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2021-08-20

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Palantir: Big Bets Are Being Placed<blockquote>Palantir：正在下大赌注</blockquote>

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While some believe its lofty stock-based compensation expenses make it a poor investment, others feel its rapid revenue growth makes it a once in a lifetime opportunity. Amidst this tug of war between the bulls and the bears, institutional investors have quietly picked sides already. Latest data reveals that this class of investors once again actively bought shares of the data analytics company in the latest 13F filing cycle. Let's take a closer look at their trading activity and try to understand why they're so bullish on Palantir.<blockquote>最近，投资论坛上充斥着围绕 Palantir (PLTR) 增长前景的争论。虽然一些人认为其高昂的股票薪酬费用使其成为一项糟糕的投资，但另一些人则认为其快速增长的收入使其成为千载难逢的机会。在多头和空头之间的这场拉锯战中，机构投资者已经悄悄地选边站队。最新数据显示，这类投资者在最新的13F申报周期中再次积极购买了数据分析公司的股票。让我们仔细看看他们的交易活动，并尝试了解他们为何如此看好 Palantir。</blockquote> The Active Buying<blockquote>积极购买</blockquote> I'd like to start by saying that institutional investors don't have a crystal bowl and they don't always get it right. However, this class of sophisticated investors does have access to certain resources - such as access to company management, supply chain connections, analysts to conduct scuttlebutt research - that give them an edge over retail investors. These institutions are mandated by the SEC to disclose their trades in 13F filings. So, following their trading activity can sometimes provide us with leading insights about where a company and its shares might head next.<blockquote>首先我想说的是，机构投资者没有水晶碗，他们并不总是做对。然而，这类老练的投资者确实可以获得某些资源——例如获得公司管理层、供应链联系、进行八卦研究的分析师——这使他们比散户投资者更有优势。美国证券交易委员会要求这些机构在 13F 文件中披露其交易。因此，跟踪他们的交易活动有时可以为我们提供关于一家公司及其股票下一步可能走向的领先见解。</blockquote> As far as Palantir is concerned, the Nasdaq site states that institutional investors collectively bought roughly around 217 million of its shares, on a net basis, in the last 13F filing cycle. The company has around 1.86 billion shares outstanding which means that these investors collectively bought a gigantic 11.7% chunk of Palantir's entire share total in the last cycle alone.<blockquote>就 Palantir 而言，纳斯达克网站表示，在上一个 13F 申报周期中，机构投资者总共净购买了约 2.17 亿股公司股票。该公司约有 18.6 亿股流通股，这意味着仅在上一个周期，这些投资者就集体购买了 Palantir 全部股票总额的 11.7%。</blockquote> <img src=\"https://static.tigerbbs.com/66e41544f115c86563a459180172fa06\" tg-width=\"640\" tg-height=\"449\" width=\"100%\" height=\"auto\">(Source: Nasdaq)<blockquote>（资料来源：纳斯达克）</blockquote> It's also worth noting that the buying activity wasn't concentrated across just a few institutions. In fact, the number of institutions that increased their holdings in Palantir outnumbered those that reduced their positions in the name by a factor of 2.4. This goes to indicate that a broad swath of institutions has grown extremely bullish on Palantir. For the record, the latest 13F filing cycle spanned from April through June, and the data was released this week.<blockquote>还值得注意的是，购买活动并不集中在少数几家机构。事实上，增持 Palantir 的机构数量比减持该名称头寸的机构数量高出 2.4 倍。这表明大量机构对 Palantir 变得极其看好。根据记录，最新的 13F 申报周期从 4 月持续到 6 月，数据于本周发布。</blockquote> Next, I wanted to check if Palantir's largest institutional investors traded any differently. After all, if its largest investors were selling, while other institutions were buying, then that discrepancy would require a further examination in itself. So, I compiled the trading activity of Palantir's 50 largest institutional investors that filed their 13F documents between April and June. The results were rather interesting.<blockquote>接下来，我想看看 Palantir 最大的机构投资者的交易方式是否有所不同。毕竟，如果其最大的投资者在卖出，而其他机构在买入，那么这种差异本身就需要进一步检查。因此，我整理了 Palantir 在 4 月至 6 月期间提交 13F 文件的 50 家最大机构投资者的交易活动。结果相当有趣。