Bank of America Forecasts Strong Price Appreciation for Palantir Technologies (NYSE:PLTR) Stock

Palantir Technologies (NYSE:PLTR) had its price objective upped by equities research analysts at Bank of America from $55.00 to $75.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s price target suggests a potential upside of 16.55% from the company’s current price.

A number of other research firms also recently commented on PLTR. Northland Capmk upgraded Palantir Technologies to a “hold” rating in a research report on Thursday, August 22nd. Jefferies Financial Group downgraded Palantir Technologies from a “hold” rating to an “underperform” rating and set a $28.00 target price on the stock. in a research report on Thursday, November 7th. Royal Bank of Canada restated an “underperform” rating and issued a $9.00 price objective on shares of Palantir Technologies in a research report on Tuesday, August 6th. The Goldman Sachs Group boosted their target price on shares of Palantir Technologies from $16.00 to $41.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Finally, Monness Crespi & Hardt lowered their price target on shares of Palantir Technologies from $20.00 to $18.00 and set a “sell” rating for the company in a report on Tuesday, August 6th. Six equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $35.64.

Palantir Technologies Price Performance

Palantir Technologies stock opened at $64.35 on Monday. Palantir Technologies has a 1-year low of $15.66 and a 1-year high of $66.00. The company has a market cap of $146.59 billion, a PE ratio of 321.77 and a beta of 2.70. The stock’s 50 day moving average price is $45.94 and its 200 day moving average price is $33.48.

Palantir Technologies (NYSE:PLTR) last posted its quarterly earnings results 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. The firm had revenue of $725.52 million for 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 company’s revenue for the quarter was up 30.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.03 earnings per share. On average, equities research analysts anticipate that Palantir Technologies will post 0.21 EPS for the current fiscal year.

Insider Activity

In other news, Director Lauren Elaina Friedman Stat sold 6,000 shares of Palantir Technologies stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $36.35, for a total transaction of $218,100.00. Following the sale, the director now owns 152,280 shares of the company’s stock, valued at approximately $5,535,378. The trade was a 3.79 % 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 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 transaction of $429,870.72. Following the transaction, the insider now owns 576,023 shares in the company, valued at $17,666,625.41. This represents a 2.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,167,451 shares of company stock worth $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 hedge funds and other institutional investors have recently added to or reduced their stakes in the company. M&T Bank Corp boosted its stake in Palantir Technologies by 37.0% in the 3rd quarter. M&T Bank Corp now owns 170,043 shares of the company’s stock worth $6,326,000 after purchasing an additional 45,965 shares during the period. Rehmann Capital Advisory Group acquired a new stake in shares of Palantir Technologies during the 3rd quarter valued at $381,000. Sunbelt Securities Inc. boosted its stake in shares of Palantir Technologies by 700.0% during the 3rd quarter. Sunbelt Securities Inc. now owns 1,960 shares of the company’s stock valued at $73,000 after buying an additional 1,715 shares during the period. Toronto Dominion Bank boosted its stake in shares of Palantir Technologies by 476.0% during the 3rd quarter. Toronto Dominion Bank now owns 1,073,864 shares of the company’s stock valued at $39,948,000 after buying an additional 887,442 shares during the period. Finally, Coldstream Capital Management Inc. acquired a new stake in shares of Palantir Technologies during the 3rd quarter valued at $639,000. Institutional investors and hedge funds own 45.65% of the company’s stock.

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.