Fischer Financial Services Inc. has made a notable investment in Palantir Technologies Inc. (NASDAQ:PLTR), acquiring 10,469 shares valued at around $1.91 million during the third quarter, according to its latest SEC filing. This move adds to the growing interest from institutional investors, reflecting a positive outlook for the technology firm known for its data analytics and operational decision-making platforms.
In prior quarters, other significant institutional investments have emerged. Norges Bank secured a large stake in Palantir during the second quarter, amounting to $3.31 billion. Meanwhile, Kingstone Capital Partners Texas LLC invested approximately $2.54 billion in the same period. Vanguard Group Inc. increased its holdings by 3.6%, now owning over 205 million shares worth about $28 billion. State Street Corp and Invesco Ltd. also expanded their shares significantly, indicating strong backing from institutional investors who collectively hold 45.65% of Palantir’s stock.
On the stock performance front, shares of Palantir Technologies opened at $177.75 recently, with a market capitalization of $423.66 billion. The company’s earnings report on November 3 revealed a profitable quarter, with earnings per share at $0.21, exceeding analysts’ estimates of $0.17, and a year-over-year revenue increase of 62.8%, reaching $1.18 billion.
Research analysts have been adjusting their price targets for Palantir, with Robert W. Baird raising their objective to $200, aligning with Deutsche Bank’s revised target. Morgan Stanley increased their forecast further to $205. Analysts have assigned an average rating of “Hold” with a price target of approximately $172.28, reflecting a cautiously optimistic outlook for the firm.
Recent insider trading has occurred, with significant sales from key executives, including insider Alexander C. Karp, who sold over 359,000 shares. Despite these sales, insiders retain substantial shareholdings in the company, with 9.23% of the stock currently owned by them.
Palantir Technologies continues to position itself as a leader in developing enterprise-scale software solutions, catering to both government and commercial clients since its inception in 2003. The company’s focus on complex data projects, where security and real-time collaboration are vital, underpins its strategy for growth and investor interest. As the company navigates future quarters, the market will be keenly observing its performance and strategic developments.