</blockquote> <img src=\"https://static.tigerbbs.com/195f90892e63c5e9ba5ad907fac46347\" tg-width=\"640\" tg-height=\"498\" width=\"100%\" height=\"auto\">(Source: BusinessQuant.com, data from Nasdaq)<blockquote>（资料来源：BusinessQuant.com，数据来自纳斯达克）</blockquote> As it turns out, only 11 of the 50 institutional investors reduced positions in Palantir while the remaining 39 either maintained or increased their exposure to the company. Some firms had initiated new positions while others increased their holdings by several thousand percent. In order to maintain the scalability and readability of the chart, I marked these entries as 100% on the chart above.<blockquote>事实证明，50 家机构投资者中只有 11 家减少了 Palantir 的头寸，而其余 39 家机构投资者要么维持要么增加了对该公司的投资。一些公司开始了新的头寸，而另一些则增加了几千个百分点。为了保持图表的可伸缩性和可读性，我在上面的图表中将这些条目标记为100%。</blockquote> But having said that, the results confirm that the recent buying into Palantir wasn't limited to a substratum of its institutional investors, but was instead widespread across institutions of varying sizes. We're now presented with the next question - why are institutional investors so bullish on Palantir in the first place?<blockquote>但话虽如此，结果证实，最近对 Palantir 的购买并不局限于其机构投资者的基础，而是广泛存在于不同规模的机构中。我们现在面临下一个问题——为什么机构投资者首先如此看好 Palantir？</blockquote> Bullish for Good Reason<blockquote>有充分理由看涨</blockquote> For starters, Palantir has lately been growing its revenues across both its reporting segments. Its government and commercial revenues, for instance, have increased by 66% and 27.3%, respectively, over the last one year alone. These elevated growth rates across both its segments highlight excellent execution on the management's part, and I believe it's a commendable feat. There's no telling as to when the company's growth momentum will slow down, at least not for the time being, which makes it a good growth stock.<blockquote>首先，Palantir 最近在两个报告部门的收入都在增长。例如，仅在过去一年，其政府和商业收入就分别增长了 66% 和 27.3%。这两个部门的高增长率凸显了管理层的出色执行力，我相信这是一个值得称赞的壮举。目前尚不清楚该公司的增长势头何时会放缓，至少目前不会，这使其成为一只不错的成长型股票。</blockquote> <img src=\"https://static.tigerbbs.com/60d4e5ae1557d28a982f8288e1d30d4e\" tg-width=\"640\" tg-height=\"548\" width=\"100%\" height=\"auto\">(Source: BusinessQuant.com)<blockquote>（来源：BusinessQuant.com）</blockquote> Secondly, I've explained this in my prior articles at length, that Palantir is undertaking a slew of measures - such as increasing its sales force, rolling out free versions of their platform for major enterprises, switching to a customer-friendly payment model - to expand its customer base. All these efforts seem to be finally bearing fruit. Palantir reported in its&nbsp;latest 10-Q filing&nbsp;that its customer count has risen to 169, up from 125 in Q2 last year.<blockquote>其次，我在之前的文章中详细解释了这一点，Palantir正在采取一系列措施——例如增加销售队伍、为大型企业推出平台的免费版本、转向客户友好的支付模式——以扩大其客户群。所有这些努力似乎终于取得了成果。Palantir 在最新的 10 季度文件中报告称，其客户数量已从去年第二季度的 125 家增加到 169 家。</blockquote> <img src=\"https://static.tigerbbs.com/4d3701d3e8a0cc429d937751936bc3e7\" tg-width=\"640\" tg-height=\"501\" width=\"100%\" height=\"auto\">(Source: BusinessQuant.com)<blockquote>（来源：BusinessQuant.com）</blockquote> This is important because as these new customers get familiarized with Palantir's platforms and integrate its offerings into their workflows, they're likely to ramp up their spending over the subsequent quarters. Enterprises usually follow a wait-and-watch approach to see if a particular thing is working out for their personnel before going full throttle on their spending. So, in essence, these new customer additions are likely to drive Palantir's revenue growth in the next several quarters. I believe this is another good reason why growth-seeking investors should consider Palantir.<blockquote>这一点很重要，因为随着这些新客户熟悉 Palantir 的平台并将其产品集成到他们的工作流程中，他们可能会在接下来的几个季度增加支出。企业通常会采取观望态度，看看某件事是否适合他们的员工，然后再全力增加支出。因此，从本质上讲，这些新客户的增加可能会推动 Palantir 未来几个季度的收入增长。我相信这是寻求增长的投资者应该考虑 Palantir 的另一个很好的理由。