North Dakota State Investment Board has opened a brand new position in Palantir Technologies Inc. (NASDAQ: PLTR), acquiring 75,965 shares during the fourth quarter valued at approximately $13.5 million, according to a Form 13F filing submitted to the Securities and Exchange Commission.
The position makes Palantir the 25th largest holding in North Dakota’s investment portfolio, representing approximately 0.5% of the fund’s total allocations.
The state board is far from alone in building a position in PLTR, with a range of other institutional investors also having added to their stakes during the same period.
Elyxium Wealth LLC lifted its holdings by 6.6% in Q4, ending the quarter with 12,963 shares valued at $2.3 million, while Rossmore Private Capital increased its position by 80.3% to reach 6,256 shares.
Abacus Wealth Partners lifted its PLTR holding by 94.1% to 4,469 shares, and Soltis Investment Advisors increased its position by 19.7% to 16,249 shares worth $2.9 million.
Institutional investors as a group now own 45.65% of Palantir’s outstanding stock, a figure that reflects the company’s growing acceptance as a mainstream institutional holding rather than a speculative bet.
Palantir delivered a strong set of quarterly results for Q1 2026, reporting earnings per share of $0.33 against a consensus estimate of $0.28, a beat of $0.05.
Revenue came in at $1.63 billion versus expectations of $1.54 billion, representing year-over-year growth of 84.7%, a rate of expansion that few companies of Palantir’s scale can match.
The company’s net margin stands at 43.67% and its return on equity at 28.34%, reflecting the operating leverage that has characterised Palantir’s transition from a loss-making business to a highly profitable one.
Analyst sentiment on PLTR is broadly positive but not universal, with Wedbush reaffirming an outperform rating and a $230 price target, while HSBC downgraded from buy to hold and cut its target to $151.
Argus upgraded from hold to buy and set a $190 target, and Piper Sandler maintained an overweight rating with a $230 target.
The consensus across Wall Street currently sits at Moderate Buy with an average price target of $195.16, implying meaningful upside from the stock’s recent trading level of $133.99.
Bearish commentary continues to focus on PLTR’s valuation, which carries a price-to-earnings ratio of 150.55, a figure that demands consistent earnings growth to justify.
The stock trades within a 52-week range of $118.93 to $207.52, sitting toward the lower half of that band despite the strong operating performance, as concerns about AI spending sustainability and software sector rotation have weighed on sentiment.
Insider selling has been notable, with executives including Shyam Sankar and Ryan Taylor offloading shares worth tens of millions of dollars in recent months, though many transactions were conducted under pre-arranged 10b5-1 trading plans.
