Palantir Technologies (NYSE:PLTR) Trading 0.1% Higher After Analyst Upgrade

Palantir Technologies Inc. (NYSE:PLTR) shares traded up 0.1% during trading on Thursday after Wedbush raised their price target on the stock from $38.00 to $45.00. Wedbush currently has an outperform rating on the stock. Palantir Technologies traded as high as $37.29 and last traded at $37.15. 18,159,059 shares traded hands during trading, a decline of 68% from the average session volume of 57,361,887 shares. The stock had previously closed at $37.12.

A number of other equities research analysts have also recently weighed in on PLTR. Bank of America boosted 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. The Goldman Sachs Group increased their price target on shares of Palantir Technologies from $14.00 to $16.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Raymond James lowered shares of Palantir Technologies from an “outperform” rating to a “market perform” rating in a research note on Monday. DA Davidson increased their target price on shares of Palantir Technologies from $24.00 to $28.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 6th. Finally, Argus initiated coverage on Palantir Technologies in a research note on Monday, June 17th. They set a “buy” rating and a $29.00 price objective for the company. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, Palantir Technologies currently has an average rating of “Hold” and a consensus target price of $27.29.

Insiders Place Their Bets

In related news, insider David A. Glazer sold 90,000 shares of the business’s stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $29.36, for a total transaction of $2,642,400.00. Following the sale, the insider now owns 298,012 shares of the company’s stock, valued at $8,749,632.32. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Eric H. Woersching sold 3,026 shares of Palantir Technologies stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $28.00, for a total transaction of $84,728.00. Following the completion of the transaction, the director now owns 29,817 shares of the company’s stock, valued at approximately $834,876. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider David A. Glazer sold 90,000 shares of the stock in a transaction dated Thursday, July 18th. The shares were sold at an average price of $29.36, for a total transaction of $2,642,400.00. Following the completion of the sale, the insider now directly owns 298,012 shares in the company, valued at $8,749,632.32. The disclosure for this sale can be found here. Over the last quarter, insiders sold 5,389,893 shares of company stock worth $190,485,693. 12.93% of the stock is owned by corporate insiders.

Institutional Trading of Palantir Technologies

Several institutional investors and hedge funds have recently modified their holdings of the business. Greater Midwest Financial Group LLC raised its holdings in shares of Palantir Technologies by 9.4% in the second quarter. Greater Midwest Financial Group LLC now owns 87,142 shares of the company’s stock worth $2,207,000 after acquiring an additional 7,474 shares during the last quarter. University of Texas Texas AM Investment Management Co. purchased a new stake in Palantir Technologies during the 2nd quarter worth about $30,000. Sanctuary Advisors LLC acquired a new position in Palantir Technologies in the 2nd quarter valued at about $3,587,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Palantir Technologies during the 2nd quarter worth about $125,000. Finally, Cetera Investment Advisers grew its holdings in shares of Palantir Technologies by 25.2% during the second quarter. Cetera Investment Advisers now owns 707,674 shares of the company’s stock worth $17,925,000 after buying an additional 142,411 shares in the last quarter. Hedge funds and other institutional investors own 45.65% of the company’s stock.

Palantir Technologies Price Performance

The firm has a market cap of $82.68 billion, a price-to-earnings ratio of 309.61 and a beta of 2.72. The business’s 50-day moving average price is $31.10 and its two-hundred day moving average price is $26.15.

Palantir Technologies (NYSE:PLTR) last announced its quarterly earnings data 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 business had revenue of $678.13 million during the quarter, compared to analysts’ expectations of $653.23 million. During the same period in the prior year, the firm earned $0.01 EPS. Palantir Technologies’s revenue for the quarter was up 27.2% on a year-over-year basis. As a group, sell-side analysts forecast that Palantir Technologies Inc. will post 0.19 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.