Palantir Technologies (NASDAQ:PLTR) Hits New 12-Month High on Analyst Upgrade

Palantir Technologies Inc. (NASDAQ:PLTR) reached a new 52-week high during trading 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 $108.19 and last traded at $107.09, with a volume of 41032045 shares. The stock had previously closed at $101.36.

A number of other equities analysts have also commented on PLTR. DA Davidson raised their target price on shares of Palantir Technologies from $47.00 to $105.00 and gave the stock a “neutral” rating in a research report on Tuesday. William Blair restated an “underperform” rating on shares of Palantir Technologies in a report on Wednesday, December 18th. Argus cut Palantir Technologies from a “buy” rating to a “hold” rating in a report on Thursday, November 7th. Baird R W raised Palantir Technologies to a “hold” rating in a research report on Thursday, December 12th. Finally, Cantor Fitzgerald lifted their price objective on Palantir Technologies from $72.00 to $98.00 and gave the company a “neutral” rating in a report on Tuesday. Six equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, Palantir Technologies has a consensus rating of “Hold” and an average price target of $69.44.

Insider Buying and Selling

In related news, Director Lauren Elaina Friedman Stat sold 8,860 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $58.06, for a total value of $514,411.60. Following the transaction, the director now directly owns 121,390 shares of the company’s stock, valued at $7,047,903.40. This represents a 6.80 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Alexandra W. Schiff sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, January 7th. The stock was sold at an average price of $71.63, for a total value of $286,520.00. Following the completion of the transaction, the director now owns 195,393 shares of the company’s stock, valued at approximately $13,996,000.59. The trade was a 2.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,653,753 shares of company stock worth $1,039,407,675 in the last ninety days. 12.93% of the stock is owned by 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 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 purchasing an additional 4,667,955 shares during the last quarter. Diversify Wealth Management LLC purchased a new position in Palantir Technologies during the fourth quarter valued at approximately $876,000. Destiny Wealth Partners LLC acquired a new position in Palantir Technologies in the fourth quarter valued at approximately $3,233,000. State of Alaska Department of Revenue lifted its holdings in Palantir Technologies by 22.9% in the third 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. Finally, Oppenheimer & Co. Inc. boosted its position in Palantir Technologies by 19.2% in 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 in the last quarter. Institutional investors and hedge funds own 45.65% of the company’s stock.

Palantir Technologies Stock Performance

The firm has a market cap of $243.75 billion, a price-to-earnings ratio of 534.29, a PEG ratio of 7.54 and a beta of 2.81. The business’s 50 day moving average price is $75.56 and its 200 day moving average price is $52.26.

Palantir Technologies (NASDAQ:PLTR) last released its quarterly earnings data on Monday, November 4th. The company reported $0.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.09 by $0.01. Palantir Technologies had a net margin of 18.01% and a return on equity of 9.94%. The company had revenue of $725.52 million during the quarter, compared to analysts’ expectations of $705.11 million. During the same quarter in the previous year, the company earned $0.03 earnings per share. The firm’s revenue for the quarter was up 30.0% on a year-over-year basis. Sell-side analysts anticipate that Palantir Technologies Inc. will post 0.19 earnings per share for the current fiscal year.

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.