Palantir Technologies Inc. (NYSE:PLTR) Receives $35.64 Consensus Target Price from Brokerages

Palantir Technologies Inc. (NYSE:PLTR) has been assigned an average rating of “Reduce” from the sixteen ratings firms that are currently covering the company, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating on the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $35.64.

A number of analysts recently weighed in on PLTR shares. Argus downgraded Palantir Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, November 7th. William Blair reiterated an “underperform” rating on shares of Palantir Technologies in a research report on Wednesday. Raymond James cut shares of Palantir Technologies from an “outperform” rating to a “market perform” rating in a report on Monday, September 23rd. Northland Securities boosted their price target on Palantir Technologies from $35.00 to $38.00 and gave the company a “market perform” rating in a report on Tuesday, November 5th. Finally, Bank of America upped their target price on Palantir Technologies from $55.00 to $75.00 and gave the company a “buy” rating in a report on Monday, November 25th.

Palantir Technologies Stock Performance

Shares of PLTR stock opened at $76.34 on Thursday. Palantir Technologies has a 52-week low of $15.66 and a 52-week high of $76.82. The company has a market capitalization of $173.90 billion, a PE ratio of 381.72, a price-to-earnings-growth ratio of 9.41 and a beta of 2.87. The business’s fifty day moving average is $52.25 and its 200 day moving average is $36.58.

Palantir Technologies (NYSE:PLTR) last announced its earnings results 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. Palantir Technologies had a net margin of 18.01% and a return on equity of 9.94%. The business had revenue of $725.52 million during the quarter, compared to analyst estimates of $705.11 million. During the same period in the previous year, the business posted $0.03 earnings per share. Palantir Technologies’s revenue for the quarter was up 30.0% on a year-over-year basis. On average, sell-side analysts forecast that Palantir Technologies will post 0.21 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Alexander C. Karp sold 4,500,000 shares of the company’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $36.07, for a total value of $162,315,000.00. Following the transaction, the insider now owns 6,432,258 shares in the company, valued at $232,011,546.06. The trade was a 41.16 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Heather A. Planishek sold 20,000 shares of the stock in a transaction dated 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 39,423,181 shares of company stock worth $1,972,588,658 in the last three months. 12.93% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. 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 worth $3,069,463,000 after buying an additional 40,498,024 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Palantir Technologies by 52.9% during the 3rd quarter. Geode Capital Management LLC now owns 47,946,926 shares of the company’s stock valued at $1,777,568,000 after acquiring an additional 16,598,253 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake 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 worth $557,365,000 after acquiring an additional 808,444 shares during the period. ARK Investment Management LLC raised its holdings in shares of Palantir Technologies by 2.2% during 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 during the last quarter. Finally, FMR LLC lifted its position in Palantir Technologies by 8.8% during 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 during the period. 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.