Westpac Banking Corp Trims Stock Position in Palantir Technologies Inc. $PLTR

Key Points

• Westpac Banking Corp reduced its Palantir stake by 26.8% in the fourth quarter, selling 10,359 shares and leaving it with 28,304 shares worth about $5.0 million.
• Palantir’s latest earnings showed strong growth, with Q1 revenue up 84.7% year over year to $1.63 billion and EPS of $0.33, beating estimates by $0.05.
• Despite the strong fundamentals, the stock faces valuation and insider-selling concerns: PLTR trades at a high P/E, insiders have sold shares recently, and the stock was down 5.3% as of the report.

Westpac Banking Corp cut its stake in shares of Palantir Technologies Inc. (NASDAQ:PLTR - Free Report) by 26.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 28,304 shares of the company's stock after selling 10,359 shares during the quarter. Westpac Banking Corp's holdings in Palantir Technologies were worth $5,031,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of PLTR. Norges Bank purchased a new position in shares of Palantir Technologies during the fourth quarter worth approximately $5,149,641,000. Vanguard Group Inc. increased its holdings in Palantir Technologies by 4.0% during the third quarter. Vanguard Group Inc. now owns 213,886,270 shares of the company's stock valued at $39,017,133,000 after buying an additional 8,168,604 shares during the period. State Street Corp increased its holdings in Palantir Technologies by 7.2% during the third quarter. State Street Corp now owns 101,258,899 shares of the company's stock valued at $18,471,648,000 after buying an additional 6,777,771 shares during the period. Amundi increased its holdings in Palantir Technologies by 38.7% during the third quarter. Amundi now owns 15,679,158 shares of the company's stock valued at $2,814,879,000 after buying an additional 4,373,201 shares during the period. Finally, Wellington Management Group LLP increased its holdings in Palantir Technologies by 228.0% during the third quarter. Wellington Management Group LLP now owns 5,182,560 shares of the company's stock valued at $945,403,000 after buying an additional 3,602,471 shares during the period. 45.65% of the stock is owned by hedge funds and other institutional investors.

Key Stories Impacting Palantir Technologies

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

• Positive Sentiment: Palantir’s strong Q1 results, including 84.7% revenue growth and an EPS beat, continue to support the long-term bull case, and several recent articles point to improving AI infrastructure momentum and expanding commercial adoption. Palantir's AI Infrastructure Momentum: Is PLTR Stock Still a Buy?
• Positive Sentiment: Commercial momentum also looks solid, with Cavanagh extending its Foundry partnership through 2035 and becoming a channel partner, suggesting Palantir can keep broadening beyond government contracts. Why Palantir Technologies (PLTR) Is Up 17.4% After Cavanagh Extends Foundry And Becomes Channel Partner
• Neutral Sentiment: Some coverage remains constructive on the broader AI and defense-tech trade, but much of it is focused on whether the stock can keep rallying after a sharp run-up rather than on a new fundamental catalyst. Palantir’s Drone Tailwind Puts Its Defense AI Story Back in Focus for Investors
• Negative Sentiment: Insider selling is the main near-term drag: Reuters and other reports highlighted director share sales totaling tens of millions of dollars, which has intensified concerns that management may see the stock as fully valued. Palantir’s Stock Price Drops Further as Insiders Dump More Shares
• Negative Sentiment: Valuation worries are also weighing on PLTR, with some analysts arguing the company’s premium multiple already prices in very aggressive growth assumptions. Palantir's $369 Billion Valuation Requires Unprecedented Federal Market Share
• Negative Sentiment: UK lawmakers also criticized Palantir’s role in public-sector systems, calling it an “unacceptable point of weakness,” which adds political and contract-risk headlines around its government business. UK lawmakers call Palantir's role public sector an unacceptable weakness

Palantir Technologies Trading Down 5.3%

NASDAQ PLTR opened at $152.17 on Wednesday. The firm's fifty day simple moving average is $141.80 and its two-hundred day simple moving average is $155.65. Palantir Technologies Inc. has a 12-month low of $118.93 and a 12-month high of $207.52. The firm has a market capitalization of $364.80 billion, a P/E ratio of 170.98, a P/E/G ratio of 2.55 and a beta of 1.53.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last released its quarterly earnings results on Monday, May 4th. The company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.28 by $0.05. Palantir Technologies had a net margin of 43.67% and a return on equity of 28.34%. The business had revenue of $1.63 billion for the quarter, compared to analyst estimates of $1.54 billion. During the same period in the previous year, the company earned $0.13 earnings per share. The business's revenue for the quarter was up 84.7% on a year-over-year basis. As a group, sell-side analysts predict that Palantir Technologies Inc. will post 1.18 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Palantir Technologies news, insider David A. Glazer sold 17,128 shares of Palantir Technologies stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $136.04, for a total value of $2,330,093.12. Following the transaction, the insider directly owned 375,242 shares of the company's stock, valued at approximately $51,047,921.68. The trade was a 4.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 Shyam Sankar sold 165,514 shares of Palantir Technologies stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $136.04, for a total transaction of $22,516,524.56. Following the completion of the transaction, the insider directly owned 642,786 shares in the company, valued at $87,444,607.44. This represents a 20.48% decrease in their ownership of the stock. 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. In the last ninety days, insiders sold 925,789 shares of company stock valued at $126,007,032. 9.53% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Mizuho cut their price objective on shares of Palantir Technologies from $195.00 to $185.00 and set an "outperform" rating on the stock in a report on Tuesday, April 14th. Oppenheimer assumed coverage on shares of Palantir Technologies in a report on Thursday, April 30th. They set an "outperform" rating and a $200.00 price objective on the stock. The Goldman Sachs Group cut their price objective on shares of Palantir Technologies from $188.00 to $182.00 in a report on Tuesday, February 3rd. Robert W. Baird raised shares of Palantir Technologies from a "neutral" rating to an "outperform" rating and set a $200.00 price objective on the stock in a report on Tuesday, February 3rd. Finally, Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $200.00 price objective on shares of Palantir Technologies in a report on Tuesday, February 3rd. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $192.76.

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.