Palantir Technologies (NYSE:PLTR) Trading 0.1% Higher Following Analyst Upgrade

Palantir Technologies Inc. (NYSE:PLTR) shot up 0.1% during mid-day trading on Thursday after Wedbush raised their price target on the stock from $38.00 to $45.00. Wedbush currently has an outperform rating on the stock. Palantir Technologies traded as high as $37.29 and last traded at $37.15. 18,159,059 shares traded hands during trading, a decline of 68% from the average session volume of 57,361,887 shares. The stock had previously closed at $37.12.

Several other equities analysts have also weighed in on the stock. Bank of America increased their price objective on shares of Palantir Technologies from $30.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Mizuho downgraded shares of Palantir Technologies from a “neutral” rating to an “underperform” rating and raised their price objective for the stock from $21.00 to $22.00 in a research report on Tuesday, July 16th. Deutsche Bank Aktiengesellschaft upped their target price on Palantir Technologies from $20.00 to $21.00 and gave the company a “sell” rating in a research report on Tuesday, August 6th. Northland Securities began coverage on Palantir Technologies in a research note on Thursday, August 22nd. They issued a “market perform” rating and a $35.00 price target for the company. Finally, Citigroup increased their price objective on Palantir Technologies from $25.00 to $28.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 30th. Five analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $27.29.

Insiders Place Their Bets

In other Palantir Technologies news, Director Peter Thiel sold 4,254,666 shares of Palantir Technologies stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $36.77, for a total value of $156,444,068.82. Following the transaction, the director now owns 51,234,275 shares in the company, valued at $1,883,884,291.75. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Lauren Elaina Friedman Stat sold 2,000 shares of the business’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 sale, the director now owns 69,039 shares in the company, valued at approximately $2,000,059.83. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Peter Thiel sold 4,254,666 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $36.77, for a total value of $156,444,068.82. Following the completion of the transaction, the director now owns 51,234,275 shares of the company’s stock, valued at $1,883,884,291.75. The disclosure for this sale can be found here. Insiders sold 9,644,559 shares of company stock worth $346,929,762 over the last three months. Insiders own 12.93% of the company’s stock.

Institutional Trading of Palantir Technologies

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in Palantir Technologies by 1.6% in the first quarter. Vanguard Group Inc. now owns 196,834,580 shares of the company’s stock valued at $4,529,164,000 after buying an additional 3,029,317 shares during the period. Sumitomo Mitsui Trust Holdings Inc. lifted its stake in shares of Palantir Technologies by 15.7% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 14,571,224 shares of the company’s stock valued at $335,284,000 after purchasing an additional 1,980,495 shares during the period. ARK Investment Management LLC boosted its position in shares of Palantir Technologies by 2.2% during the 2nd quarter. ARK Investment Management LLC now owns 13,023,099 shares of the company’s stock valued at $329,875,000 after purchasing an additional 277,623 shares in the last quarter. Legal & General Group Plc increased its holdings in Palantir Technologies by 1.4% in the second quarter. Legal & General Group Plc now owns 11,917,200 shares of the company’s stock worth $301,871,000 after purchasing an additional 167,030 shares in the last quarter. Finally, Nikko Asset Management Americas Inc. lifted its stake in Palantir Technologies by 19.2% in the first quarter. Nikko Asset Management Americas Inc. now owns 9,829,631 shares of the company’s stock valued at $226,180,000 after buying an additional 1,580,548 shares during the period. Institutional investors own 45.65% of the company’s stock.

Palantir Technologies Stock Performance

The stock has a market capitalization of $83.04 billion, a P/E ratio of 309.03 and a beta of 2.72. The business has a fifty day simple moving average of $31.27 and a 200-day simple moving average of $26.23.

Palantir Technologies (NYSE:PLTR) last issued its earnings results on Monday, August 5th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.01). Palantir Technologies had a net margin of 16.32% and a return on equity of 8.88%. The firm had revenue of $678.13 million during the quarter, compared to analyst estimates of $653.23 million. During the same quarter in the prior year, the business earned $0.01 earnings per share. The business’s quarterly revenue was up 27.2% on a year-over-year basis. On average, sell-side analysts anticipate that Palantir Technologies Inc. will post 0.19 earnings per share for the current 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.