Palantir Technologies (NYSE:PLTR) Price Target Raised to $45.00 at Wedbush

Palantir Technologies (NYSE:PLTR) had its price objective raised by Wedbush from $38.00 to $45.00 in a research note published on Thursday, Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other brokerages have also recently commented on PLTR. Royal Bank of Canada reiterated an underperform rating and set a $9.00 price target on shares of Palantir Technologies in a research report on Tuesday, August 6th. Citigroup lifted their target price on shares of Palantir Technologies from $25.00 to $28.00 and gave the stock a neutral rating in a research report on Tuesday, July 30th. Raymond James downgraded shares of Palantir Technologies from an outperform rating to a market perform rating in a research note on Monday, September 23rd. Northland Securities initiated coverage on Palantir Technologies in a research note on Thursday, August 22nd. They set a market perform rating and a $35.00 price objective on the stock. Finally, Argus started coverage on Palantir Technologies in a research note on Monday, June 17th. They issued a buy rating and a $29.00 target price for the company. Five equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of Hold and a consensus price target of $27.29.

Palantir Technologies Price Performance

Shares of NYSE PLTR opened at $36.84 on Thursday. The stock has a market capitalization of $82.50 billion, a PE ratio of 307.03 and a beta of 2.72. Palantir Technologies has a one year low of $14.48 and a one year high of $38.19. The business’s fifty day moving average price is $31.43 and its 200-day moving average price is $26.33.

Palantir Technologies (NYSE:PLTR) last posted its earnings results on Monday, August 5th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.01). Palantir Technologies had a net margin of 16.32% and a return on equity of 8.88%. The company had revenue of $678.13 million for the quarter, compared to analysts’ expectations of $653.23 million. During the same period in the previous year, the firm earned $0.01 EPS. The firm’s quarterly revenue was up 27.2% compared to the same quarter last year. As a group, equities analysts expect that Palantir Technologies will post 0.19 EPS for the current fiscal year.

Insider Activity

In related news, insider David A. Glazer sold 90,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 18th. The shares were sold at an average price of $29.36, for a total value of $2,642,400.00. Following the sale, the insider now owns 298,012 shares in the company, valued at $8,749,632.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Lauren Elaina Friedman Stat sold 2,000 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $28.97, for a total transaction of $57,940.00. Following the completion of the sale, the director now owns 69,039 shares in the company, valued at $2,000,059.83. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider David A. Glazer sold 90,000 shares of the firm’s stock in a transaction dated Thursday, July 18th. The stock was sold at an average price of $29.36, for a total value of $2,642,400.00. Following the completion of the transaction, the insider now directly owns 298,012 shares in the company, valued at $8,749,632.32. The disclosure for this sale can be found here. Insiders sold 9,644,559 shares of company stock valued at $346,929,762 over the last three months. Insiders own 12.93% of the company’s stock.

Hedge Funds Weigh In On Palantir Technologies

Several institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in Palantir Technologies by 3.5% during the fourth quarter. Vanguard Group Inc. now owns 193,805,263 shares of the company’s stock valued at $3,327,636,000 after buying an additional 6,466,596 shares during the last quarter. 1832 Asset Management L.P. grew its position in shares of Palantir Technologies by 248,208.2% during the 1st quarter. 1832 Asset Management L.P. now owns 3,625,300 shares of the company’s stock valued at $83,418,000 after acquiring an additional 3,623,840 shares during the period. Marshall Wace LLP increased its stake in shares of Palantir Technologies by 594.3% in the 2nd quarter. Marshall Wace LLP now owns 3,550,176 shares of the company’s stock worth $89,926,000 after purchasing an additional 3,038,861 shares in the last quarter. Norges Bank bought a new position in Palantir Technologies in the 4th quarter worth $46,542,000. Finally, Coatue Management LLC raised its stake in shares of Palantir Technologies by 285.6% in the fourth quarter. Coatue Management LLC now owns 3,447,363 shares of the company’s stock worth $59,191,000 after buying an additional 2,553,432 shares during the period. 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.