</blockquote> Lastly, Palantir may seem overvalued when just looking at its valuation multiples on a standalone basis, but that doesn't necessarily make it a bad investment. To put things in perspective, let's look at the scatter chart below. I plotted the price-to-sales (or PS) multiples on the Y-axis and the revenue growth rates on the X-axis. Next, I selected the software infrastructure industry to plot 105 of the constituting US stocks.<blockquote>最后，如果单独看 Palantir 的估值倍数，它可能看起来被高估了，但这并不一定使其成为一项糟糕的投资。为了客观地看待事情，让我们看看下面的散点图。我在Y轴上绘制了市销率（或PS）倍数，在X轴上绘制了收入增长率。接下来，我选择了软件基础设施行业来绘制 105 只美国成分股。</blockquote> <img src=\"https://static.tigerbbs.com/07c4b9122babaf261757ab8bb671ebbe\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\">(Source: BusinessQuant.com)<blockquote>（来源：BusinessQuant.com）</blockquote> Surely, per the Y-axis, Palantir is trading at a higher PS multiple compared to its peers. However, it's also evident from the X-axis that Palantir is growing faster than most of the other stocks in its peer group. There are a few companies that are growing faster than Palantir, but they're trading at even higher multiples. So, in essence, investors are paying a premium to own the rapidly-growing quality stock, that is Palantir.<blockquote>当然，根据 Y 轴，与同行相比，Palantir 的 PS 倍数更高。然而，从 X 轴上也可以明显看出，Palantir 的增长速度比同行中的大多数其他股票都要快。有一些公司的增长速度比 Palantir 快，但它们的交易倍数甚至更高。因此，从本质上讲，投资者正在支付溢价来拥有快速增长的优质股票，即 Palantir。</blockquote> Final Thoughts<blockquote>最后的想法</blockquote> I'd like to add a caveat here. The 13F filings data is based on trades that have already taken place in the past and may not reoccur. So, readers and investors should, at best, use this data to test if their trade direction and investment thesis conform with the trading activity of Palantir's institutional investors.<blockquote>我想在这里补充一个警告。13F 备案数据基于过去已经发生且可能不会再次发生的交易。因此，读者和投资者充其量应该使用这些数据来测试他们的交易方向和投资论点是否符合Palantir机构投资者的交易活动。</blockquote> Having said that, if these firms felt that the bearish narratives surrounding Palantir had any merit, they wouldn't have been so active with the buy orders and they might have trimmed their positions. But that did not happen.<blockquote>话虽如此，如果这些公司认为围绕 Palantir 的看跌叙述有任何可取之处，他们就不会如此积极地下买单，他们可能会削减头寸。但这并没有发生。</blockquote> Instead, a broad swath of institutional investors accumulated the data analytics firm's shares in large quantities. This suggests that these investors are forecasting a significant upside in Palantir's shares and are discounting the bearish narratives floating around in investing forums. This should come across as an encouraging sign for the company's long-side shareholders.<blockquote>相反，广大机构投资者大量囤积了这家数据分析公司的股票。这表明这些投资者预测 Palantir 股价将大幅上涨，并忽视了投资论坛上流传的悲观言论。这对公司的长期股东来说应该是一个令人鼓舞的迹象。</blockquote> As far as I'm concerned, I believe Palantir is modestly valued given its elevated growth rates and also feel that its continued customer base expansion will drive its financial growth going forward. So, overall, I'm bullish on the company and believe that its shares will rise further in the coming weeks and months. Good Luck!<blockquote>就我而言，我认为 Palantir 鉴于其较高的增长率，其估值适中，并且我认为其客户群的持续扩张将推动其未来的财务增长。因此，总体而言，我看好该公司，并相信其股价将在未来几周和几个月内进一步上涨。祝你好运!</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Palantir: Big Bets Are Being Placed<blockquote>Palantir：正在下大赌注</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPalantir: Big Bets Are Being Placed<blockquote>Palantir：正在下大赌注</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nseekingalpha2021-08-20 14:34\n\n</h4>\n</header>\n<article>\nSummary<blockquote>总结</blockquote> <ul> <li>Institutional investors collectively bought about 11.7% of the company's total share count in the last 13F cycle.</li> <li>Palantir's growth momentum can accelerate in the coming quarters thanks to its rapid customer additions.</li> <li>Readers and investors may want to remain long on the name.