Palantir Technologies (NASDAQ:PLTR) Shares Up 2.6% After Analyst Upgrade

Palantir Technologies Inc. (NASDAQ:PLTR)’s stock price rose 2.6% on Friday after Benchmark raised their price target on the stock from $3.00 to $8.00. Benchmark currently has a buy rating on the stock. Palantir Technologies traded as high as $76.50 and last traded at $76.14. Approximately 33,510,847 shares changed hands during mid-day trading, a decline of 45% from the average daily volume of 60,538,582 shares. The stock had previously closed at $74.21.

Other equities research analysts have also recently issued reports about the company. UBS Group began coverage on Palantir Technologies in a report on Thursday. They set a “neutral” rating and a $80.00 price target on the stock. Wedbush upped their price target on Palantir Technologies from $57.00 to $75.00 and gave the stock an “outperform” rating in a research note on Monday, November 25th. Northland Capmk raised shares of Palantir Technologies to a “hold” rating in a report on Thursday, August 22nd. Argus cut shares of Palantir Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, November 7th. Finally, Raymond James cut shares of Palantir Technologies from an “outperform” rating to a “market perform” rating in a research note on Monday, September 23rd. Six equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $39.06.

Insider Activity at Palantir Technologies

In other Palantir Technologies news, Director Lauren Elaina Friedman Stat sold 6,655 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $38.17, for a total value of $254,021.35. Following the completion of the transaction, the director now owns 145,625 shares in the company, valued at approximately $5,558,506.25. This represents a 4.37 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Stephen Andrew Cohen sold 416,053 shares of Palantir Technologies stock in a transaction dated Friday, December 13th. The shares were sold at an average price of $74.17, for a total value of $30,858,651.01. Following the completion of the transaction, the insider now owns 592 shares of the company’s stock, valued at approximately $43,908.64. This represents a 99.86 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 35,612,366 shares of company stock worth $1,867,342,292 over the last quarter. Insiders own 12.93% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Fifth Third Bancorp boosted its position in shares of Palantir Technologies by 4.1% during the 2nd quarter. Fifth Third Bancorp now owns 71,491 shares of the company’s stock valued at $1,811,000 after acquiring an additional 2,805 shares during the last quarter. Fifth Third Wealth Advisors LLC purchased a new stake in shares of Palantir Technologies in the 2nd quarter valued at approximately $209,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new stake in shares of Palantir Technologies during the 2nd quarter valued at approximately $277,000. Premier Path Wealth Partners LLC lifted its holdings in Palantir Technologies by 8.3% in the second quarter. Premier Path Wealth Partners LLC now owns 14,948 shares of the company’s stock valued at $379,000 after acquiring an additional 1,148 shares during the last quarter. Finally, Everhart Financial Group Inc. increased its stake in Palantir Technologies by 6.0% during the second quarter. Everhart Financial Group Inc. now owns 16,073 shares of the company’s stock worth $407,000 after acquiring an additional 912 shares during the last quarter. Hedge funds and other institutional investors own 45.65% of the company’s stock.

Palantir Technologies Stock Up 2.6 %

The company has a market cap of $173.47 billion, a PE ratio of 380.77, a P/E/G ratio of 10.18 and a beta of 2.87. The stock has a 50-day simple moving average of $58.32 and a 200 day simple moving average of $39.85.

Palantir Technologies (NASDAQ:PLTR) last posted its earnings results on Monday, November 4th. The company reported $0.10 earnings per share 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 firm had revenue of $725.52 million during the quarter, compared to the consensus estimate of $705.11 million. During the same quarter last year, the firm earned $0.03 EPS. The firm’s revenue for the quarter was up 30.0% on a year-over-year basis. As a group, research analysts anticipate that Palantir Technologies Inc. will post 0.21 earnings per share for the current fiscal year.

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.