Palantir Technologies (NASDAQ:PLTR) Reaches New 12-Month High – Here’s Why

Palantir Technologies Inc. (NASDAQ:PLTR)’s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $118.66 and last traded at $112.62, with a volume of 93907953 shares. The stock had previously closed at $116.65.

Wall Street Analyst Weigh In

Several analysts have recently commented on PLTR shares. Citigroup increased their target price on Palantir Technologies from $42.00 to $110.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. Baird R W upgraded shares of Palantir Technologies to a “hold” rating in a research report on Thursday, December 12th. Northland Securities upped their target price on shares of Palantir Technologies from $38.00 to $80.00 and gave the stock a “market perform” rating in a research report on Tuesday, February 4th. Mizuho raised their price target on shares of Palantir Technologies from $44.00 to $80.00 and gave the company an “underperform” rating in a report on Tuesday, February 4th. Finally, Wedbush upped their price objective on Palantir Technologies from $75.00 to $90.00 and gave the stock an “outperform” rating in a report on Thursday, January 23rd. Six analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat, Palantir Technologies currently has an average rating of “Hold” and a consensus price target of $69.44.

Palantir Technologies Stock Performance

The stock has a market cap of $268.60 billion, a PE ratio of 620.61, a P/E/G ratio of 11.44 and a beta of 2.81. The business has a 50 day moving average price of $80.12 and a two-hundred day moving average price of $55.28.

Insiders Place Their Bets

In related news, insider Heather A. Planishek sold 13,891 shares of Palantir Technologies stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $115.96, for a total value of $1,610,800.36. Following the completion of the transaction, the insider now directly owns 512,006 shares in the company, valued at approximately $59,372,215.76. The trade was a 2.64 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lauren Elaina Friedman Stat sold 11,794 shares of the business’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $102.80, for a total value of $1,212,423.20. Following the sale, the director now owns 88,129 shares in the company, valued at approximately $9,059,661.20. The trade was a 11.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 9,346,976 shares of company stock valued at $642,660,729 over the last ninety days. 12.93% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Palantir Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Roxbury Financial LLC bought a new stake in Palantir Technologies during the fourth quarter worth about $27,000. First PREMIER Bank purchased a new position in shares of Palantir Technologies during the 4th quarter valued at about $28,000. Wolff Wiese Magana LLC lifted its position in Palantir Technologies by 230.4% in the 4th quarter. Wolff Wiese Magana LLC now owns 380 shares of the company’s stock worth $29,000 after buying an additional 265 shares during the last quarter. HighMark Wealth Management LLC boosted its stake in Palantir Technologies by 73.5% in the fourth quarter. HighMark Wealth Management LLC now owns 392 shares of the company’s stock worth $30,000 after buying an additional 166 shares in the last quarter. Finally, Sierra Ocean LLC bought a new position in Palantir Technologies during the fourth quarter valued at approximately $31,000. Hedge funds and other institutional investors own 45.65% of the company’s stock.

About Palantir Technologies

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.