Palantir Technologies (NYSE:PLTR) Reaches New 12-Month High – Should You Buy?

Palantir Technologies Inc. (NYSE:PLTR)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $67.88 and last traded at $66.95, with a volume of 13099574 shares changing hands. The stock had previously closed at $67.08.

Wall Street Analyst Weigh In

PLTR has been the subject of a number of research reports. Raymond James cut shares of Palantir Technologies from an “outperform” rating to a “market perform” rating in a research note on Monday, September 23rd. The Goldman Sachs Group upped their price objective on shares of Palantir Technologies from $16.00 to $41.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Palantir Technologies from $20.00 to $21.00 and gave the stock a “sell” rating in a report on Tuesday, August 6th. Northland Capmk upgraded shares of Palantir Technologies to a “hold” rating in a report on Thursday, August 22nd. Finally, Northland Securities upped their price objective on shares of Palantir Technologies from $35.00 to $38.00 and gave the stock a “market perform” rating in a report on Tuesday, November 5th. Six equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the stock. According to MarketBeat, Palantir Technologies has an average rating of “Hold” and an average target price of $35.64.

Palantir Technologies Stock Performance

The company’s 50-day moving average is $48.86 and its 200 day moving average is $35.05. The company has a market capitalization of $152.19 billion, a PE ratio of 332.85, a P/E/G ratio of 9.07 and a beta of 2.70.

Palantir Technologies (NYSE:PLTR) last announced its quarterly earnings results on Monday, November 4th. The company reported $0.10 earnings per share (EPS) 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 net margin of 18.01% and a return on equity of 9.94%. The business’s quarterly revenue was up 30.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.03 EPS. On average, analysts forecast that Palantir Technologies Inc. will post 0.21 EPS for the current fiscal year.

Insider Activity

In other news, insider Ryan D. Taylor sold 155,539 shares of Palantir Technologies stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $35.02, for a total transaction of $5,446,975.78. Following the sale, the insider now owns 331,369 shares in the company, valued at $11,604,542.38. This trade represents a 31.94 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Alexander C. Karp sold 4,500,000 shares of Palantir Technologies stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $36.07, for a total transaction of $162,315,000.00. Following the sale, the insider now owns 6,432,258 shares in the company, valued at approximately $232,011,546.06. The trade was a 41.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,163,181 shares of company stock valued at $1,603,288,758 in the last 90 days. 12.93% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Palantir Technologies

Several institutional investors and hedge funds have recently modified their holdings of PLTR. State Street Corp grew its holdings in shares of Palantir Technologies by 96.4% in the third quarter. State Street Corp now owns 82,512,440 shares of the company’s stock valued at $3,069,463,000 after purchasing an additional 40,498,024 shares in the last quarter. Geode Capital Management LLC grew 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 purchasing an additional 16,598,253 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Palantir Technologies by 5.7% in 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 purchasing an additional 808,444 shares in the last quarter. ARK Investment Management LLC grew its holdings in shares of Palantir Technologies by 2.2% in the second 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. Finally, FMR LLC grew its holdings in shares of Palantir Technologies by 8.8% in the third quarter. FMR LLC now owns 12,478,281 shares of the company’s stock valued at $464,192,000 after purchasing an additional 1,004,603 shares in the last quarter. Institutional investors own 45.65% of the company’s stock.

Palantir Technologies Company Profile

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.