64,984 Palantir Technologies Inc. $PLTR Shares Bought by Cornerstone Advisors LLC

Cornerstone Advisors LLC increased its stake in Palantir Technologies Inc. (NASDAQ:PLTR) by 115.4% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 121,287 shares of the company’s stock after acquiring an additional 64,984 shares during the quarter. Palantir Technologies accounts for approximately 0.8% of Cornerstone Advisors LLC’s portfolio, making the stock its 28th largest position. Cornerstone Advisors LLC’s holdings in Palantir Technologies were worth $22,687,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of PLTR. Moors & Cabot Inc. raised its holdings in shares of Palantir Technologies by 7.0% during the third quarter. Moors & Cabot Inc. now owns 101,621 shares of the company’s stock valued at $19,008,000 after purchasing an additional 6,674 shares during the period. PFC Capital Group Inc. boosted its position in shares of Palantir Technologies by 7.6% during the 3rd quarter. PFC Capital Group Inc. now owns 3,520 shares of the company’s stock worth $658,000 after purchasing an additional 250 shares in the last quarter. Valued Retirements Inc. acquired a new stake in shares of Palantir Technologies in the 3rd quarter valued at about $248,000. truNorth Financial Services Inc. grew its stake in shares of Palantir Technologies by 1.3% in the 3rd quarter. truNorth Financial Services Inc. now owns 4,914 shares of the company’s stock valued at $919,000 after buying an additional 65 shares during the period. Finally, Allworth Financial LP grew its stake in shares of Palantir Technologies by 14.2% in the 3rd quarter. Allworth Financial LP now owns 113,592 shares of the company’s stock valued at $21,247,000 after buying an additional 14,102 shares during the period. Institutional investors own 45.65% of the company’s stock.

Palantir Technologies Stock Performance

Shares of NASDAQ PLTR opened at $167.99 on Friday. Palantir Technologies Inc. has a fifty-two week low of $106.37 and a fifty-two week high of $212.94. The stock has a market cap of $403.69 billion, a price-to-earnings ratio of 117.48, a PEG ratio of 3.47 and a beta of 1.65. The firm’s 50-day simple moving average is $184.79 and its 200 day simple moving average is $153.82.

Palantir Technologies (NASDAQ:PLTR) last issued its quarterly earnings data on Monday, November 2nd. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.03. The firm had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.18 billion. Palantir Technologies had a return on equity of 30.49% and a net margin of 50.34%. The company’s revenue for the quarter was up 95.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.21 EPS. On average, sell-side analysts predict that Palantir Technologies Inc. will post 1.36 EPS for the current year.

Top Palantir Technologies Stories

Here are a few of the latest stories about PLTR:

• Positive Sentiment: Recent commentary argues Palantir’s growth story remains strong, with its AI software helping drive substantial business momentum. This provides a fundamental counterpoint to the stock’s recent weakness. Article: Palantir: High-Quality Growth Should Never Be Cheap
• Negative Sentiment: Valuation is a key concern: bearish commentary says the share price leaves little room for error, even given Palantir’s exceptional business growth. Investors may be demanding continued rapid growth to justify the premium. Article: Palantir: Exceptional Business, Unjustifiable Price
• Negative Sentiment: ARK Invest reportedly trimmed its Palantir position while buying another AI-related stock. The move may reinforce concerns about investor rotation away from richly valued AI names, although it reflects one fund’s portfolio decision. Article: Cathie Wood Is Buying CoreWeave and Selling Palantir

Insider Activity at Palantir Technologies

In related news, Director Lauren Friedman Stat sold 5,026 shares of the company’s stock in a transaction on Thursday, October 8th. The stock was sold at an average price of $199.00, for a total transaction of $1,000,174.00. Following the completion of the sale, the director owned 46,402 shares in the company, valued at approximately $9,233,998. This represents a 9.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Shyam Sankar sold 300,000 shares of the stock in a transaction on Tuesday, November 10th. The shares were sold at an average price of $167.03, for a total value of $50,109,000.00. Following the completion of the sale, the insider directly owned 857,616 shares of the company’s stock, valued at $143,247,600.48. The trade was a 25.92% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 908,396 shares of company stock valued at $157,146,307 over the last 90 days. Corporate insiders own 9.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PLTR. Yorkville Ives initiated coverage on Palantir Technologies in a research note on Tuesday, October 6th. They set an “outperform” rating and a $250.00 price target on the stock. Needham & Company LLC set a $215.00 price objective on Palantir Technologies in a research note on Tuesday, August 11th. Zacks Research lowered Palantir Technologies from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 6th. The Goldman Sachs Group reiterated a “buy” rating and issued a $235.00 target price on shares of Palantir Technologies in a report on Tuesday, November 3rd. Finally, DA Davidson reissued a “buy” rating and issued a $250.00 price target on shares of Palantir Technologies in a research report on Tuesday, November 3rd. One analyst has rated the stock with a Strong Buy rating, twenty-eight have issued a Buy rating, seven have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, Palantir Technologies has an average rating of “Moderate Buy” and a consensus price target of $216.20.

Palantir Technologies Profile

Palantir Technologies is a software company that develops platforms for integrating, analyzing and using data to support operational decisions. Its products are designed to help organizations work with large, complex datasets while managing access and security. The company’s platforms include Gotham, used primarily by government and intelligence customers; Foundry, designed for commercial and other organizations; Apollo, which supports the deployment and management of software; and Artificial Intelligence Platform (AIP), which helps organizations use artificial intelligence with their data and operations.