</li> </ul> <img src=\"https://static.tigerbbs.com/7911389154a69c13df39e3a45f7031aa\" tg-width=\"1280\" tg-height=\"853\" width=\"100%\" height=\"auto\">Michael Vi/iStock Editorial via Getty Images<blockquote><ul><li>在上一个 13F 周期中，机构投资者总共购买了该公司约 11.7% 的股份。</li><li>由于客户的快速增加，Palantir 的增长势头可能会在未来几个季度加速。</li><li>读者和投资者可能希望长期关注这个名字。</li></ul>Michael Vi/iStock 社论来自 Getty Images</blockquote> Investing forums are lately rife with debates around Palantir's (PLTR) growth prospects. While some believe its lofty stock-based compensation expenses make it a poor investment, others feel its rapid revenue growth makes it a once in a lifetime opportunity. Amidst this tug of war between the bulls and the bears, institutional investors have quietly picked sides already. Latest data reveals that this class of investors once again actively bought shares of the data analytics company in the latest 13F filing cycle. Let's take a closer look at their trading activity and try to understand why they're so bullish on Palantir.<blockquote>最近，投资论坛上充斥着围绕 Palantir (PLTR) 增长前景的争论。虽然一些人认为其高昂的股票薪酬费用使其成为一项糟糕的投资，但另一些人则认为其快速增长的收入使其成为千载难逢的机会。在多头和空头之间的这场拉锯战中，机构投资者已经悄悄地选边站队。最新数据显示，这类投资者在最新的13F申报周期中再次积极购买了数据分析公司的股票。让我们仔细看看他们的交易活动，并尝试了解他们为何如此看好 Palantir。</blockquote> The Active Buying<blockquote>积极购买</blockquote> I'd like to start by saying that institutional investors don't have a crystal bowl and they don't always get it right. However, this class of sophisticated investors does have access to certain resources - such as access to company management, supply chain connections, analysts to conduct scuttlebutt research - that give them an edge over retail investors. These institutions are mandated by the SEC to disclose their trades in 13F filings. So, following their trading activity can sometimes provide us with leading insights about where a company and its shares might head next.<blockquote>首先我想说的是，机构投资者没有水晶碗，他们并不总是做对。然而，这类老练的投资者确实可以获得某些资源——例如获得公司管理层、供应链联系、进行八卦研究的分析师——这使他们比散户投资者更有优势。美国证券交易委员会要求这些机构在 13F 文件中披露其交易。因此，跟踪他们的交易活动有时可以为我们提供关于一家公司及其股票下一步可能走向的领先见解。</blockquote> As far as Palantir is concerned, the Nasdaq site states that institutional investors collectively bought roughly around 217 million of its shares, on a net basis, in the last 13F filing cycle. The company has around 1.86 billion shares outstanding which means that these investors collectively bought a gigantic 11.7% chunk of Palantir's entire share total in the last cycle alone.<blockquote>就 Palantir 而言，纳斯达克网站表示，在上一个 13F 申报周期中，机构投资者总共净购买了约 2.17 亿股公司股票。该公司约有 18.6 亿股流通股，这意味着仅在上一个周期，这些投资者就集体购买了 Palantir 全部股票总额的 11.7%。</blockquote> <img src=\"https://static.tigerbbs.com/66e41544f115c86563a459180172fa06\" tg-width=\"640\" tg-height=\"449\" width=\"100%\" height=\"auto\">(Source: Nasdaq)<blockquote>（资料来源：纳斯达克）</blockquote> It's also worth noting that the buying activity wasn't concentrated across just a few institutions. In fact, the number of institutions that increased their holdings in Palantir outnumbered those that reduced their positions in the name by a factor of 2.4. This goes to indicate that a broad swath of institutions has grown extremely bullish on Palantir. For the record, the latest 13F filing cycle spanned from April through June, and the data was released this week.<blockquote>还值得注意的是，购买活动并不集中在少数几家机构。事实上，增持 Palantir 的机构数量比减持该名称头寸的机构数量高出 2.4 倍。这表明大量机构对 Palantir 变得极其看好。根据记录，最新的 13F 申报周期从 4 月持续到 6 月，数据于本周发布。</blockquote> Next, I wanted to check if Palantir's largest institutional investors traded any differently. After all, if its largest investors were selling, while other institutions were buying, then that discrepancy would require a further examination in itself. So, I compiled the trading activity of Palantir's 50 largest institutional investors that filed their 13F documents between April and June. The results were rather interesting.