Axa S.A. has increased its stake in Palantir Technologies Inc. (NASDAQ: PLTR) by a substantial 19.1% during the second quarter of 2023, as reported in a recent filing with the Securities and Exchange Commission. The institutional investor now holds 706,056 shares of Palantir, having acquired an additional 112,983 shares during this period. Axa’s total holdings in the company are valued at approximately $96.25 million.
Several other institutional investors have also adjusted their positions in Palantir. Signature Resources Capital Management LLC established a new stake valued at $25,000, while Briaud Financial Planning Inc. and LFA Lugano Financial Advisors SA each purchased positions worth $27,000. Additionally, Frazier Financial Advisors LLC acquired a new position valued at about $28,000, and MTM Investment Management LLC purchased shares worth approximately $31,000. Collectively, hedge funds and institutional investors own around 45.65% of Palantir’s stock.
Insider Trading Activity
In related developments, insider trading activity has been notable. On November 21, 2023, Shyam Sankar, the Chief Operating Officer of Palantir, sold 19,004 shares at an average price of $156.25, resulting in a total transaction of $2,969,375. Following this sale, Sankar retains 642,786 shares valued at about $100.44 million, marking a 2.87% reduction in his position.
Similarly, David A. Glazer, Palantir’s Chief Financial Officer, sold 1,973 shares on the same day for a total of $308,281.25. Glazer’s remaining shares amount to 413,639, valued at approximately $64.63 million, reflecting a 0.47% decrease in his stake. Over the past 90 days, insiders have sold a total of 1,029,844 shares worth around $168.16 million, with insiders currently holding 12.93% of the company’s stock.
Stock Performance and Financials
Shares of Palantir Technologies opened at $181.49 on Tuesday, with the stock experiencing a 0.1% decline. The company has seen a 52-week low of $63.40 and a high of $207.52. Its market capitalization stands at $432.57 billion, with a price-to-earnings (P/E) ratio of 432.13 and a price-to-earnings-growth (PEG) ratio of 7.05.
On November 3, 2023, Palantir announced its quarterly earnings, reporting earnings per share (EPS) of $0.21, surpassing analysts’ expectations of $0.17 by $0.04. The company achieved a revenue of $1.18 billion, exceeding estimates of $1.09 billion. This represents a remarkable year-over-year revenue increase of 62.8%. Analysts project that Palantir Technologies will post an EPS of $0.31 for the current fiscal year.
Founded to develop and deploy software platforms, Palantir operates through its Commercial and Government segments. The Commercial division serves non-government clients, while the Government segment focuses on providing services to various governmental agencies, including those of the United States.
For those interested in tracking other institutional investments in Palantir, resources are available for the latest 13F filings and insider transactions.
