Palantir Technologies (NYSE:PLTR) Shares Up 1.8% After Analyst Upgrade

Palantir Technologies Inc. (NYSE:PLTR)’s stock price shot up 1.8% during trading 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 $67.88 and last traded at $65.50. 41,983,436 shares changed hands during trading, a decline of 29% from the average session volume of 58,736,270 shares. The stock had previously closed at $64.35.

Several other research firms have also commented on PLTR. DA Davidson lifted their price objective on shares of Palantir Technologies from $28.00 to $47.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 5th. Northland Capmk upgraded Palantir Technologies to a “hold” rating in a research report on Thursday, August 22nd. Bank of America boosted their price target on Palantir Technologies from $55.00 to $75.00 and gave the company a “buy” rating in a report on Monday. Mizuho raised their price objective on Palantir Technologies from $30.00 to $37.00 and gave the stock an “underperform” rating in a report on Tuesday, November 5th. Finally, Royal Bank of Canada reissued an “underperform” rating and set a $9.00 price target on shares of Palantir Technologies in a research report on Tuesday, August 6th. Six investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $35.64.

Insider Transactions at Palantir Technologies

In other news, insider Alexander C. Karp sold 1,620,395 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $63.21, for a total value of $102,425,167.95. Following the transaction, the insider now owns 6,432,258 shares of the company’s stock, valued at $406,583,028.18. This represents a 20.12 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Lauren Elaina Friedman Stat sold 8,860 shares of the firm’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $58.06, for a total value of $514,411.60. Following the transaction, the director now owns 121,390 shares of the company’s stock, valued at $7,047,903.40. This trade represents a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,167,451 shares of company stock valued at $1,603,067,889 over the last 90 days. Corporate insiders own 12.93% of the company’s stock.

Institutional Trading of Palantir Technologies

A number of hedge funds and other institutional investors have recently bought and sold shares of PLTR. ProShare Advisors LLC purchased a new stake in Palantir Technologies during the first quarter worth approximately $262,000. Advisors Asset Management Inc. increased its position in Palantir Technologies by 87.8% in the 1st quarter. Advisors Asset Management Inc. now owns 13,742 shares of the company’s stock valued at $316,000 after acquiring an additional 6,426 shares during the period. Lazard Asset Management LLC raised its stake in Palantir Technologies by 133.0% during the 1st quarter. Lazard Asset Management LLC now owns 472,497 shares of the company’s stock valued at $10,871,000 after acquiring an additional 269,697 shares during the last quarter. BOKF NA lifted its position in Palantir Technologies by 394.4% during the 1st quarter. BOKF NA now owns 30,039 shares of the company’s stock worth $687,000 after acquiring an additional 23,963 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Palantir Technologies by 31.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 5,877,457 shares of the company’s stock valued at $135,241,000 after purchasing an additional 1,413,417 shares during the period. 45.65% of the stock is currently owned by institutional investors and hedge funds.

Palantir Technologies Stock Performance

The company has a market cap of $148.60 billion, a PE ratio of 327.52 and a beta of 2.70. The stock’s 50-day simple moving average is $45.94 and its 200 day simple moving average is $33.48.

Palantir Technologies (NYSE:PLTR) last released its quarterly earnings data on Monday, November 4th. The company reported $0.10 earnings per share for the quarter, beating the consensus estimate of $0.09 by $0.01. The firm had revenue of $725.52 million during the quarter, compared to the consensus estimate of $705.11 million. Palantir Technologies had a return on equity of 9.94% and a net margin of 18.01%. Palantir Technologies’s quarterly revenue was up 30.0% on a year-over-year basis. During the same period last year, the business posted $0.03 EPS. On average, sell-side analysts predict that Palantir Technologies Inc. will post 0.21 EPS for the current fiscal 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.