Strathmore Capital Advisors Inc. Acquires Stake in Palantir Technologies Inc.

Strathmore Capital Advisors Inc. has recently added a new investment in shares of Palantir Technologies Inc. (NASDAQ:PLTR) during the fourth quarter, as disclosed in its latest 13F filing with the Securities and Exchange Commission (SEC). The investment firm purchased 11,000 shares of Palantir's stock, with an estimated value of around $832,000. Within Strathmore's portfolio, Palantir Technologies represents 0.6%, positioning it as the firm's 16th largest investment.

Palantir Technologies has seen increased activity from other institutional investors as well. For instance, State Street Corp has significantly expanded its holdings in Palantir by 96.4% in the third quarter, acquiring an additional 40,498,024 shares, which brings its total to 82,512,440 shares valued at over $3 billion. Similarly, Geode Capital Management LLC increased its position by 52.9%, now holding 47,946,926 shares worth approximately $1.78 billion, following their purchase of an additional 16,598,253 shares.

Furthermore, Sumitomo Mitsui Trust Group Inc. reported a 5.7% increase in their holdings, acquiring 808,444 shares for a total of 14,982,925 shares valued at about $557 million. FMR LLC also raised its stake by 8.8%, now owning 12,478,281 shares valued at roughly $464 million. In addition, Charles Schwab Investment Management Inc. bolstered its stake by 60.5%, acquiring an additional 4,667,955 shares for a new total of 12,387,040 shares valued at about $460 million. Overall, hedge funds and institutional investors currently own around 45.65% of Palantir's stock.

Recent Analyst Ratings

Several analysts have shared their insights regarding Palantir Technologies. Baird R W upgraded the stock to a "hold" rating on December 12th. On November 25th, Wedbush raised their price target for Palantir from $57.00 to $75.00 while giving it an "outperform" rating. Conversely, Argus downgraded the stock from "buy" to "hold" on November 7th, which was the same day Jefferies Financial Group reduced their rating from "hold" to "underperform" with a target price set at $28.00. Bank of America also increased their target price from $55.00 to $75.00, labeling it a "buy." In total, the consensus appears to lean toward a "hold" rating with a price target of $42.12, with seven analysts rating it as a sell, eleven as hold, and two as buy.

Palantir Technologies Stock Performance

On Tuesday, Palantir’s stock (PLTR) experienced a price drop, trading down by $5.99 to reach $69.93. During this time, 76,389,903 shares exchanged hands, slightly below the average volume of 77,880,094 shares. The company’s stock hit a 12-month low of $16.03 and a high of $84.80. Currently, Palantir boasts a market cap of $159.30 billion, a price-to-earnings ratio of 349.67, and a price-to-earnings-growth ratio of 10.18.

Most recently, Palantir reported its earnings on November 4th, announcing earnings per share (EPS) of $0.10 for the quarter, surpassing the analysts' expectations of $0.09 by a slim margin. The company recorded $725.52 million in revenue, exceeding the estimates of $705.11 million, and marked a year-over-year revenue increase of 30.0%.

Insider Activity

In related news, insider Shyam Sankar sold a substantial number of shares, totaling 5,250,000 at an average price of $70.08 on December 3rd, raising around $367.92 million. This sale has significantly reduced his stake in the company. Another director, Lauren Elaina Friedman Stat, also sold 7,321 shares on October 11th, valued at about $321,391.90. Collectively, insiders sold more than 23 million shares of Palantir stock recently, worth approximately $1.44 billion.

About Palantir Technologies

Palantir Technologies, Inc. specializes in developing and deploying software platforms tailored for its clients. It operates through two segments: Commercial, which serves non-government industries, and Government, which provides services to both U.S. and international government agencies.

Investment, Acquisition, Stock