Palantir Technologies (NYSE:PLTR) Sets New 1-Year High – Here’s What Happened

Shares of Palantir Technologies Inc. (NYSE:PLTR) hit a new 52-week high on Wednesday . The company traded as high as $41.91 and last traded at $41.44, with a volume of 3078936 shares trading hands. The stock had previously closed at $41.45.

Analysts Set New Price Targets

A number of research firms have issued reports on PLTR. Wedbush increased their target price on shares of Palantir Technologies from $38.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, September 26th. Bank of America increased their price objective on Palantir Technologies from $30.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. Northland Securities began coverage on Palantir Technologies in a research note on Thursday, August 22nd. They set a “market perform” rating and a $35.00 target price for the company. Argus started coverage on Palantir Technologies in a report on Monday, June 17th. They set a “buy” rating and a $29.00 price target on the stock. Finally, The Goldman Sachs Group lifted their price objective on Palantir Technologies from $14.00 to $16.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Five equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $27.29.

Palantir Technologies Price Performance

The business’s 50-day simple moving average is $33.03 and its 200-day simple moving average is $27.05. The company has a market cap of $95.31 billion, a price-to-earnings ratio of 345.45 and a beta of 2.72.

Palantir Technologies (NYSE:PLTR) last announced its earnings results on Monday, August 5th. The company reported $0.03 EPS for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.01). Palantir Technologies had a net margin of 16.32% and a return on equity of 8.88%. The company had revenue of $678.13 million for the quarter, compared to analyst estimates of $653.23 million. During the same quarter last year, the company posted $0.01 EPS. Palantir Technologies’s quarterly revenue was up 27.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Palantir Technologies Inc. will post 0.19 EPS for the current year.

Insiders Place Their Bets

In related news, insider Alexander C. Karp sold 4,500,000 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $36.07, for a total value of $162,315,000.00. Following the transaction, the insider now directly owns 6,432,258 shares of the company’s stock, valued at approximately $232,011,546.06. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Palantir Technologies news, insider Heather A. Planishek sold 20,000 shares of the business’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $39.95, for a total transaction of $799,000.00. Following the completion of the sale, the insider now owns 562,006 shares in the company, valued at $22,452,139.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Alexander C. Karp sold 4,500,000 shares of Palantir Technologies stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $36.07, for a total value of $162,315,000.00. Following the completion of the transaction, the insider now owns 6,432,258 shares of the company’s stock, valued at approximately $232,011,546.06. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 17,831,855 shares of company stock valued at $649,330,295. Insiders own 12.93% of the company’s stock.

Hedge Funds Weigh In On Palantir Technologies

Several large investors have recently made changes to their positions in PLTR. Vanguard Group Inc. lifted its stake in Palantir Technologies by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 196,834,580 shares of the company’s stock worth $4,529,164,000 after acquiring an additional 3,029,317 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Palantir Technologies by 15.7% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 14,571,224 shares of the company’s stock worth $335,284,000 after buying an additional 1,980,495 shares during the last quarter. ARK Investment Management LLC grew its holdings in Palantir Technologies by 2.2% during the second quarter. ARK Investment Management LLC now owns 13,023,099 shares of the company’s stock valued at $329,875,000 after purchasing an additional 277,623 shares during the last quarter. Legal & General Group Plc raised its holdings in Palantir Technologies by 1.4% in the 2nd quarter. Legal & General Group Plc now owns 11,917,200 shares of the company’s stock worth $301,871,000 after acquiring an additional 167,030 shares during the period. Finally, Nikko Asset Management Americas Inc. increased its stake in shares of Palantir Technologies by 19.2% in the first quarter. Nikko Asset Management Americas Inc. now owns 9,829,631 shares of the company’s stock worth $226,180,000 after purchasing an additional 1,580,548 shares during the period. Institutional investors own 45.65% of the company’s stock.

Palantir Technologies Company Profile

Palantir Technologies Inc builds and deploys software platforms for the intelligence community to assist in counterterrorism investigations and operations in the United States, the United Kingdom, and internationally. The company provides Palantir Gotham, a software platform which enables users to identify patterns hidden deep within datasets, ranging from signals intelligence sources to reports from confidential informants, as well as facilitates the handoff between analysts and operational users, helping operators plan and execute real-world responses to threats that have been identified within the platform.