<blockquote>接下来，我想看看 Palantir 最大的机构投资者的交易方式是否有所不同。毕竟，如果其最大的投资者在卖出，而其他机构在买入，那么这种差异本身就需要进一步检查。因此，我整理了 Palantir 在 4 月至 6 月期间提交 13F 文件的 50 家最大机构投资者的交易活动。结果相当有趣。</blockquote> <img src=\"https://static.tigerbbs.com/195f90892e63c5e9ba5ad907fac46347\" tg-width=\"640\" tg-height=\"498\" width=\"100%\" height=\"auto\">(Source: BusinessQuant.com, data from Nasdaq)<blockquote>（资料来源：BusinessQuant.com，数据来自纳斯达克）</blockquote> As it turns out, only 11 of the 50 institutional investors reduced positions in Palantir while the remaining 39 either maintained or increased their exposure to the company. Some firms had initiated new positions while others increased their holdings by several thousand percent. In order to maintain the scalability and readability of the chart, I marked these entries as 100% on the chart above.<blockquote>事实证明，50 家机构投资者中只有 11 家减少了 Palantir 的头寸，而其余 39 家机构投资者要么维持要么增加了对该公司的投资。一些公司开始了新的头寸，而另一些则增加了几千个百分点。为了保持图表的可伸缩性和可读性，我在上面的图表中将这些条目标记为100%。</blockquote> But having said that, the results confirm that the recent buying into Palantir wasn't limited to a substratum of its institutional investors, but was instead widespread across institutions of varying sizes. We're now presented with the next question - why are institutional investors so bullish on Palantir in the first place?<blockquote>但话虽如此，结果证实，最近对 Palantir 的购买并不局限于其机构投资者的基础，而是广泛存在于不同规模的机构中。我们现在面临下一个问题——为什么机构投资者首先如此看好 Palantir？</blockquote> Bullish for Good Reason<blockquote>有充分理由看涨</blockquote> For starters, Palantir has lately been growing its revenues across both its reporting segments. Its government and commercial revenues, for instance, have increased by 66% and 27.3%, respectively, over the last one year alone. These elevated growth rates across both its segments highlight excellent execution on the management's part, and I believe it's a commendable feat. There's no telling as to when the company's growth momentum will slow down, at least not for the time being, which makes it a good growth stock.<blockquote>首先，Palantir 最近在两个报告部门的收入都在增长。例如，仅在过去一年，其政府和商业收入就分别增长了 66% 和 27.3%。这两个部门的高增长率凸显了管理层的出色执行力，我相信这是一个值得称赞的壮举。目前尚不清楚该公司的增长势头何时会放缓，至少目前不会，这使其成为一只不错的成长型股票。</blockquote> <img src=\"https://static.tigerbbs.com/60d4e5ae1557d28a982f8288e1d30d4e\" tg-width=\"640\" tg-height=\"548\" width=\"100%\" height=\"auto\">(Source: BusinessQuant.com)<blockquote>（来源：BusinessQuant.com）</blockquote> Secondly, I've explained this in my prior articles at length, that Palantir is undertaking a slew of measures - such as increasing its sales force, rolling out free versions of their platform for major enterprises, switching to a customer-friendly payment model - to expand its customer base. All these efforts seem to be finally bearing fruit. Palantir reported in its&nbsp;latest 10-Q filing&nbsp;that its customer count has risen to 169, up from 125 in Q2 last year.<blockquote>其次，我在之前的文章中详细解释了这一点，Palantir正在采取一系列措施——例如增加销售队伍、为大型企业推出平台的免费版本、转向客户友好的支付模式——以扩大其客户群。所有这些努力似乎终于取得了成果。Palantir 在最新的 10 季度文件中报告称，其客户数量已从去年第二季度的 125 家增加到 169 家。</blockquote> <img src=\"https://static.tigerbbs.com/4d3701d3e8a0cc429d937751936bc3e7\" tg-width=\"640\" tg-height=\"501\" width=\"100%\" height=\"auto\">(Source: BusinessQuant.com)<blockquote>（来源：BusinessQuant.com）</blockquote> This is important because as these new customers get familiarized with Palantir's platforms and integrate its offerings into their workflows, they're likely to ramp up their spending over the subsequent quarters. Enterprises usually follow a wait-and-watch approach to see if a particular thing is working out for their personnel before going full throttle on their spending. So, in essence, these new customer additions are likely to drive Palantir's revenue growth in the next several quarters. I believe this is another good reason why growth-seeking investors should consider Palantir.