Canvas Wealth Advisors LLC has decreased its stake in Palantir Technologies Inc. (NASDAQ: PLTR) by 6.6% in the third quarter of 2024, as disclosed in a recent filing with the Securities and Exchange Commission. The firm now holds 125,267 shares after selling 8,915 shares during the quarter. This reduction means that Palantir Technologies constitutes approximately 3.9% of Canvas Wealth Advisors’ total holdings, making it the firm’s seventh largest investment. As of the end of the reporting period, the value of their Palantir holdings stood at around $21.68 million.
Several other institutional investors have also adjusted their positions in Palantir Technologies recently. For instance, Occidental Asset Management LLC increased its stake by 2.8%, acquiring an additional 53 shares to reach a total of 1,964 shares valued at approximately $358,000. Similarly, Gallacher Capital Management LLC raised its position by 2.2%, now owning 2,452 shares worth around $447,000. Lionshead Wealth Management LLC boosted its stake by 0.4%, totaling 13,130 shares valued at about $2.4 million after a recent purchase of 56 shares.
Ellenbecker Investment Group and Traveka Wealth LLC also expanded their stakes by 3.6% and 1.6%, respectively. Ellenbecker now holds 1,619 shares worth $295,000, while Traveka owns 3,695 shares valued at approximately $674,000. Currently, institutional investors collectively own 45.65% of Palantir’s stock.
Recent Stock Performance and Analyst Ratings
As of the latest trading session, shares of Palantir Technologies opened at $135.90. The company has experienced significant volatility over the past year, with a fifty-two week low of $66.12 and a high of $207.52. Palantir has a market capitalization of $323.91 billion and a price-to-earnings ratio of 215.72. The company’s performance metrics include a net margin of 36.31% and a return on equity of 23.81%.
Palantir Technologies reported its quarterly earnings on February 2, 2024, revealing earnings per share of $0.25, which surpassed analysts’ expectations of $0.23. The firm reported revenue of $1.41 billion for the quarter, significantly above the consensus estimate of $1.34 billion. This represents a remarkable year-over-year revenue growth of 70% compared to the previous fiscal period.
Analysts have shared mixed assessments of Palantir’s stock. Piper Sandler reaffirmed an “overweight” rating with a price target of $230.00. Meanwhile, Daiwa Securities Group raised their price objective from $178.00 to $200.00 and maintained a “neutral” rating. Loop Capital adjusted its target from $230.00 to $220.00, while Phillip Securities initiated coverage with a “buy” rating and a target of $208.00. Citigroup also increased its target from $235.00 to $260.00 while maintaining a “buy” rating.
Currently, the consensus rating for Palantir Technologies is “Hold,” with eleven analysts recommending a “Buy,” twelve suggesting “Hold,” and two advising “Sell,” according to MarketBeat. The average price target from analysts stands at $191.95.
Company Overview and Future Outlook
Founded in 2003 by Alex Karp and Peter Thiel, Palantir Technologies specializes in software solutions that enable data integration, analytics, and operational decision-making for both government and commercial clients. The company has positioned itself as a leader in handling large, complex data projects where security and real-time collaboration are paramount.
Palantir went public in 2020 and continues to focus on expanding its product offerings around enterprise-scale software. Analysts predict that the company will post earnings of $0.31 per share for the current fiscal year, indicating a continued interest in the company’s growth trajectory.
As Palantir Technologies moves forward, the evolving landscape of data analytics and integration represents both challenges and opportunities for the firm. It remains to be seen how the company will adapt to the demands of a rapidly changing market while maintaining its position as an industry leader.
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