of 28.34%. The business's quarterly revenue was up 84.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.13 EPS. As a group, analysts anticipate that Palantir Technologies Inc. will post 1.17 EPS for the current fiscal year.

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.

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