Palantir Technologies (NYSE:PLTR) Trading 5.7% Higher on Analyst Upgrade

Palantir Technologies Inc. (NYSE:PLTR)’s share price rose 5.7% on Wednesday after DA Davidson raised their price target on the stock from $28.00 to $47.00. DA Davidson currently has a neutral rating on the stock. Palantir Technologies traded as high as $54.23 and last traded at $54.06. Approximately 48,542,316 shares were traded during mid-day trading, a decline of 15% from the average daily volume of 56,844,363 shares. The stock had previously closed at $51.13.

PLTR has been the subject of a number of other reports. Raymond James lowered shares of Palantir Technologies from an “outperform” rating to a “market perform” rating in a research note on Monday, September 23rd. Jefferies Financial Group upped their price objective on Palantir Technologies from $24.00 to $28.00 and gave the stock a “hold” rating in a research report on Monday, July 29th. Northland Capmk raised Palantir Technologies to a “hold” rating in a research report on Thursday, August 22nd. Royal Bank of Canada reaffirmed an “underperform” rating and set a $9.00 price target on shares of Palantir Technologies in a research report on Tuesday, August 6th. Finally, Monness Crespi & Hardt lowered their price objective on shares of Palantir Technologies from $20.00 to $18.00 and set a “sell” rating on the stock in a report on Tuesday, August 6th. Five analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $29.93.

Insider Activity

In other Palantir Technologies news, Director Alexander D. Moore sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $30.89, for a total transaction of $617,800.00. Following the transaction, the director now owns 1,510,630 shares of the company’s stock, valued at $46,663,360.70. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Palantir Technologies news, Director Alexander D. Moore sold 20,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $30.89, for a total value of $617,800.00. Following the transaction, the director now directly owns 1,510,630 shares in the company, valued at $46,663,360.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Alexander C. Karp sold 3,337,048 shares of the firm’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $45.02, for a total transaction of $150,233,900.96. Following the sale, the insider now owns 6,432,258 shares of the company’s stock, valued at approximately $289,580,255.16. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 21,204,508 shares of company stock valued at $802,654,666 in the last quarter. Company insiders own 12.93% of the company’s stock.

Hedge Funds Weigh In On Palantir Technologies

Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Palantir Technologies by 1.6% in the first quarter. Vanguard Group Inc. now owns 196,834,580 shares of the company’s stock valued at $4,529,164,000 after acquiring an additional 3,029,317 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. grew its position in shares of Palantir Technologies by 5.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 14,982,925 shares of the company’s stock worth $557,365,000 after purchasing an additional 808,444 shares in the last quarter. ARK Investment Management LLC increased 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 worth $329,875,000 after purchasing an additional 277,623 shares during the period. Legal & General Group Plc raised its position in shares of Palantir Technologies by 1.4% in the second quarter. Legal & General Group Plc now owns 11,917,200 shares of the company’s stock valued at $301,871,000 after buying an additional 167,030 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Palantir Technologies by 4.2% in the second quarter. Bank of New York Mellon Corp now owns 7,326,275 shares of the company’s stock valued at $185,575,000 after buying an additional 292,885 shares during the period. Institutional investors and hedge funds own 45.65% of the company’s stock.

Palantir Technologies Price Performance

The firm has a market cap of $124.30 billion, a price-to-earnings ratio of 277.65 and a beta of 2.70. The stock has a 50-day moving average of $38.60 and a 200-day moving average of $29.97.

Palantir Technologies (NYSE:PLTR) last released its earnings results on Monday, November 4th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.01. The company had revenue of $725.52 million for the quarter, compared to analyst estimates of $705.11 million. Palantir Technologies had a return on equity of 10.41% and a net margin of 18.01%. Palantir Technologies’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, equities analysts expect that Palantir Technologies Inc. will post 0.19 EPS for the current fiscal year.

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.