Palantir Technologies (NASDAQ:PLTR) Shares Gap Up After Analyst Upgrade

Shares of Palantir Technologies Inc. (NASDAQ:PLTR) gapped up before the market opened on Tuesday after Cantor Fitzgerald raised their price target on the stock from $72.00 to $98.00. The stock had previously closed at $83.74, but opened at $102.80. Cantor Fitzgerald currently has a neutral rating on the stock. Palantir Technologies shares last traded at $106.13, with a volume of 73,365,897 shares traded.

Other equities analysts have also recently issued reports about the company. DA Davidson raised their price objective on Palantir Technologies from $28.00 to $47.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Argus cut Palantir Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, November 7th. William Blair restated an “underperform” rating on shares of Palantir Technologies in a research note on Wednesday, December 18th. Morgan Stanley raised Palantir Technologies from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $60.00 to $95.00 in a research report on Tuesday. Finally, UBS Group began coverage on Palantir Technologies in a research report on Thursday, December 19th. They set a “neutral” rating and a $80.00 target price for the company. Six research 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. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $58.56.

Insider Buying and Selling

In other news, insider Alexander C. Karp sold 4,500,000 shares of the firm’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $55.03, for a total transaction of $247,635,000.00. Following the completion of the transaction, the insider now directly owns 6,432,258 shares in the company, valued at $353,967,157.74. This trade represents a 41.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lauren Elaina Friedman Stat sold 9,746 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $66.77, for a total value of $650,740.42. Following the transaction, the director now owns 111,644 shares of the company’s stock, valued at $7,454,469.88. The trade was a 8.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,153,753 shares of company stock valued at $1,287,042,675 over the last ninety days. Company insiders own 12.93% of the company’s stock.

Institutional Investors Weigh In On Palantir Technologies

Several institutional investors have recently modified their holdings of the business. Tritonpoint Wealth LLC boosted its position in Palantir Technologies by 1.9% in the fourth quarter. Tritonpoint Wealth LLC now owns 7,100 shares of the company’s stock worth $537,000 after purchasing an additional 132 shares during the last quarter. Kennebec Savings Bank boosted its position in Palantir Technologies by 29.5% in the fourth quarter. Kennebec Savings Bank now owns 698 shares of the company’s stock worth $53,000 after purchasing an additional 159 shares during the last quarter. HighMark Wealth Management LLC boosted its position in Palantir Technologies by 73.5% in the fourth quarter. HighMark Wealth Management LLC now owns 392 shares of the company’s stock worth $30,000 after purchasing an additional 166 shares during the last quarter. RMR Wealth Builders lifted its position in shares of Palantir Technologies by 2.4% during the 4th quarter. RMR Wealth Builders now owns 7,201 shares of the company’s stock valued at $545,000 after buying an additional 167 shares in the last quarter. Finally, Bay Rivers Group lifted its position in shares of Palantir Technologies by 2.7% during the 4th quarter. Bay Rivers Group now owns 6,406 shares of the company’s stock valued at $484,000 after buying an additional 171 shares in the last quarter. 45.65% of the stock is owned by hedge funds and other institutional investors.

Palantir Technologies Stock Performance

The stock has a market capitalization of $238.98 billion, a PE ratio of 526.00, a PEG ratio of 7.54 and a beta of 2.81. The stock has a 50-day moving average price of $74.09 and a two-hundred day moving average price of $51.39.

Palantir Technologies (NASDAQ:PLTR) last posted 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. The firm had revenue of $725.52 million for the quarter, compared to analysts’ expectations of $705.11 million. Palantir Technologies had a return on equity of 9.94% and a net margin of 18.01%. The business’s quarterly revenue was up 30.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.03 EPS. As a group, equities analysts predict that Palantir Technologies Inc. will post 0.19 earnings per share for the current 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.