<blockquote>这一点很重要，因为随着这些新客户熟悉 Palantir 的平台并将其产品集成到他们的工作流程中，他们可能会在接下来的几个季度增加支出。企业通常会采取观望态度，看看某件事是否适合他们的员工，然后再全力增加支出。因此，从本质上讲，这些新客户的增加可能会推动 Palantir 未来几个季度的收入增长。我相信这是寻求增长的投资者应该考虑 Palantir 的另一个很好的理由。</blockquote> Lastly, Palantir may seem overvalued when just looking at its valuation multiples on a standalone basis, but that doesn't necessarily make it a bad investment. To put things in perspective, let's look at the scatter chart below. I plotted the price-to-sales (or PS) multiples on the Y-axis and the revenue growth rates on the X-axis. Next, I selected the software infrastructure industry to plot 105 of the constituting US stocks.<blockquote>最后，如果单独看 Palantir 的估值倍数，它可能看起来被高估了，但这并不一定使其成为一项糟糕的投资。为了客观地看待事情，让我们看看下面的散点图。我在Y轴上绘制了市销率（或PS）倍数，在X轴上绘制了收入增长率。接下来，我选择了软件基础设施行业来绘制 105 只美国成分股。</blockquote> <img src=\"https://static.tigerbbs.com/07c4b9122babaf261757ab8bb671ebbe\" tg-width=\"640\" tg-height=\"359\" width=\"100%\" height=\"auto\">(Source: BusinessQuant.com)<blockquote>（来源：BusinessQuant.com）</blockquote> Surely, per the Y-axis, Palantir is trading at a higher PS multiple compared to its peers. However, it's also evident from the X-axis that Palantir is growing faster than most of the other stocks in its peer group. There are a few companies that are growing faster than Palantir, but they're trading at even higher multiples. So, in essence, investors are paying a premium to own the rapidly-growing quality stock, that is Palantir.<blockquote>当然，根据 Y 轴，与同行相比，Palantir 的 PS 倍数更高。然而，从 X 轴上也可以明显看出，Palantir 的增长速度比同行中的大多数其他股票都要快。有一些公司的增长速度比 Palantir 快，但它们的交易倍数甚至更高。因此，从本质上讲，投资者正在支付溢价来拥有快速增长的优质股票，即 Palantir。</blockquote> Final Thoughts<blockquote>最后的想法</blockquote> I'd like to add a caveat here. The 13F filings data is based on trades that have already taken place in the past and may not reoccur. So, readers and investors should, at best, use this data to test if their trade direction and investment thesis conform with the trading activity of Palantir's institutional investors.<blockquote>我想在这里补充一个警告。13F 备案数据基于过去已经发生且可能不会再次发生的交易。因此，读者和投资者充其量应该使用这些数据来测试他们的交易方向和投资论点是否符合Palantir机构投资者的交易活动。</blockquote> Having said that, if these firms felt that the bearish narratives surrounding Palantir had any merit, they wouldn't have been so active with the buy orders and they might have trimmed their positions. But that did not happen.<blockquote>话虽如此，如果这些公司认为围绕 Palantir 的看跌叙述有任何可取之处，他们就不会如此积极地下买单，他们可能会削减头寸。但这并没有发生。</blockquote> Instead, a broad swath of institutional investors accumulated the data analytics firm's shares in large quantities. This suggests that these investors are forecasting a significant upside in Palantir's shares and are discounting the bearish narratives floating around in investing forums. This should come across as an encouraging sign for the company's long-side shareholders.<blockquote>相反，广大机构投资者大量囤积了这家数据分析公司的股票。这表明这些投资者预测 Palantir 股价将大幅上涨，并忽视了投资论坛上流传的悲观言论。这对公司的长期股东来说应该是一个令人鼓舞的迹象。</blockquote> As far as I'm concerned, I believe Palantir is modestly valued given its elevated growth rates and also feel that its continued customer base expansion will drive its financial growth going forward. So, overall, I'm bullish on the company and believe that its shares will rise further in the coming weeks and months. Good Luck!<blockquote>就我而言，我认为 Palantir 鉴于其较高的增长率，其估值适中，并且我认为其客户群的持续扩张将推动其未来的财务增长。因此，总体而言，我看好该公司，并相信其股价将在未来几周和几个月内进一步上涨。祝你好运!</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://seekingalpha.com/article/4450603-palantir-big-bets-are-being-placed\">seekingalpha</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"source_url":"https://seekingalpha.com/article/4450603-palantir-big-bets-are-being-placed","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110343789","content_text":"Summary\n\nInstitutional investors collectively bought about 11.7% of the company's total share count in the last 13F cycle.