Palantir Technologies (NYSE:PLTR) Hits New 52-Week High After Strong Earnings

Palantir Technologies Inc. (NYSE:PLTR)’s stock price reached a new 52-week high during trading on Tuesday following a better than expected earnings announcement. The company traded as high as $49.46 and last traded at $49.35, with a volume of 43171539 shares changing hands. The stock had previously closed at $41.41.

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 16.32% and a return on equity of 8.88%. The business had revenue of $725.52 million for the quarter, compared to the consensus estimate of $705.11 million. During the same quarter last year, the firm earned $0.03 EPS. Palantir Technologies’s revenue for the quarter was up 30.0% on a year-over-year basis.

Analyst Upgrades and Downgrades

PLTR has been the subject of several recent analyst reports. Citigroup upped their price target on Palantir Technologies from $25.00 to $28.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 30th. Northland Capmk upgraded Palantir Technologies to a “hold” rating in a report on Thursday, August 22nd. Raymond James cut shares of Palantir Technologies from an “outperform” rating to a “market perform” rating in a research note on Monday, September 23rd. Northland Securities raised their target price on shares of Palantir Technologies from $35.00 to $38.00 and gave the company a “market perform” rating in a research note on Tuesday. Finally, Wedbush boosted their target price on shares of Palantir Technologies from $38.00 to $45.00 and gave the stock an “outperform” rating in a research report on Thursday, September 26th. Five investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $29.93.

Insider Activity at Palantir Technologies

In other news, insider Alexander C. Karp sold 3,337,048 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $45.02, for a total transaction of $150,233,900.96. Following the transaction, the insider now directly owns 6,432,258 shares in the company, valued at approximately $289,580,255.16. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, insider Alexander C. Karp sold 3,337,048 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $45.02, for a total value of $150,233,900.96. Following the transaction, the insider now owns 6,432,258 shares of the company’s stock, valued at approximately $289,580,255.16. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Shyam Sankar sold 50,000 shares of the firm’s stock in a transaction on Thursday, August 22nd. The stock was sold at an average price of $32.35, for a total value of $1,617,500.00. Following the completion of the transaction, the insider now owns 752,786 shares in the company, valued at $24,352,627.10. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 21,204,508 shares of company stock valued at $802,654,666 over the last ninety days. 12.93% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Northwest Investment Counselors LLC acquired a new position in Palantir Technologies in the 3rd quarter worth $25,000. Summit Securities Group LLC acquired a new position in shares of Palantir Technologies during the second quarter worth about $25,000. Farmers & Merchants Investments Inc. bought a new position in shares of Palantir Technologies during the second quarter worth about $25,000. Creekmur Asset Management LLC lifted its stake in Palantir Technologies by 46.0% in the 3rd quarter. Creekmur Asset Management LLC now owns 1,063 shares of the company’s stock valued at $40,000 after acquiring an additional 335 shares in the last quarter. Finally, University of Texas Texas AM Investment Management Co. bought a new position in shares of Palantir Technologies during the 2nd quarter worth approximately $30,000. Institutional investors and hedge funds own 45.65% of the company’s stock.

Palantir Technologies Stock Up 23.5 %

The stock’s fifty day moving average price is $38.19 and its 200-day moving average price is $29.75. The company has a market capitalization of $114.55 billion, a price-to-earnings ratio of 300.90 and a beta of 2.70.

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.