Firsthand Capital Management Inc. Acquires Shares in Palantir Technologies Inc. (NYSE:PLTR)

In the third quarter, Firsthand Capital Management Inc. made a significant move by purchasing a new position in Palantir Technologies Inc. (NYSE:PLTR - Free Report). This information comes from its latest 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 85,000 shares of Palantir's stock, amounting to an approximate value of $3,162,000. With this investment, Palantir Technologies now constitutes roughly 6.2% of Firsthand Capital Management’s investment portfolio, ranking it as the fifth-largest holding for the fund.

Additionally, several other institutional investors have also made adjustments to their stakes in Palantir Technologies. For instance, White Knight Strategic Wealth Advisors LLC entered a new position in Palantir worth $292,000 during the same quarter. Fred Alger Management LLC boosted its stake by a remarkable 153.6%, bringing its total ownership to 304,662 shares valued at $11,333,000. Meanwhile, Captrust Financial Advisors increased its holdings by 11.5%, owning 425,445 shares worth approximately $15,827,000 as of the last quarter. HBK Investments L.P. also made a new investment in Palantir during this period, valued around $744,000. Finally, Rockefeller Capital Management L.P. raised its stake by 5.8%, securing 1,336,779 shares worth $49,728,000 after purchasing an extra 73,619 shares. Notably, institutional investors collectively hold about 45.65% of Palantir's stock.

Analyst Perspectives on Palantir Technologies

Various research analysts have weighed in on the stock performance of Palantir Technologies. Recently, Deutsche Bank Aktiengesellschaft increased their target price from $20.00 to $21.00, while giving the company a "sell" rating in a report dated August 6th. Similarly, Raymond James lowered its rating from "outperform" to "market perform" on September 23rd. Conversely, The Goldman Sachs Group raised its target price significantly from $16.00 to $41.00, issuing a "neutral" rating on November 7th. DA Davidson also elevated their price target from $28.00 to $47.00 while maintaining a "neutral" stance as of November 5th. Meanwhile, Jefferies Financial Group downgraded its assessment from "hold" to "underperform", setting a new price objective of $28.00 on November 7th. Currently, six analysts rate the stock as a sell, eight maintain hold ratings, and two have given buy ratings, giving Palantir Technologies an average rating of "Hold" and a consensus price target of $35.64.

Current Stock Performance

On the trading floor, shares of Palantir Technologies (NYSE:PLTR) opened at $67.08 on Friday. Over the past year, the stock has reached a low of $15.66 and a high of $67.88, reflecting substantial volatility. Presently, Palantir boasts a market capitalization of $152.81 billion, a P/E ratio of 335.42, and a P/E/G ratio of 8.93, with a beta of 2.70. Its 50-day moving average stands at $48.86, while the 200-day moving average is at $34.87.

In its recent quarterly earnings report released on November 4th, Palantir Technologies reported earnings of $0.10 per share, exceeding the anticipated $0.09. The company achieved revenue of $725.52 million, surpassing analysts' projections of $705.11 million. Palantir showcased a net margin of 18.01% and a return on equity of 9.94%. Furthermore, the firm’s quarterly revenue exhibited a remarkable year-over-year growth of 30.0% compared to the same quarter the previous year, when it recorded earnings of $0.03 per share. Analysts predict Palantir Technologies Inc. will post earnings of $0.21 per share for the current fiscal year.

Insider Trading Activity

In relation to insider trading, Ryan D. Taylor, an insider at Palantir, sold 155,539 shares on September 12th, at an average price of $35.02, totaling approximately $5,446,975.78. Post-transaction, Taylor retains ownership of 331,369 shares valued at around $11,604,542.38, indicating a 31.94% reduction in ownership. Furthermore, Director Lauren Elaina Friedman Stat sold 6,000 shares at an average price of $36.35 on September 16th, resulting in total proceeds of about $218,100. The Director now holds 152,280 shares valued at approximately $5,535,378, representing a 3.79% decline. In the recent three months, insiders have collectively sold 34,163,181 shares which are valued at $1,603,288,758. It is noted that corporate insiders own about 12.93% of the company's shares.

About Palantir Technologies

Palantir Technologies Inc. specializes in developing and deploying software platforms designed for the intelligence community, aiding in counterterrorism investigations and operations both in the United States and internationally. Its flagship product, Palantir Gotham, enables users to identify complex patterns within vast datasets, including signals intelligence and confidential reports. The software also facilitates collaboration between analysts and operational users, assisting them in planning and executing responses to identified threats.

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