\nPalantir's growth momentum can accelerate in the coming quarters thanks to its rapid customer additions.\nReaders and investors may want to remain long on the name.\n\nMichael Vi/iStock Editorial via Getty Images\nInvesting forums are lately rife with debates around Palantir's (PLTR) growth prospects. While some believe its lofty stock-based compensation expenses make it a poor investment, others feel its rapid revenue growth makes it a once in a lifetime opportunity. Amidst this tug of war between the bulls and the bears, institutional investors have quietly picked sides already. Latest data reveals that this class of investors once again actively bought shares of the data analytics company in the latest 13F filing cycle. Let's take a closer look at their trading activity and try to understand why they're so bullish on Palantir.\nThe Active Buying\nI'd like to start by saying that institutional investors don't have a crystal bowl and they don't always get it right. However, this class of sophisticated investors does have access to certain resources - such as access to company management, supply chain connections, analysts to conduct scuttlebutt research - that give them an edge over retail investors. These institutions are mandated by the SEC to disclose their trades in 13F filings. So, following their trading activity can sometimes provide us with leading insights about where a company and its shares might head next.\nAs far as Palantir is concerned, the Nasdaq site states that institutional investors collectively bought roughly around 217 million of its shares, on a net basis, in the last 13F filing cycle. The company has around 1.86 billion shares outstanding which means that these investors collectively bought a gigantic 11.7% chunk of Palantir's entire share total in the last cycle alone.\n(Source: Nasdaq)\nIt's also worth noting that the buying activity wasn't concentrated across just a few institutions. In fact, the number of institutions that increased their holdings in Palantir outnumbered those that reduced their positions in the name by a factor of 2.4. This goes to indicate that a broad swath of institutions has grown extremely bullish on Palantir. For the record, the latest 13F filing cycle spanned from April through June, and the data was released this week.\nNext, I wanted to check if Palantir's largest institutional investors traded any differently. After all, if its largest investors were selling, while other institutions were buying, then that discrepancy would require a further examination in itself. So, I compiled the trading activity of Palantir's 50 largest institutional investors that filed their 13F documents between April and June. The results were rather interesting.\n(Source: BusinessQuant.com, data from Nasdaq)\nAs it turns out, only 11 of the 50 institutional investors reduced positions in Palantir while the remaining 39 either maintained or increased their exposure to the company. Some firms had initiated new positions while others increased their holdings by several thousand percent. In order to maintain the scalability and readability of the chart, I marked these entries as 100% on the chart above.\nBut having said that, the results confirm that the recent buying into Palantir wasn't limited to a substratum of its institutional investors, but was instead widespread across institutions of varying sizes. We're now presented with the next question - why are institutional investors so bullish on Palantir in the first place?