Palantir Technologies (NYSE:PLTR) Sets New 12-Month High Following Analyst Upgrade

Palantir Technologies Inc. (NYSE:PLTR) shares reached 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 trading hands. The stock had previously closed at $64.35.

A number of other research analysts also recently weighed in on the stock. Bank of America increased their price objective on shares of Palantir Technologies from $55.00 to $75.00 and gave the company a “buy” rating in a research report on Monday. Raymond James downgraded Palantir Technologies from an “outperform” rating to a “market perform” rating in a research note on Monday, September 23rd. Northland Securities upped their price objective on Palantir Technologies from $35.00 to $38.00 and gave the company a “market perform” rating in a research report on Tuesday, November 5th. Jefferies Financial Group cut Palantir Technologies from a “hold” rating to an “underperform” rating and set a $28.00 target price on the stock. in a research report on Thursday, November 7th. Finally, Citigroup upped their price target on shares of Palantir Technologies from $25.00 to $28.00 and gave the company a “neutral” rating in a research report on Tuesday, July 30th. Six equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $35.64.

Insiders Place Their Bets

In related news, insider Alexander C. Karp sold 1,620,395 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $63.21, for a total value of $102,425,167.95. Following the completion of the transaction, the insider now owns 6,432,258 shares of the company’s stock, valued at approximately $406,583,028.18. This represents a 20.12 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. 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 sale, the director now directly owns 121,390 shares in the company, valued at approximately $7,047,903.40. This represents a 6.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 34,167,451 shares of company stock worth $1,603,067,889. Company insiders own 12.93% of the company’s stock.

Institutional Investors Weigh In On Palantir Technologies

Several institutional investors and hedge funds have recently modified their holdings of PLTR. Synovus Financial Corp grew its stake in Palantir Technologies by 85.9% during the third quarter. Synovus Financial Corp now owns 17,898 shares of the company’s stock valued at $666,000 after acquiring an additional 8,270 shares in the last quarter. Wilmington Savings Fund Society FSB grew its position in shares of Palantir Technologies by 48.7% during the third quarter. Wilmington Savings Fund Society FSB now owns 17,538 shares of the company’s stock valued at $652,000 after purchasing an additional 5,747 shares in the last quarter. World Investment Advisors LLC purchased a new position in shares of Palantir Technologies during the third quarter valued at about $347,000. M&T Bank Corp increased its holdings in shares of 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 purchasing an additional 45,965 shares during the last quarter. Finally, Rehmann Capital Advisory Group purchased a new stake in shares of Palantir Technologies in the third quarter worth about $381,000. Institutional investors own 45.65% of the company’s stock.

Palantir Technologies Stock Performance

The firm has a fifty day simple moving average of $46.50 and a two-hundred day simple moving average of $33.78. The firm has a market cap of $147.23 billion, a PE ratio of 323.17 and a beta of 2.70.

Palantir Technologies (NYSE:PLTR) last posted its earnings results on Monday, November 4th. The company reported $0.10 earnings per share for the quarter, beating 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 firm had revenue of $725.52 million during the quarter, compared to analyst estimates of $705.11 million. During the same period last year, the firm posted $0.03 earnings per share. Palantir Technologies’s revenue for the quarter was up 30.0% compared to the same quarter last year. Equities analysts forecast that Palantir Technologies Inc. will post 0.21 EPS for the current fiscal year.

About Palantir Technologies

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.