Palantir Technologies (NASDAQ:PLTR) Trading Up 5.4% After Analyst Upgrade

Palantir Technologies Inc. (NASDAQ:PLTR)’s share price shot up 5.4% on Thursday after Citigroup raised their price target on the stock from $42.00 to $110.00. Citigroup currently has a neutral rating on the stock. Palantir Technologies traded as high as $108.68 and last traded at $106.85. 48,226,937 shares were traded during mid-day trading, a decline of 38% from the average session volume of 77,623,336 shares. The stock had previously closed at $101.36.

A number of other brokerages have also recently issued reports on PLTR. UBS Group boosted their target price on Palantir Technologies from $80.00 to $105.00 and gave the stock a “neutral” rating in a report on Tuesday. Morgan Stanley raised shares of Palantir Technologies from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $60.00 to $95.00 in a research report on Tuesday. Mizuho lifted their target price on shares of Palantir Technologies from $44.00 to $80.00 and gave the company an “underperform” rating in a report on Tuesday. Argus downgraded Palantir Technologies from a “buy” rating to a “hold” rating in a report on Thursday, November 7th. Finally, Jefferies Financial Group boosted their price objective on Palantir Technologies from $28.00 to $60.00 and gave the stock an “underperform” rating in a research note on Tuesday. Six analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $69.44.

Insider Activity at Palantir Technologies

In other news, insider Stephen Andrew Cohen sold 450,000 shares of Palantir Technologies stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $70.95, for a total transaction of $31,927,500.00. Following the sale, the insider now owns 592 shares of the company’s stock, valued at approximately $42,002.40. The trade was a 99.87 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Alexander C. Karp sold 1,823,602 shares of the stock in a transaction that occurred on Wednesday, November 13th. The stock was sold at an average price of $63.12, for a total value of $115,105,758.24. Following the completion of the transaction, the insider now directly owns 6,432,258 shares of the company’s stock, valued at $406,004,124.96. This trade represents a 22.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 15,653,753 shares of company stock valued at $1,039,407,675. Corporate insiders own 12.93% of the company’s stock.

Institutional Investors Weigh In On Palantir Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of PLTR. State Street Corp increased its stake in Palantir Technologies by 96.4% during the 3rd quarter. State Street Corp now owns 82,512,440 shares of the company’s stock valued at $3,069,463,000 after buying an additional 40,498,024 shares during the period. Geode Capital Management LLC boosted its holdings 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 valued at $1,777,568,000 after acquiring an additional 16,598,253 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Palantir Technologies by 5.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 14,982,925 shares of the company’s stock valued at $557,365,000 after acquiring an additional 808,444 shares during the period. Bank of New York Mellon Corp raised its holdings in Palantir Technologies by 10.9% during the fourth quarter. Bank of New York Mellon Corp now owns 12,843,672 shares of the company’s stock worth $971,367,000 after purchasing an additional 1,262,479 shares in the last quarter. Finally, FMR LLC lifted its position in Palantir Technologies by 8.8% in the third quarter. FMR LLC now owns 12,478,281 shares of the company’s stock worth $464,192,000 after purchasing an additional 1,004,603 shares during the period. 45.65% of the stock is currently owned by institutional investors.

Palantir Technologies Stock Performance

The stock has a market capitalization of $243.75 billion, a P/E ratio of 534.29, a price-to-earnings-growth ratio of 7.54 and a beta of 2.81. The business has a 50 day simple moving average of $75.56 and a 200-day simple moving average of $52.26.

Palantir Technologies (NASDAQ:PLTR) last announced its earnings results on Monday, November 4th. The company reported $0.10 earnings per share for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $705.11 million. During the same quarter last year, the business posted $0.03 earnings per share. The company’s quarterly revenue was up 30.0% on a year-over-year basis. Equities research analysts forecast that Palantir Technologies Inc. will post 0.19 EPS 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.