Palantir Technologies (NASDAQ:PLTR) Shares Up 25.2% on Analyst Upgrade

Palantir Technologies Inc. (NASDAQ:PLTR) shares rose 25.2% during mid-day trading on Tuesday after Royal Bank of Canada raised their price target on the stock from $11.00 to $40.00. Royal Bank of Canada currently has an underperform rating on the stock. Palantir Technologies traded as high as $106.91 and last traded at $104.88. Approximately 115,890,851 shares changed hands during trading, an increase of 59% from the average daily volume of 72,685,938 shares. The stock had previously closed at $83.74.

A number of other brokerages also recently commented on PLTR. Robert W. Baird upped their target price on shares of Palantir Technologies from $70.00 to $100.00 and gave the stock a “neutral” rating in a research note on Tuesday. Argus lowered Palantir Technologies from a “buy” rating to a “hold” rating in a report on Thursday, November 7th. Mizuho raised their price objective on Palantir Technologies from $44.00 to $80.00 and gave the stock an “underperform” rating in a report on Tuesday. William Blair reiterated an “underperform” rating on shares of Palantir Technologies in a report on Wednesday, December 18th. Finally, Wedbush increased their price target on Palantir Technologies from $75.00 to $90.00 and gave the stock an “outperform” rating in a research report on Thursday, January 23rd. Six investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Palantir Technologies has an average rating of “Hold” and an average target price of $64.89.

Insider Transactions at Palantir Technologies

In other Palantir Technologies news, insider Alexander C. Karp sold 4,500,000 shares of the firm’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $55.03, for a total value of $247,635,000.00. Following the completion of the transaction, the insider now owns 6,432,258 shares of the company’s stock, valued at approximately $353,967,157.74. This trade represents a 41.16 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Shyam Sankar sold 5,250,000 shares of Palantir Technologies stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $70.08, for a total transaction of $367,920,000.00. Following the sale, the insider now owns 752,786 shares of the company’s stock, valued at $52,755,242.88. The trade was a 87.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 20,153,753 shares of company stock valued at $1,287,042,675 in the last quarter. 12.93% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Palantir Technologies

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp boosted its holdings in shares of Palantir Technologies by 96.4% in the 3rd quarter. State Street Corp now owns 82,512,440 shares of the company’s stock valued at $3,069,463,000 after acquiring an additional 40,498,024 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Palantir Technologies by 52.9% in the third quarter. Geode Capital Management LLC now owns 47,946,926 shares of the company’s stock valued at $1,777,568,000 after purchasing an additional 16,598,253 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in Palantir Technologies by 3,476.2% in the third quarter. International Assets Investment Management LLC now owns 6,832,301 shares of the company’s stock valued at $254,162,000 after purchasing an additional 6,641,253 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in Palantir Technologies by 60.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 12,387,040 shares of the company’s stock worth $460,798,000 after purchasing an additional 4,667,955 shares during the period. Finally, Lord Abbett & CO. LLC raised its stake in shares of Palantir Technologies by 943.2% during the 3rd quarter. Lord Abbett & CO. LLC now owns 3,300,766 shares of the company’s stock valued at $122,788,000 after buying an additional 2,984,348 shares during the last quarter. Hedge funds and other institutional investors own 45.65% of the company’s stock.

Palantir Technologies Trading Up 24.0 %

The firm has a market cap of $236.53 billion, a price-to-earnings ratio of 519.18, a PEG ratio of 7.54 and a beta of 2.81. The company has a fifty day moving average price of $74.09 and a 200-day moving average price of $51.39.

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

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.