Palantir Technologies (NYSE:PLTR) Sets New 52-Week High Following Analyst Upgrade

Palantir Technologies Inc. (NYSE:PLTR)’s share price hit 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 changing hands. The stock had previously closed at $64.35.

Several other equities analysts have also issued reports on PLTR. Citigroup raised their price objective on Palantir Technologies from $25.00 to $28.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. Bank of America raised their price target on Palantir Technologies from $55.00 to $75.00 and gave the stock a “buy” rating in a research note on Monday. Northland Securities increased their price objective on Palantir Technologies from $35.00 to $38.00 and gave the company a “market perform” rating in a report on Tuesday, November 5th. Royal Bank of Canada reaffirmed an “underperform” rating and issued a $9.00 target price on shares of Palantir Technologies in a report on Tuesday, August 6th. Finally, Deutsche Bank Aktiengesellschaft increased their price target on shares of Palantir Technologies from $20.00 to $21.00 and gave the stock a “sell” rating in a research note on Tuesday, August 6th. Six investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $35.64.

Insider Buying and Selling

In other Palantir Technologies news, insider Alexander C. Karp sold 1,620,395 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $63.21, for a total transaction of $102,425,167.95. Following the transaction, the insider now owns 6,432,258 shares in the company, valued at approximately $406,583,028.18. The trade was a 20.12 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Heather A. Planishek sold 14,016 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $30.67, for a total value of $429,870.72. Following the completion of the sale, the insider now directly owns 576,023 shares of the company’s stock, valued at $17,666,625.41. This represents a 2.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,167,451 shares of company stock valued at $1,603,067,889 over the last ninety days. Corporate insiders own 12.93% of the company’s stock.

Hedge Funds Weigh In On Palantir Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in PLTR. Charles Schwab Investment Management Inc. boosted its holdings in Palantir Technologies by 60.5% during the third 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 in the last quarter. State of Alaska Department of Revenue lifted its position in shares of Palantir Technologies by 22.9% during the 3rd quarter. State of Alaska Department of Revenue now owns 370,625 shares of the company’s stock valued at $13,786,000 after acquiring an additional 68,945 shares during the period. Oppenheimer & Co. Inc. boosted its stake in shares of Palantir Technologies by 19.2% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 541,567 shares of the company’s stock worth $20,146,000 after acquiring an additional 87,062 shares in the last quarter. Tyler Stone Wealth Management grew its holdings in shares of Palantir Technologies by 97.9% in the 3rd quarter. Tyler Stone Wealth Management now owns 202,006 shares of the company’s stock worth $7,515,000 after acquiring an additional 99,921 shares during the period. Finally, Heritage Wealth Management Inc. CA purchased a new position in Palantir Technologies in the 3rd quarter valued at approximately $1,076,000. 45.65% of the stock is owned by institutional investors and hedge funds.

Palantir Technologies Stock Up 4.3 %

The firm has a fifty day moving average of $45.94 and a 200-day moving average of $33.48. The stock has a market capitalization of $152.86 billion, a price-to-earnings ratio of 321.77 and a beta of 2.70.

Palantir Technologies (NYSE:PLTR) last released its quarterly earnings results on Monday, November 4th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.01. The business had revenue of $725.52 million during the quarter, compared to the consensus estimate 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 company posted $0.03 EPS. As a group, research 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.