Philippe Laffont’s Coatue Management has invested in Palantir Technologies (NYSE:PLTR), Shopify (NYSE:SHOP)(TSE:SHOP), and Instacart (NASDAQ:CART) stocks during the third quarter. In the latest 13F filing, Coatue Management disclosed these new holdings. The firm’s decision to invest in these stocks could be seen as a bullish indicator, signaling a Buy.
Don't Miss out on Research Tools:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
While Coatue Management is bullish about PLTR, SHOP, and CART stocks, let’s look at what the Street recommends for these shares.
Is Palantir a Buy, Sell, or Hold?
Software company Palantir has done really well for its shareholders this year. For instance, its stock has gone up by more than 210% year-to-date. This explosive growth in Palantir reflects the rapid adoption of AI (artificial intelligence), its expertise in large language models, and the launch of its AI platform, which will enable it to capitalize on the growing demand.
As Palantir stock has appreciated significantly, positives appear to be priced in its share price, keeping analysts sidelined. The stock has received three Buy, five Hold, and five Sell recommendations for a Hold consensus rating. Further, the average PLTR stock price target of $15 shows downside potential from current levels.
What is the Prediction for Shopify Stock?
E-commerce platform provider Shopify has made its investors rich so far this year. Shopify stock has gained over 95% year-to-date, reflecting its ability to consistently grow gross merchandise volume and revenue. Further, the company’s focus on lowering its cost base and delivering sustainable, profitable growth supported the rally in its share price.
Given the year-to-date appreciation in its stock and the uncertain macro environment, Wall Street analysts are cautiously optimistic about SHOP stock. With 12 Buy and 18 Hold recommendations, Shopify stock has a Moderate Buy consensus rating. Further, the average SHOP stock price target of $67.86 is in line with its closing price on November 15.
Is Instacart Stock a Good Buy?
Instacart is a top player in the grocery pickup and delivery space. This means the company is likely to do well as more and more people use online grocery services. Further, the company’s efforts to drive fulfillment efficiencies and increase advertising revenue provide a solid foundation for long-term growth. However, pressure on consumer spending due to macro headwinds and increased competitive activities pose challenges for the company.
Wall Street analysts are cautiously optimistic about its prospects. With nine Buy and six Hold recommendations, CART stock has a Moderate Buy consensus rating. Moreover, the average CART stock price target of $36 implies 39% upside potential from current levels.
