Palantir Technologies (NYSE:PLTR) Sets New 12-Month High After Analyst Upgrade

Palantir Technologies Inc. (NYSE:PLTR)’s stock price reached a new 52-week high on Monday after Wedbush raised their price target on the stock from $57.00 to $75.00. Wedbush currently has an outperform rating on the stock. Palantir Technologies traded as high as $66.95 and last traded at $66.95, with a volume of 3014610 shares traded. The stock had previously closed at $64.35.

Several other brokerages have also weighed in on PLTR. The Goldman Sachs Group upped their target price on shares of Palantir Technologies from $16.00 to $41.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. DA Davidson raised their price objective on Palantir Technologies from $28.00 to $47.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Northland Securities lifted their price objective on Palantir Technologies from $35.00 to $38.00 and gave the stock a “market perform” rating in a report on Tuesday, November 5th. Citigroup upped their target price on Palantir Technologies from $25.00 to $28.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. Finally, Jefferies Financial Group downgraded Palantir Technologies from a “hold” rating to an “underperform” rating and set a $28.00 price target for the company. in a research note on Thursday, November 7th. Six analysts have rated the stock with a sell rating, eight have issued a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $35.64.

Insider Activity

In other Palantir Technologies news, Director Lauren Elaina Friedman Stat sold 6,000 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $36.35, for a total transaction of $218,100.00. Following the transaction, the director now owns 152,280 shares of the company’s stock, valued at $5,535,378. This trade represents a 3.79 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Alexander C. Karp sold 1,620,395 shares of the business’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $63.21, for a total transaction of $102,425,167.95. Following the sale, the insider now directly owns 6,432,258 shares of the company’s stock, valued at $406,583,028.18. This represents a 20.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,167,451 shares of company stock valued at $1,603,067,889 over the last quarter. Company insiders own 12.93% of the company’s stock.

Institutional Investors Weigh In On Palantir Technologies

Large investors have recently made changes to their positions in the business. Summit Securities Group LLC acquired a new stake in Palantir Technologies in the 2nd quarter valued at $25,000. Farmers & Merchants Investments Inc. purchased a new stake in shares of Palantir Technologies during the 2nd quarter valued at about $25,000. Northwest Investment Counselors LLC acquired a new position in Palantir Technologies during the 3rd quarter worth approximately $25,000. Prestige Wealth Management Group LLC boosted its holdings in Palantir Technologies by 747.1% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock worth $27,000 after acquiring an additional 650 shares during the period. Finally, University of Texas Texas AM Investment Management Co. purchased a new stake in shares of Palantir Technologies during the second quarter valued at approximately $30,000. Institutional investors and hedge funds own 45.65% of the company’s stock.

Palantir Technologies Price Performance

The firm has a market capitalization of $149.76 billion, a price-to-earnings ratio of 328.72 and a beta of 2.70. The business’s 50-day moving average price is $47.09 and its 200 day moving average price is $34.10.

Palantir Technologies (NYSE:PLTR) last issued its quarterly earnings data on Monday, November 4th. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. The firm had revenue of $725.52 million for the quarter, compared to analyst estimates of $705.11 million. Palantir Technologies had a net margin of 18.01% and a return on equity of 9.94%. The firm’s revenue was up 30.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.03 EPS. As a group, sell-side analysts expect that Palantir Technologies Inc. will post 0.21 earnings per share for the current year.

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.