Brookwood Investment Group LLC has increased its ownership in Palantir Technologies Inc. by acquiring an additional 9,773 shares during the third quarter of 2023. This acquisition represents a 33.2% increase in the firm’s holdings, bringing its total to 39,218 shares. According to a recent filing with the Securities and Exchange Commission (SEC), Palantir now constitutes 0.9% of Brookwood’s portfolio, ranking as its 21st largest holding with a value of approximately $7.15 million.
Several other institutional investors have also made significant adjustments to their positions in Palantir Technologies. Vanguard Group Inc. increased its stake by 3.6% in the second quarter, now owning over 205 million shares, valued at around $28 billion. Similarly, State Street Corp raised its holdings by 6.9%, acquiring an additional 6.1 million shares to reach a total of 94.5 million shares, worth nearly $12.9 billion. Other notable investors include Norges Bank, which purchased a new stake valued at approximately $3.3 billion, and Invesco Ltd., which increased its position by 16.0% during the same period.
As of now, 45.65% of Palantir’s stock is owned by institutional investors, reflecting a robust interest in the company.
Recent Stock Performance and Financial Results
On November 3, 2023, Palantir Technologies reported earnings that exceeded analysts’ expectations. The company posted earnings per share of $0.21, surpassing the consensus estimate of $0.17 by $0.04. The firm recorded revenue of $1.18 billion for the quarter, significantly higher than the projected $1.09 billion. This represents a year-over-year revenue increase of 62.8%, up from an EPS of $0.10 in the same quarter last year.
Despite these positive results, Palantir’s stock opened at $167.86 on the same day, down 5.6% from previous trading sessions. The company’s market capitalization stands at approximately $400.08 billion, with a price-to-earnings ratio of 399.68 and a price-to-earnings-growth ratio of 4.47. Over the past year, Palantir’s shares have fluctuated between a low of $63.40 and a high of $207.52.
Insider Transactions and Analyst Ratings
In related news, insider transactions have raised some eyebrows. On November 21, 2023, insider Stephen Andrew Cohen sold 39,136 shares at an average price of $156.25, totaling approximately $6.12 million. Following this transaction, Cohen retained just 592 shares valued at around $92,500. Another insider, Shyam Sankar, sold 19,004 shares the same day for about $2.97 million, reducing his holdings to 642,786 shares.
Over the last quarter, insiders sold a total of 1,008,044 shares valued at approximately $164.6 million, with insiders collectively owning 9.23% of the company’s stock.
Analysts have been active in reviewing Palantir’s stock. Notably, Cantor Fitzgerald raised its price target from $155.00 to $198.00, while Piper Sandler increased its target from $201.00 to $225.00. Currently, five analysts rate the stock as a Buy, sixteen as Hold, and two as Sell, with an average target price of $172.28.
Palantir Technologies, founded in 2003 by key figures including Alex Karp and Peter Thiel, focuses on providing data integration and analytics platforms for both governmental and commercial clients. The company went public in 2020 and continues to be recognized for its innovative solutions in managing large-scale data projects.
