Kovack Advisors Inc. has significantly increased its holdings in Palantir Technologies Inc. (NASDAQ: PLTR), boosting its shares by 24.6% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission (SEC), the firm now owns 43,086 shares after acquiring an additional 8,508 shares during the period. The total value of Kovack Advisors’ stake in Palantir Technologies was approximately $5,873,000 at the end of the reporting period.
Several other institutional investors also adjusted their positions in Palantir Technologies recently. Mechanics Financial Corp established a new position valued at about $25,000 in the first quarter, while Signature Resources Capital Management LLC purchased a stake worth approximately $25,000 in the second quarter. Wealth Preservation Advisors LLC and 1248 Management LLC also each acquired new stakes of around $27,000 in the first quarter. Briaud Financial Planning Inc. added a new stake in the second quarter valued similarly at approximately $27,000. Collectively, institutional investors hold 45.65% of the company’s stock.
Analyst Ratings and Stock Performance
Several equity research analysts have recently provided insights regarding Palantir Technologies. Weiss Ratings has reiterated a “buy (B-)” rating on the shares. The Goldman Sachs Group raised its price target on Palantir Technologies from $90.00 to $141.00, maintaining a “neutral” rating. Cantor Fitzgerald also increased its price target from $110.00 to $155.00, while Citigroup lifted its target from $177.00 to $190.00. DA Davidson set a target of $170.00 with a “neutral” rating.
Currently, five analysts have rated Palantir Technologies as a buy, while fifteen have issued a hold rating and two have recommended selling the stock. According to data from MarketBeat.com, the company has a consensus rating of “hold” and a consensus price target of $142.00.
Insider Transactions and Recent Earnings
In related news, insider David A. Glazer sold 81,000 shares of the company on September 2, 2023, at an average price of $154.47, totaling approximately $12,512,070.00. Following this transaction, Glazer retains 431,169 shares valued at around $66,602,675.43, representing a 15.82% decrease in his position.
Another insider, Shyam Sankar, sold 30,000 shares on August 22, 2023, for about $4,786,500.00, which decreased his stake by 4.09%. Over the last three months, insiders have sold a total of 1,557,750 shares worth $239,713,896, with insiders collectively holding 9.23% of the company’s stock.
Palantir Technologies opened trading at $194.55 on Friday, September 29, 2023. The company has a market capitalization of $461.54 billion, a price-to-earnings (P/E) ratio of 648.52, and a P/E/G ratio of 10.78. The stock has experienced a 12-month low of $40.90 and a high of $199.85.
Palantir Technologies last reported its earnings on August 4, 2023, revealing an earnings per share (EPS) of $0.16, surpassing analysts’ estimates of $0.14. The company generated revenue of $1 billion for the quarter, exceeding estimates of $939.29 million. This represents a 48.0% increase in quarterly revenue compared to the same period last year.
Palantir Technologies specializes in developing software platforms that serve as central operating systems for both commercial and governmental clients. The company operates in two segments: Commercial, focusing on non-government clients, and Government, providing services to various government agencies, including those in the United States and abroad.
