Bank of America Forecasts Strong Price Appreciation for Palantir Technologies (NYSE:PLTR) Stock

Palantir Technologies (NYSE:PLTR) had its target price raised by analysts at Bank of America from $55.00 to $75.00 in a research note issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s price objective would suggest a potential upside of 14.09% from the company’s previous close.

A number of other equities analysts have also issued reports on the stock. Mizuho raised their target price on shares of Palantir Technologies from $30.00 to $37.00 and gave the stock an “underperform” rating in a research report on Tuesday, November 5th. Royal Bank of Canada restated an “underperform” rating and set a $9.00 target price on shares of Palantir Technologies in a research report on Tuesday, August 6th. The Goldman Sachs Group raised their target price on shares of Palantir Technologies from $16.00 to $41.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Wedbush increased their price target on Palantir Technologies from $38.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, September 26th. Finally, Argus downgraded Palantir Technologies from a “buy” rating to a “hold” rating in a report on Thursday, November 7th. Six investment analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Palantir Technologies has a consensus rating of “Hold” and an average target price of $35.64.

Palantir Technologies Stock Up 1.7 %

Shares of Palantir Technologies stock opened at $65.74 on Monday. The firm has a market capitalization 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 has a 52 week low of $15.66 and a 52 week high of $67.88.

Palantir Technologies (NYSE: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. The business had revenue of $725.52 million for 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%. The company’s revenue for the quarter was up 30.0% compared to the same quarter last year. During the same period last year, the firm posted $0.03 earnings per share. As a group, research analysts expect that Palantir Technologies will post 0.21 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Alexander C. Karp sold 4,500,000 shares of Palantir Technologies stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $36.07, for a total transaction of $162,315,000.00. Following the completion of the sale, the insider now owns 6,432,258 shares in the company, valued at approximately $232,011,546.06. This trade represents a 41.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Heather A. Planishek sold 14,016 shares of Palantir Technologies stock in a transaction dated Thursday, August 29th. The stock was sold at an average price of $30.67, for a total value of $429,870.72. Following the sale, the insider now owns 576,023 shares of the company’s stock, valued at approximately $17,666,625.41. This represents a 2.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,167,451 shares of company stock worth $1,603,067,889 over the last 90 days. 12.93% of the stock is currently owned by corporate insiders.

Institutional Trading of Palantir Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Summit Securities Group LLC purchased a new stake in Palantir Technologies in the 2nd quarter valued at about $25,000. Farmers & Merchants Investments Inc. purchased a new stake in Palantir Technologies in the 2nd quarter valued at about $25,000. Northwest Investment Counselors LLC purchased a new stake in Palantir Technologies in the 3rd quarter valued at about $25,000. Prestige Wealth Management Group LLC grew its holdings in Palantir Technologies by 747.1% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock valued at $27,000 after buying an additional 650 shares during the period. Finally, University of Texas Texas AM Investment Management Co. purchased a new stake in Palantir Technologies in the 2nd quarter valued at about $30,000. Hedge funds and other institutional investors own 45.65% of the company’s stock.

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.