Palantir Technologies (NASDAQ:PLTR) Trading Up 5.4% Following Analyst Upgrade

Palantir Technologies Inc. (NASDAQ:PLTR) was up 5.4% during trading on Thursday after Citigroup raised their price target on the stock from $42.00 to $110.00. Citigroup currently has a neutral rating on the stock. Palantir Technologies traded as high as $108.68 and last traded at $106.85. Approximately 48,226,937 shares traded hands during trading, a decline of 38% from the average daily volume of 77,623,336 shares. The stock had previously closed at $101.36.

A number of other equities research analysts have also commented on the company. Cantor Fitzgerald raised their price objective on Palantir Technologies from $72.00 to $98.00 and gave the stock a “neutral” rating in a research report on Tuesday. Argus lowered Palantir Technologies from a “buy” rating to a “hold” rating in a report on Thursday, November 7th. The Goldman Sachs Group lifted their price target on Palantir Technologies from $16.00 to $41.00 and gave the company a “neutral” rating in a report on Thursday, November 7th. William Blair reiterated an “underperform” rating on shares of Palantir Technologies in a report on Wednesday, December 18th. Finally, UBS Group lifted their price target on Palantir Technologies from $80.00 to $105.00 and gave the company a “neutral” rating in a report on Tuesday. Six investment analysts have rated the stock with a sell rating, twelve have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Palantir Technologies currently has a consensus rating of “Hold” and an average price target of $69.44.

Insider Activity

In related news, insider Shyam Sankar sold 5,250,000 shares of the business’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $70.08, for a total value 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Stephen Andrew Cohen sold 450,000 shares of the business’s 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 completion of the sale, the insider now directly owns 592 shares in the company, valued at approximately $42,002.40. This represents a 99.87 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 15,656,687 shares of company stock worth $1,040,105,687. Company insiders own 12.93% of the company’s stock.

Institutional Trading of Palantir Technologies

Several institutional investors have recently bought and sold shares of PLTR. State Street Corp boosted its stake in 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 buying an additional 40,498,024 shares in the last quarter. Geode Capital Management LLC boosted its stake 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 valued at $1,777,568,000 after buying an additional 16,598,253 shares in the last quarter. International Assets Investment Management LLC boosted its stake 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 worth $254,162,000 after purchasing an additional 6,641,253 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in 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 purchasing an additional 4,667,955 shares in the last quarter. Finally, Lord Abbett & CO. LLC boosted its stake in Palantir Technologies by 943.2% in the third quarter. Lord Abbett & CO. LLC now owns 3,300,766 shares of the company’s stock worth $122,788,000 after purchasing an additional 2,984,348 shares in the last quarter. Institutional investors and hedge funds own 45.65% of the company’s stock.

Palantir Technologies Price Performance

The company has a market cap of $253.50 billion, a price-to-earnings ratio of 556.43, a price-to-earnings-growth ratio of 7.54 and a beta of 2.81. The business has a 50 day simple moving average of $75.56 and a 200 day simple moving average of $52.26.

Palantir Technologies (NASDAQ:PLTR) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. The company 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 revenue was up 30.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.03 earnings per share. As a group, sell-side analysts anticipate 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.