Kovitz Investment Group Increases Stake in Palantir Technologies

Kovitz Investment Group Partners LLC has elevated its stake in Palantir Technologies Inc. (NYSE:PLTR) by 26.0% during the third quarter, as revealed in their latest 13F filing with the Securities and Exchange Commission. Following this acquisition, the institutional investor now owns 99,012 shares of Palantir's stock, after purchasing an additional 20,425 shares during this timeframe. As of the end of the reporting period, Kovitz Investment Group's holdings in Palantir Technologies were valued at approximately $3,683,000.

In addition to Kovitz, other institutional investors have also modified their positions in Palantir Technologies. Notably, Charles Schwab Investment Management Inc. increased its stake by 60.5% in the third quarter. This brought their total ownership to 12,387,040 shares, valued at approximately $460,798,000, after they added 4,667,955 shares in the last quarter. Similarly, the State of Alaska Department of Revenue raised its holdings by 22.9%, acquiring an additional 68,945 shares to reach a total of 370,625 shares, worth $13,786,000.

Oppenheimer & Co. Inc. also expanded its position in Palantir Technologies by 19.2% during the same period, now owning 541,567 shares valued at $20,146,000 after purchasing an extra 87,062 shares. Tyler Stone Wealth Management made a significant increase of 97.9%, gaining 99,921 additional shares for a total of 202,006 shares worth $7,515,000. Lastly, Boston Family Office LLC augmented its stake by 48.0%, owning 37,000 shares valued at $1,376,000 after acquiring 12,000 shares more. Currently, hedge funds and institutional investors hold approximately 45.65% of the company’s stock.

Recent Insider Transactions

In related news, insider Ryan D. Taylor sold 155,539 shares of Palantir Technologies on September 12, at an average price of $35.02, amassing a total of $5,446,975.78 from the sale. After this transaction, Taylor owns 331,369 shares valued at approximately $11,604,542.38, reflecting a 31.94% decrease in their ownership. This transaction was detailed in a document submitted to the SEC.

Additionally, on September 16, insider Alexander C. Karp sold an impressive 4,500,000 shares at an average price of $36.07, with the total transaction value reaching $162,315,000. Following this sale, Karp's holdings now stand at 6,432,258 shares, worth around $232,011,546.06, indicating a 41.16% decrease in shares owned. Over the last 90 days, insiders have sold 39,397,131 shares, totaling a value of $1,971,713,059. Company insiders currently own approximately 12.93% of the stock.

Stock Performance and Financials

Palantir Technologies shares opened at $76.34 recently. The company has experienced a 12-month trading range, with a low of $15.66 and a high of $76.82. The stock has a fifty-day moving average of $52.25 and a 200-day moving average of $36.69. Palantir Technologies currently holds a market capitalization of $173.90 billion, with a P/E ratio of 381.72 and a PEG ratio of 9.41, alongside a beta of 2.87.

Palantir Technologies’ most recent earnings report was released on November 4, where the company reported an earnings per share (EPS) of $0.10, surpassing the consensus estimate of $0.09 by one cent. The revenue for the quarter was $725.52 million, exceeding analyst estimates of $705.11 million. The company has achieved a net margin of 18.01% and a return on equity of 9.94%. Revenue grew by 30.0% year-over-year, compared to the same quarter from the previous year when the firm recorded an EPS of $0.03. Analysts predict that Palantir Technologies will report an EPS of $0.21 for the current year.

Analyst Ratings

Recent reports from analysts concerning Palantir's stock have varied. William Blair maintained an "underperform" rating in a note on December 4. On the other hand, Wedbush raised their price target from $57.00 to $75.00, giving Palantir an