Dock Street Asset Management Inc. Cuts Stock Holdings in Palantir Technologies Inc. $PLTR

Dock Street Asset Management Inc. decreased its holdings in shares of Palantir Technologies Inc. (NASDAQ:PLTR) by 4.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 744,782 shares of the company’s stock after selling 33,331 shares during the period. Palantir Technologies accounts for about 11.5% of Dock Street Asset Management Inc.’s holdings, making the stock its 2nd largest holding. Dock Street Asset Management Inc.’s holdings in Palantir Technologies were worth $108,947,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Bare Financial Services Inc increased its stake in shares of Palantir Technologies by 54.5% during the third quarter. Bare Financial Services Inc now owns 156 shares of the company’s stock valued at $28,000 after buying an additional 55 shares during the period. Basepoint Wealth LLC bought a new stake in Palantir Technologies in the fourth quarter valued at $29,000. Morton Brown Family Wealth LLC increased its position in Palantir Technologies by 250.0% during the 4th quarter. Morton Brown Family Wealth LLC now owns 175 shares of the company’s stock valued at $31,000 after purchasing an additional 125 shares during the period. Cornerstone Financial Management LLC bought a new position in Palantir Technologies in the 4th quarter worth $31,000. Finally, United Financial Planning Group LLC purchased a new stake in shares of Palantir Technologies in the 3rd quarter worth about $32,000. Hedge funds and other institutional investors own 45.65% of the company’s stock.

Insider Activity

In related news, insider Alexander C. Karp sold 397,744 shares of the company’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $136.04, for a total value of $54,109,093.76. Following the transaction, the insider owned 6,432,258 shares in the company, valued at $875,044,378.32. The trade was a 5.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider David A. Glazer sold 17,128 shares of the stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $136.04, for a total transaction of $2,330,093.12. Following the sale, the insider directly owned 375,242 shares in the company, valued at $51,047,921.68. This trade represents a 4.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 927,270 shares of company stock valued at $126,197,785. 9.53% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on PLTR shares. DA Davidson reduced their price target on shares of Palantir Technologies from $180.00 to $165.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 5th. Argus upgraded Palantir Technologies from a “hold” rating to a “buy” rating and set a $190.00 target price on the stock in a report on Wednesday, May 6th. Weiss Ratings lowered Palantir Technologies from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, April 27th. Rosenblatt Securities restated a “buy” rating and set a $225.00 price target on shares of Palantir Technologies in a research report on Friday, June 5th. Finally, BTIG Research cut Palantir Technologies to a “neutral” rating in a research note on Tuesday, June 16th. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, twelve have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, Palantir Technologies has a consensus rating of “Moderate Buy” and a consensus target price of $192.76.

Trending Headlines about Palantir Technologies

Here are the key news stories impacting Palantir Technologies this week:

• Positive Sentiment: Palantir’s partnership with Zeta Global strengthens the company’s AI growth narrative and adds another enterprise use case for Foundry, which analysts view as validation of Palantir’s platform. Article Title
• Positive Sentiment: Cathie Wood’s ARK Invest bought Palantir shares, a signal that some growth investors still see value in the pullback. Article Title
• Neutral Sentiment: Several articles argue that Palantir’s selloff may have gone too far and that the stock could be a buy for long-term investors, but these are opinion pieces rather than new fundamentals. Article Title
• Negative Sentiment: Sentiment remains weak because Palantir has been sliding toward or hitting new 52-week lows, with reports pointing to AI disruption fears, sector rotation out of software, and valuation concerns as reasons for the decline. Article Title
• Negative Sentiment: Coverage also highlighted competitive and international setbacks, including reports of European customers moving away from Palantir, which may add pressure to the stock. Article Title

Palantir Technologies Stock Down 2.8%

Palantir Technologies stock opened at $113.47 on Thursday. Palantir Technologies Inc. has a twelve month low of $112.25 and a twelve month high of $207.52. The company has a market capitalization of $272.03 billion, a P/E ratio of 127.50, a PEG ratio of 1.85 and a beta of 1.53. The stock’s 50 day moving average is $137.11 and its 200 day moving average is $151.23.

Palantir Technologies (NASDAQ:PLTR) last announced its quarterly earnings data on Monday, May 4th. The company reported $0.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.05. Palantir Technologies had a return on equity of 28.34% and a net margin of 43.67%.The business had revenue of $1.63 billion during the quarter, compared to analysts’ expectations of $1.54 billion. During the same quarter in the previous year, the business earned $0.13 earnings per share. The firm’s quarterly revenue was up 84.7% compared to the same quarter last year. As a group, equities analysts expect that Palantir Technologies Inc. will post 1.18 EPS for the current year.

About Palantir Technologies

Palantir Technologies is a software company that develops data integration, analytics and operational decision-making platforms for government and commercial customers. Founded in 2003 by a team that included Alex Karp and Peter Thiel, Palantir has grown into a provider of enterprise-scale software designed to help organizations integrate disparate data sources, build analytic models and drive operational workflows. The company went public in 2020 and continues to position its products around large, complex data projects where security, provenance and real-time collaboration are important.

Palantir’s product portfolio centers on a small number of core platforms.