Palantir Technologies (NASDAQ:PLTR) Rating Increased to Overweight at Morgan Stanley

Palantir Technologies (NASDAQ:PLTR) was upgraded by stock analysts at Morgan Stanley from an “equal weight” rating to an “overweight” rating in a research report issued to clients and investors on Tuesday,Finviz reports. The firm presently has a $95.00 price target on the stock, up from their previous price target of $60.00. Morgan Stanley’s price target indicates a potential upside of 13.45% from the company’s current price.

Several other equities analysts have also recently commented on the company. Jefferies Financial Group cut Palantir Technologies from a “hold” rating to an “underperform” rating and set a $28.00 price target for the company. in a report on Thursday, November 7th. Bank of America raised their target price on Palantir Technologies from $55.00 to $75.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Robert W. Baird assumed coverage on shares of Palantir Technologies in a research note on Thursday, December 12th. They issued a “neutral” rating and a $70.00 price objective for the company. Argus downgraded shares of Palantir Technologies from a “buy” rating to a “hold” rating in a report on Thursday, November 7th. Finally, Northland Securities upped their target price on shares of Palantir Technologies from $35.00 to $38.00 and gave the company a “market perform” rating in a research note on Tuesday, November 5th. Six analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Palantir Technologies has an average rating of “Hold” and an average price target of $46.56.

Palantir Technologies Stock Performance

PLTR opened at $83.74 on Tuesday. Palantir Technologies has a twelve month low of $16.48 and a twelve month high of $85.22. The business has a 50 day moving average price of $73.71 and a 200 day moving average price of $51.00. The firm has a market cap of $190.76 billion, a P/E ratio of 418.72, a price-to-earnings-growth ratio of 7.54 and a beta of 2.81.

Palantir Technologies (NASDAQ:PLTR) last announced its earnings results on Monday, November 4th. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. Palantir Technologies had a net margin of 18.01% and a return on equity of 9.94%. The business had revenue of $725.52 million for the quarter, compared to analyst estimates of $705.11 million. During the same quarter in the previous year, the firm posted $0.03 earnings per share. Palantir Technologies’s revenue was up 30.0% compared to the same quarter last year. As a group, analysts anticipate that Palantir Technologies will post 0.19 earnings per share for the current fiscal year.

Insider Buying and Selling at Palantir Technologies

In related news, insider Alexander C. Karp sold 4,500,000 shares of the company’s stock in a transaction that occurred on Thursday, November 7th. The stock was sold at an average price of $55.03, for a total value of $247,635,000.00. Following the sale, the insider now owns 6,432,258 shares in the company, valued at $353,967,157.74. This represents a 41.16 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Stephen Andrew Cohen sold 450,000 shares of Palantir Technologies stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $70.95, for a total value of $31,927,500.00. Following the transaction, the insider now owns 592 shares of the company’s stock, valued at $42,002.40. The trade was a 99.87 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 20,153,753 shares of company stock worth $1,287,042,675 over the last 90 days. Corporate insiders own 12.93% of the company’s stock.

Hedge Funds Weigh In On Palantir Technologies

Several institutional investors and hedge funds have recently modified their holdings of the stock. State Street Corp lifted its holdings in shares of Palantir Technologies by 96.4% during the third quarter. State Street Corp now owns 82,512,440 shares of the company’s stock valued at $3,069,463,000 after purchasing an additional 40,498,024 shares in the last quarter. Geode Capital Management LLC raised its position in Palantir Technologies by 52.9% in the 3rd quarter. Geode Capital Management LLC now owns 47,946,926 shares of the company’s stock worth $1,777,568,000 after buying an additional 16,598,253 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in Palantir Technologies by 5.7% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 14,982,925 shares of the company’s stock worth $557,365,000 after buying an additional 808,444 shares during the last quarter. FMR LLC lifted its stake in Palantir Technologies by 8.8% during the 3rd quarter. FMR LLC now owns 12,478,281 shares of the company’s stock valued at $464,192,000 after acquiring an additional 1,004,603 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Palantir Technologies by 60.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 12,387,040 shares of the company’s stock worth $460,798,000 after acquiring an additional 4,667,955 shares during the period. 45.65% of the stock is currently owned by institutional investors.

About Palantir Technologies

Palantir Technologies, Inc engages in the business of building and deploying software platforms that serve as the central operating systems for its customers. It operates under the Commercial and Government segments. The Commercial segment focuses on customers working in non-government industries. The Government segment is involved in providing services to customers that are the United States government and non-United States government agencies.