Palantir Technologies (NASDAQ:PLTR) Shares Gap Up on Analyst Upgrade

Palantir Technologies Inc. (NASDAQ:PLTR)’s stock price gapped up prior to trading on Tuesday after Cantor Fitzgerald raised their price target on the stock from $72.00 to $98.00. The stock had previously closed at $83.74, but opened at $102.80. Cantor Fitzgerald currently has a neutral rating on the stock. Palantir Technologies shares last traded at $106.13, with a volume of 73,365,897 shares.

Other analysts also recently issued research reports about the company. Bank of America lifted their price objective on Palantir Technologies from $90.00 to $125.00 and gave the stock a “buy” rating in a research note on Tuesday. Jefferies Financial Group lifted their target price on Palantir Technologies from $28.00 to $60.00 and gave the stock an “underperform” rating in a report on Tuesday. Northland Securities lifted their target price on Palantir Technologies from $38.00 to $80.00 and gave the stock a “market perform” rating in a report on Tuesday. UBS Group assumed coverage on Palantir Technologies in a report on Thursday, December 19th. They issued a “neutral” rating and a $80.00 target price for the company. Finally, Wedbush lifted their target price on Palantir Technologies from $75.00 to $90.00 and gave the stock an “outperform” rating in a report on Thursday, January 23rd. Six research 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’s stock. Based on data from MarketBeat.com, Palantir Technologies currently has an average rating of “Hold” and an average target price of $58.56.

Insiders Place Their Bets

In other news, Director Lauren Elaina Friedman Stat sold 800 shares of the business’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $76.29, for a total value of $61,032.00. Following the completion of the transaction, the director now directly owns 62,139 shares of the company’s stock, valued at approximately $4,740,584.31. The trade was a 1.27 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Alexander C. Karp sold 4,500,000 shares of the business’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $55.03, for a total value of $247,635,000.00. Following the completion of the transaction, the insider now directly owns 6,432,258 shares of the company’s stock, valued at approximately $353,967,157.74. The trade was a 41.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,153,753 shares of company stock worth $1,287,042,675. 12.93% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Tritonpoint Wealth LLC increased its position in Palantir Technologies by 1.9% during the 4th quarter. Tritonpoint Wealth LLC now owns 7,100 shares of the company’s stock valued at $537,000 after buying an additional 132 shares in the last quarter. Kennebec Savings Bank increased its holdings in shares of Palantir Technologies by 29.5% in the fourth quarter. Kennebec Savings Bank now owns 698 shares of the company’s stock valued at $53,000 after purchasing an additional 159 shares during the period. HighMark Wealth Management LLC increased its holdings in shares of Palantir Technologies by 73.5% in the fourth quarter. HighMark Wealth Management LLC now owns 392 shares of the company’s stock valued at $30,000 after purchasing an additional 166 shares during the period. RMR Wealth Builders increased its holdings in shares of Palantir Technologies by 2.4% in the fourth quarter. RMR Wealth Builders now owns 7,201 shares of the company’s stock valued at $545,000 after purchasing an additional 167 shares during the period. Finally, Bay Rivers Group increased its holdings in shares of Palantir Technologies by 2.7% in the fourth quarter. Bay Rivers Group now owns 6,406 shares of the company’s stock valued at $484,000 after purchasing an additional 171 shares during the period. 45.65% of the stock is owned by institutional investors and hedge funds.

Palantir Technologies Price Performance

The business has a fifty day moving average price of $74.09 and a two-hundred day moving average price of $51.39. The firm has a market capitalization of $238.98 billion, a price-to-earnings ratio of 526.00, a price-to-earnings-growth ratio of 7.54 and a beta of 2.81.

Palantir Technologies (NASDAQ:PLTR) last issued its earnings results on Monday, November 4th. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. Palantir Technologies had a return on equity of 9.94% and a net margin of 18.01%. The firm had revenue of $725.52 million for the quarter, compared to the consensus estimate of $705.11 million. During the same quarter in the prior year, the business earned $0.03 earnings per share. The company’s revenue was up 30.0% compared to the same quarter last year. On average, research analysts predict that Palantir Technologies Inc. will post 0.19 earnings per share for the current year.

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.