\nBullish for Good Reason\nFor starters, Palantir has lately been growing its revenues across both its reporting segments. Its government and commercial revenues, for instance, have increased by 66% and 27.3%, respectively, over the last one year alone. These elevated growth rates across both its segments highlight excellent execution on the management's part, and I believe it's a commendable feat. There's no telling as to when the company's growth momentum will slow down, at least not for the time being, which makes it a good growth stock.\n(Source: BusinessQuant.com)\nSecondly, I've explained this in my prior articles at length, that Palantir is undertaking a slew of measures - such as increasing its sales force, rolling out free versions of their platform for major enterprises, switching to a customer-friendly payment model - to expand its customer base. All these efforts seem to be finally bearing fruit. Palantir reported in its latest 10-Q filing that its customer count has risen to 169, up from 125 in Q2 last year.\n(Source: BusinessQuant.com)\nThis is important because as these new customers get familiarized with Palantir's platforms and integrate its offerings into their workflows, they're likely to ramp up their spending over the subsequent quarters. Enterprises usually follow a wait-and-watch approach to see if a particular thing is working out for their personnel before going full throttle on their spending. So, in essence, these new customer additions are likely to drive Palantir's revenue growth in the next several quarters. I believe this is another good reason why growth-seeking investors should consider Palantir.\nLastly, Palantir may seem overvalued when just looking at its valuation multiples on a standalone basis, but that doesn't necessarily make it a bad investment. To put things in perspective, let's look at the scatter chart below. I plotted the price-to-sales (or PS) multiples on the Y-axis and the revenue growth rates on the X-axis. Next, I selected the software infrastructure industry to plot 105 of the constituting US stocks.\n(Source: BusinessQuant.com)\nSurely, per the Y-axis, Palantir is trading at a higher PS multiple compared to its peers. However, it's also evident from the X-axis that Palantir is growing faster than most of the other stocks in its peer group. There are a few companies that are growing faster than Palantir, but they're trading at even higher multiples. So, in essence, investors are paying a premium to own the rapidly-growing quality stock, that is Palantir.\nFinal Thoughts\nI'd like to add a caveat here. The 13F filings data is based on trades that have already taken place in the past and may not reoccur. So, readers and investors should, at best, use this data to test if their trade direction and investment thesis conform with the trading activity of Palantir's institutional investors.\nHaving said that, if these firms felt that the bearish narratives surrounding Palantir had any merit, they wouldn't have been so active with the buy orders and they might have trimmed their positions. But that did not happen.\nInstead, a broad swath of institutional investors accumulated the data analytics firm's shares in large quantities. This suggests that these investors are forecasting a significant upside in Palantir's shares and are discounting the bearish narratives floating around in investing forums. This should come across as an encouraging sign for the company's long-side shareholders.\nAs far as I'm concerned, I believe Palantir is modestly valued given its elevated growth rates and also feel that its continued customer base expansion will drive its financial growth going forward. So, overall, I'm bullish on the company and believe that its shares will rise further in the coming weeks and months. Good Luck!","news_type":1,"symbols_score_info":{"PLTR":0.9}},"isVote":1,"tweetType":1,"viewCount":669,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":8,"subscribersOnly":false,"subscribersOnlyAccessible":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/836930016"}