Palantir Technologies (NYSE:PLTR) Hits New 1-Year High Following Analyst Upgrade

Palantir Technologies Inc. (NYSE:PLTR)’s stock price hit a new 52-week high during mid-day 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 $66.95 and last traded at $66.95, with a volume of 3014610 shares traded. The stock had previously closed at $64.35.

PLTR has been the subject of several other research reports. Royal Bank of Canada reissued an “underperform” rating and issued a $9.00 target price on shares of Palantir Technologies in a research report on Tuesday, August 6th. The Goldman Sachs Group upped their price objective on Palantir Technologies from $16.00 to $41.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Argus downgraded Palantir Technologies from a “buy” rating to a “hold” rating in a report on Thursday, November 7th. Citigroup boosted their price target on Palantir Technologies from $25.00 to $28.00 and gave the company a “neutral” rating in a report on Tuesday, July 30th. Finally, DA Davidson raised their price objective on Palantir Technologies from $28.00 to $47.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 5th. Six analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $35.64.

Insider Transactions at Palantir Technologies

In other Palantir Technologies news, insider Alexander C. Karp sold 1,007,496 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $63.96, for a total transaction of $64,439,444.16. Following the completion of the sale, the insider now directly owns 6,432,258 shares in the company, valued at approximately $411,407,221.68. This trade represents a 13.54 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Lauren Elaina Friedman Stat sold 6,000 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $36.35, for a total value of $218,100.00. Following the completion of the transaction, the director now owns 152,280 shares in the company, valued at $5,535,378. This represents a 3.79 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,167,451 shares of company stock valued at $1,603,067,889 over the last ninety 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 PLTR. Tri Ri Asset Management Corp acquired a new stake in Palantir Technologies during the third quarter valued at $23,403,000. Synovus Financial Corp raised its stake in shares of Palantir Technologies by 85.9% during the 3rd quarter. Synovus Financial Corp now owns 17,898 shares of the company’s stock worth $666,000 after purchasing an additional 8,270 shares in the last quarter. Wilmington Savings Fund Society FSB lifted its holdings in shares of Palantir Technologies by 48.7% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 17,538 shares of the company’s stock valued at $652,000 after buying an additional 5,747 shares during the last quarter. World Investment Advisors LLC bought a new stake in shares of Palantir Technologies in the 3rd quarter valued at approximately $347,000. Finally, M&T Bank Corp increased its holdings in Palantir Technologies by 37.0% in the third quarter. M&T Bank Corp now owns 170,043 shares of the company’s stock worth $6,326,000 after buying an additional 45,965 shares during the last quarter. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

Palantir Technologies Stock Up 1.7 %

The stock has a market cap of $149.76 billion, a P/E ratio of 328.72 and a beta of 2.70. The firm’s 50-day moving average is $47.09 and its two-hundred day moving average is $34.10.

Palantir Technologies (NYSE:PLTR) last released its quarterly earnings data on Monday, November 4th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.01. The business had revenue of $725.52 million during 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%. Palantir Technologies’s quarterly revenue was up 30.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.03 EPS. Analysts anticipate that Palantir Technologies Inc. will post 0.21 earnings per share 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.