Bank of America Raises Palantir Technologies (NYSE:PLTR) Price Target to $75.00

Palantir Technologies (NYSE:PLTR) had its price target lifted by Bank of America from $55.00 to $75.00 in a research note published on Monday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research firms also recently commented on PLTR. DA Davidson lifted their price objective on Palantir Technologies from $28.00 to $47.00 and gave the stock a “neutral” rating in a report on Tuesday, November 5th. Monness Crespi & Hardt decreased their price objective 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. Mizuho increased their price objective on shares of Palantir Technologies from $30.00 to $37.00 and gave the company an “underperform” rating in a research report on Tuesday, November 5th. Raymond James downgraded shares of Palantir Technologies from an “outperform” rating to a “market perform” rating in a research report on Monday, September 23rd. Finally, Royal Bank of Canada reissued an “underperform” rating and set a $9.00 price target on shares of Palantir Technologies in a report on Tuesday, August 6th. Six investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $35.64.

Palantir Technologies Stock Performance

Shares of NYSE PLTR opened at $66.05 on Monday. The firm’s 50 day moving average price is $47.68 and its 200-day moving average price is $34.33. Palantir Technologies has a 52-week low of $15.66 and a 52-week high of $67.88. The company has a market cap of $150.46 billion, a PE ratio of 330.25 and a beta of 2.70.

Palantir Technologies (NYSE:PLTR) last released its quarterly earnings data on Monday, November 4th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.01. The business 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 firm’s quarterly revenue was up 30.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.03 EPS. On average, analysts forecast that Palantir Technologies will post 0.21 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Heather A. Planishek sold 20,000 shares of the firm’s stock in a transaction on Monday, September 9th. The shares were sold at an average price of $33.74, for a total transaction of $674,800.00. Following the sale, the insider now directly owns 576,023 shares in the company, valued at $19,435,016.02. This trade represents a 3.36 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Alexander C. Karp sold 4,500,000 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $36.07, for a total transaction of $162,315,000.00. Following the completion of the transaction, the insider now directly owns 6,432,258 shares of the company’s stock, valued at $232,011,546.06. This represents 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 ninety days. Corporate insiders own 12.93% of the company’s stock.

Institutional Trading of Palantir Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. State Street Corp increased its holdings in Palantir Technologies by 96.4% in the 3rd quarter. State Street Corp now owns 82,512,440 shares of the company’s stock valued at $3,069,463,000 after acquiring an additional 40,498,024 shares during the last quarter. Geode Capital Management LLC increased 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 worth $1,777,568,000 after purchasing an additional 16,598,253 shares during the last quarter. International Assets Investment Management LLC lifted its position in shares of Palantir Technologies by 3,476.2% in the third quarter. International Assets Investment Management LLC now owns 6,832,301 shares of the company’s stock worth $254,162,000 after buying an additional 6,641,253 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Palantir Technologies by 60.5% during 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 buying an additional 4,667,955 shares during the last quarter. Finally, Marshall Wace LLP grew its holdings in Palantir Technologies by 594.3% during the 2nd quarter. Marshall Wace LLP now owns 3,550,176 shares of the company’s stock valued at $89,926,000 after buying an additional 3,038,861 shares in the last quarter. Institutional investors 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.