Palantir Technologies (NASDAQ:PLTR) Price Target Raised to $40.00 at Royal Bank of Canada

Palantir Technologies (NASDAQ:PLTR) had its target price upped by analysts at Royal Bank of Canada from $11.00 to $40.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “underperform” rating on the stock. Royal Bank of Canada’s price target indicates a potential downside of 60.86% from the stock’s current price.

A number of other brokerages have also recently commented on PLTR. Wedbush increased their price objective on shares of Palantir Technologies from $75.00 to $90.00 and gave the company an “outperform” rating in a research note on Thursday, January 23rd. Cantor Fitzgerald increased their price objective on shares of Palantir Technologies from $72.00 to $98.00 and gave the company a “neutral” rating in a research note on Tuesday. William Blair restated an “underperform” rating on shares of Palantir Technologies in a report on Wednesday, December 18th. Robert W. Baird upped their target price on shares of Palantir Technologies from $70.00 to $100.00 and gave the company a “neutral” rating in a report on Tuesday. Finally, Northland Securities upped their target price on shares of Palantir Technologies from $38.00 to $80.00 and gave the company a “market perform” rating in a report on Tuesday. Six equities 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. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $64.89.

Palantir Technologies Stock Performance

Palantir Technologies stock traded up $18.47 during trading hours on Tuesday, reaching $102.21. 173,446,434 shares of the stock were exchanged, compared to its average volume of 75,522,453. The stock has a market cap of $232.84 billion, a P/E ratio of 511.33, a P/E/G ratio of 7.54 and a beta of 2.81. Palantir Technologies has a 52-week low of $16.48 and a 52-week high of $106.91. The firm’s 50 day moving average is $74.09 and its 200 day moving average is $51.39.

Palantir Technologies (NASDAQ:PLTR) last posted its quarterly earnings results on Monday, November 4th. The company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates 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 net margin of 18.01% and a return on equity of 9.94%. The business’s revenue for the quarter was up 30.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.03 EPS. Equities research analysts expect that Palantir Technologies will post 0.19 EPS for the current fiscal year.

Insider Transactions at Palantir Technologies

In other Palantir Technologies news, insider Stephen Andrew Cohen sold 450,000 shares of Palantir Technologies stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $70.95, for a total value of $31,927,500.00. Following the completion of the transaction, the insider now owns 592 shares of the company’s stock, valued at $42,002.40. The trade was a 99.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Shyam Sankar sold 5,250,000 shares of Palantir Technologies stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $70.08, for a total transaction of $367,920,000.00. Following the completion of the transaction, the insider now directly owns 752,786 shares of the company’s stock, valued at approximately $52,755,242.88. This represents a 87.46 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 20,153,753 shares of company stock valued at $1,287,042,675. 12.93% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Palantir Technologies

A number of hedge funds have recently added to or reduced their stakes in PLTR. Northwest Investment Counselors LLC bought a new stake in Palantir Technologies in the third quarter valued at $25,000. Prestige Wealth Management Group LLC lifted its stake in Palantir Technologies by 747.1% in the third quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock valued at $27,000 after buying an additional 650 shares during the last quarter. Roxbury Financial LLC bought a new stake in Palantir Technologies in the fourth quarter valued at $27,000. First PREMIER Bank bought a new stake in Palantir Technologies in the fourth quarter valued at $28,000. Finally, Wolff Wiese Magana LLC lifted its stake in Palantir Technologies by 230.4% in the fourth quarter. Wolff Wiese Magana LLC now owns 380 shares of the company’s stock valued at $29,000 after buying an additional 265 shares during the last quarter. 45.65% of the stock is currently owned by institutional investors.

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.