
Palantir Technologies (NASDAQ: PLTR) has been one of the hottest stocks on the market this year. However, Arista Networks (NYSE: ANET), a company that conducted a 4-for-1 stock split on Dec. 4, has been the better performer over the last four years. Palantir shares jumped 190% during that period, while Arista shares soared 525%.
The billionaire-led hedge funds below sold shares of Palantir and bought Arista stock in the third quarter:
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Cliff Asness’ AQR Capital Management sold 99,140 shares of Palantir, reducing its stake by 16%. The hedge fund added 248,090 shares of Arista, increasing its position by 46%.
Israel Englander’s Millennium Management sold 4.4 million shares of Palantir, reducing its stake by 90%. The hedge fund also bought 23,292 shares of Arista, increasing its position by 5%.
David Shaw’s D.E. Shaw Investment Management sold 1.7 million shares of Palantir, reducing its stake by 35%. The hedge fund also added 28,765 shares of Arista, increasing its position by 612%.
The trades made by Millennium Management and D.E. Shaw are particularly noteworthy because they’re tied as the second-most-successful hedge funds of all time in terms of net gains since inception, according to LCH Investments. But the trades listed above were made in the third quarter, which ended two months ago.
Here’s what investors need to know about Palantir and Arista today.
Palantir specializes in data analytics. It began building software for the U.S. intelligence community over two decades ago and has since expanded into the commercial sector.
Its core products, Gotham and Foundry, let customers turn complex information into actionable insights. For instance, semiconductor manufacturers can use Palantir’s software to manage supply chains and improve production yields.
Last year, the company expanded its portfolio with the launch of AIP, an artificial intelligence (AI) platform that integrates large language models into Gotham and Foundry. This…
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