Wedbush Issues Positive Forecast for Palantir Technologies (NASDAQ:PLTR) Stock Price

Palantir Technologies (NASDAQ:PLTR) had its target price boosted by Wedbush from $75.00 to $90.00 in a research report issued on Thursday, MarketBeat reports. The brokerage presently has an “outperform” rating on the stock. Wedbush’s target price would indicate a potential upside of 16.24% from the company’s current price.

Several other research analysts also recently weighed in on the stock. Argus downgraded shares of Palantir Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, November 7th. Mizuho upped their price objective on Palantir Technologies from $37.00 to $44.00 and gave the stock an “underperform” rating in a research note on Friday, December 13th. Cantor Fitzgerald started coverage on shares of Palantir Technologies in a report on Friday, January 17th. They set a “neutral” rating and a $72.00 price objective for the company. The Goldman Sachs Group raised their price objective on Palantir Technologies from $16.00 to $41.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Finally, Robert W. Baird began coverage on shares of Palantir Technologies in a research report on Thursday, December 12th. They issued a “neutral” rating and a $70.00 price target on the stock. Seven investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $44.61.

Palantir Technologies Price Performance

PLTR traded up $0.56 on Thursday, hitting $77.43. The company had a trading volume of 28,155,339 shares, compared to its average volume of 67,761,117. Palantir Technologies has a 52-week low of $16.03 and a 52-week high of $84.80. The firm has a market capitalization of $176.38 billion, a P/E ratio of 387.14, a P/E/G ratio of 6.73 and a beta of 2.82. The stock has a fifty day simple moving average of $71.30 and a 200-day simple moving average of $48.32.

Palantir Technologies (NASDAQ:PLTR) last released its earnings results on Monday, November 4th. The company reported $0.10 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $705.11 million. During the same period in the previous year, the company posted $0.03 earnings per share. The company’s revenue for the quarter was up 30.0% compared to the same quarter last year. Equities research analysts expect that Palantir Technologies will post 0.2 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Alexander C. Karp sold 3,337,048 shares of the business’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $45.02, for a total transaction of $150,233,900.96. Following the completion of the transaction, the insider now owns 6,432,258 shares in the company, valued at approximately $289,580,255.16. The trade was a 34.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Lauren Elaina Friedman Stat sold 8,054 shares of Palantir Technologies stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $50.49, for a total value of $406,646.46. Following the sale, the director now directly owns 130,250 shares of the company’s stock, valued at $6,576,322.50. This trade represents a 5.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 23,642,189 shares of company stock worth $1,444,232,453 in the last quarter. 12.93% of the stock is owned by company insiders.

Institutional Trading of Palantir Technologies

A number of hedge funds and other institutional investors have recently made changes to their positions in PLTR. Charles Schwab Investment Management Inc. boosted its holdings in shares of Palantir Technologies by 60.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 12,387,040 shares of the company’s stock valued at $460,798,000 after acquiring an additional 4,667,955 shares during the period. Diversify Wealth Management LLC purchased a new stake in Palantir Technologies in the 4th quarter valued at $876,000. State of Alaska Department of Revenue boosted its stake in 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 worth $13,786,000 after purchasing an additional 68,945 shares during the period. Oppenheimer & Co. Inc. grew its position in 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 purchasing an additional 87,062 shares during the last quarter. Finally, Tyler Stone Wealth Management increased its stake in Palantir Technologies by 97.9% in the third quarter. Tyler Stone Wealth Management now owns 202,006 shares of the company’s stock valued at $7,515,000 after purchasing an additional 99,921 shares during the period. Institutional investors and hedge funds own 45.65% of the company’s stock.

Palantir Technologies Company Profile

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.