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

Palantir Technologies Inc. (NASDAQ:PLTR)’s share price gapped up prior to trading on Tuesday after Royal Bank of Canada raised their price target on the stock from $11.00 to $40.00. The stock had previously closed at $83.74, but opened at $102.80. Royal Bank of Canada currently has an underperform rating on the stock. Palantir Technologies shares last traded at $106.13, with a volume of 73,365,897 shares.

Other analysts also recently issued reports about the stock. Jefferies Financial Group boosted their target price on shares of Palantir Technologies from $28.00 to $60.00 and gave the stock an “underperform” rating in a report on Tuesday. The Goldman Sachs Group upped 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. Northland Securities raised their price objective on Palantir Technologies from $38.00 to $80.00 and gave the stock a “market perform” rating in a research note on Tuesday. Cantor Fitzgerald boosted their target price on Palantir Technologies from $72.00 to $98.00 and gave the stock a “neutral” rating in a research report on Tuesday. Finally, Mizuho increased their price target on Palantir Technologies from $44.00 to $80.00 and gave the company an “underperform” rating in a research report on Tuesday. Six equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $64.89.

Insider Transactions at Palantir Technologies

In related news, Director Alexandra W. Schiff sold 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $71.63, for a total transaction of $286,520.00. Following the transaction, the director now owns 195,393 shares of the company’s stock, valued at approximately $13,996,000.59. This trade represents a 2.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Shyam Sankar sold 5,250,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 752,786 shares of the company’s stock, valued at $52,755,242.88. This represents a 87.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,153,753 shares of company stock valued at $1,287,042,675. 12.93% of the stock is owned by insiders.

Hedge Funds Weigh In On Palantir Technologies

Several institutional investors have recently bought and sold shares of PLTR. State Street Corp lifted its holdings in Palantir Technologies by 96.4% in the 3rd quarter. State Street Corp now owns 82,512,440 shares of the company’s stock worth $3,069,463,000 after purchasing an additional 40,498,024 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Palantir Technologies by 52.9% in the third quarter. Geode Capital Management LLC now owns 47,946,926 shares of the company’s stock worth $1,777,568,000 after buying an additional 16,598,253 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in shares of Palantir Technologies by 3,476.2% during the 3rd quarter. International Assets Investment Management LLC now owns 6,832,301 shares of the company’s stock worth $254,162,000 after buying an additional 6,641,253 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of 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 buying an additional 4,667,955 shares during the period. Finally, Lord Abbett & CO. LLC grew its stake in Palantir Technologies by 943.2% in 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. 45.65% of the stock is currently owned by institutional investors.

Palantir Technologies Trading Up 24.0 %

The firm’s fifty day moving average is $74.09 and its 200 day moving average is $51.39. The stock has a market cap of $236.53 billion, a P/E ratio of 519.18, a P/E/G ratio of 7.54 and a beta of 2.81.

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. Palantir Technologies had a return on equity of 9.94% and a net margin of 18.01%. The business had revenue of $725.52 million for the quarter, compared to analyst estimates of $705.11 million. During the same period in the previous year, the company posted $0.03 earnings per share. The firm’s revenue for the quarter was up 30.0% on a year-over-year basis. 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.