Empirical Financial Services LLC d.b.a. Empirical Wealth Management Increases Position in Palantir Technologies Inc. $PLTR

Empirical Financial Services LLC d.b.a. Empirical Wealth Management grew its holdings in shares of Palantir Technologies Inc. (NASDAQ:PLTR) by 48.6% during the first quarter, HoldingsChannel reports. The institutional investor owned 32,680 shares of the company’s stock after buying an additional 10,695 shares during the period. Empirical Financial Services LLC d.b.a. Empirical Wealth Management’s holdings in Palantir Technologies were worth $4,780,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. increased its stake in Palantir Technologies by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 215,444,098 shares of the company’s stock worth $38,295,188,000 after purchasing an additional 1,557,828 shares during the period. State Street Corp boosted its stake in shares of Palantir Technologies by 1.1% during the fourth quarter. State Street Corp now owns 102,385,317 shares of the company’s stock valued at $18,198,990,000 after purchasing an additional 1,126,418 shares during the period. Geode Capital Management LLC boosted its stake in shares of Palantir Technologies by 1.5% during the fourth quarter. Geode Capital Management LLC now owns 54,200,265 shares of the company’s stock valued at $9,599,882,000 after purchasing an additional 805,047 shares during the period. Norges Bank bought a new position in shares of Palantir Technologies in the fourth quarter worth about $5,149,641,000. Finally, Invesco Ltd. increased its stake in Palantir Technologies by 2.8% in the 4th quarter. Invesco Ltd. now owns 22,415,082 shares of the company’s stock worth $3,984,281,000 after buying an additional 616,297 shares during the period. 45.65% of the stock is owned by institutional investors.

More Palantir Technologies News

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

• Positive Sentiment: The U.S. Small Business Administration said it is expanding use of Palantir software to strengthen pandemic-fraud detection and enforcement, another example of the company winning mission-critical government work. SBA Expands Use of Palantir Software to Accelerate Pandemic Fraud Crackdown
• Positive Sentiment: Coverage around Palantir’s AI platform and “ontology” technology highlighted continued enterprise adoption, supporting the case that its software is becoming more deeply embedded in customer workflows. Palantir’s Ontology Edge Is Redefining AI Software Leadership
• Positive Sentiment: Palantir also drew bullish commentary from investors and analysts who see it as a high-upside growth stock, and a report noted the shares recovered after an early dip, suggesting buyers are still stepping in on weakness. ‘One to Admire,’ Says Top Investor About Palantir Stock

Analyst Ratings Changes

PLTR has been the subject of several research reports. DA Davidson raised shares of Palantir Technologies from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $165.00 to $175.00 in a research report on Thursday, July 2nd. Wolfe Research raised shares of Palantir Technologies from an “underperform” rating to a “peer perform” rating in a research note on Tuesday, June 16th. BTIG Research lowered Palantir Technologies to a “neutral” rating in a report on Tuesday, June 16th. President Capital raised Palantir Technologies from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $25.50 to $133.00 in a research note on Monday, June 29th. Finally, Zacks Research upgraded Palantir Technologies from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 7th. Two research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, eleven have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, Palantir Technologies presently has a consensus rating of “Moderate Buy” and an average target price of $190.85.

Palantir Technologies Stock Up 2.8%

Shares of PLTR opened at $133.72 on Wednesday. The company has a market cap of $320.57 billion, a price-to-earnings ratio of 150.25, a price-to-earnings-growth ratio of 2.08 and a beta of 1.56. Palantir Technologies Inc. has a twelve month low of $106.37 and a twelve month high of $207.52. The company has a 50 day moving average of $132.36 and a two-hundred day moving average of $145.19.

Palantir Technologies (NASDAQ:PLTR) last issued its quarterly earnings results on Monday, May 4th. The company reported $0.33 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to the consensus estimate of $1.54 billion. During the same period in the prior year, the firm posted $0.13 earnings per share. The business’s quarterly revenue was up 84.7% on a year-over-year basis. On average, sell-side analysts expect that Palantir Technologies Inc. will post 1.17 EPS for the current year.

Insider Activity

In related news, insider Ryan D. Taylor sold 19,662 shares of the company’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 $2,674,818.48. Following the transaction, the insider directly owned 199,759 shares of the company’s stock, valued at $27,175,214.36. This represents a 8.96% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider David A. Glazer sold 17,128 shares of the stock in a transaction dated 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 completion of the sale, the insider owned 375,242 shares of the company’s stock, valued at approximately $51,047,921.68. This trade represents a 4.37% 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. Insiders sold 1,112,270 shares of company stock worth $150,247,785 over the last quarter. Company insiders own 9.53% of the company’s stock.

About Palantir Technologies

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.