Axa S.A. has expanded its investment in Palantir Technologies Inc. (NASDAQ: PLTR), increasing its stake by 19.1% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission, Axa now holds 706,056 shares of Palantir, valued at approximately $96,250,000 at the end of the quarter after acquiring an additional 112,983 shares.
This move comes amid a broader trend of institutional investors adjusting their positions in Palantir. Notably, Signature Resources Capital Management LLC and Briaud Financial Planning Inc. each acquired new stakes in the company, valued at around $25,000 and $27,000 respectively. Additionally, LFA Lugano Financial Advisors SA and Frazier Financial Advisors LLC also made new purchases during the same quarter, further reflecting the growing interest from institutional players. Overall, hedge funds and other institutional investors now own approximately 45.65% of Palantir’s stock.
Insider Trading Activity
In related news, insider trading activity has raised eyebrows. On November 21, Shyam Sankar, a company insider, sold 19,004 shares at an average price of $156.25, resulting in a total transaction value of $2,969,375. Following this sale, Sankar retained 642,786 shares, worth around $100,435,312.50, marking a 2.87% decrease in his holdings.
Another insider, David A. Glazer, also sold 1,973 shares on the same day, generating a total of $308,281.25. Post-sale, Glazer owned 413,639 shares, valued at approximately $64,631,093.75, reflecting a 0.47% reduction in his position. Over the last 90 days, insiders have sold a cumulative 1,029,844 shares of Palantir stock, totaling $168,161,111. Currently, insiders hold 12.93% of the company’s shares.
Financial Performance and Market Outlook
On the market front, shares of Palantir Technologies opened at $181.49 on Tuesday. The company has experienced significant volatility, with 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.
Palantir recently announced its quarterly earnings on November 3, reporting earnings per share (EPS) of $0.21, exceeding analysts’ expectations of $0.17 by $0.04. The company achieved a net margin of 28.11% and a return on equity of 15.48%, with quarterly revenue reaching $1.18 billion, surpassing the forecast of $1.09 billion. This marks a substantial 62.8% year-over-year increase in revenue.
Equity analysts predict that Palantir Technologies will report an EPS of 0.31 for the current fiscal year, reflecting ongoing confidence in the company’s growth trajectory. Palantir operates primarily in two segments: Commercial, serving non-government industries, and Government, providing services to various government agencies.
As interest from institutional investors continues to grow, Palantir Technologies remains a focal point for market observers keen on its performance in the technology sector.
