Palantir Technologies (NYSE:PLTR) Given New $45.00 Price Target at Wedbush

Palantir Technologies (NYSE:PLTR) had its price objective upped by Wedbush from $38.00 to $45.00 in a report published on Thursday, Benzinga reports. They currently have an outperform rating on the stock.

Other equities research analysts also recently issued reports about the stock. Argus assumed coverage on shares of Palantir Technologies in a research note on Monday, June 17th. They issued a buy rating and a $29.00 price target on the stock. Northland Capmk upgraded shares of Palantir Technologies to a hold rating in a report on Thursday, August 22nd. Mizuho downgraded Palantir Technologies from a neutral rating to an underperform rating and raised their price objective for the company from $21.00 to $22.00 in a report on Tuesday, July 16th. Royal Bank of Canada restated an underperform rating and set a $9.00 price objective on shares of Palantir Technologies in a research report on Tuesday, August 6th. Finally, Northland Securities began coverage on Palantir Technologies in a research note on Thursday, August 22nd. They set a market perform rating and a $35.00 price target on the stock. Five investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Hold and an average target price of $27.29.

Palantir Technologies Price Performance

PLTR stock opened at $36.84 on Thursday. The business’s fifty day moving average price is $31.43 and its two-hundred day moving average price is $26.33. The stock has a market capitalization of $82.50 billion, a price-to-earnings ratio of 307.03 and a beta of 2.72. Palantir Technologies has a fifty-two week low of $14.48 and a fifty-two week high of $38.19.

Palantir Technologies (NYSE:PLTR) last issued its quarterly earnings results on Monday, August 5th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.01). The company had revenue of $678.13 million for the quarter, compared to analyst estimates of $653.23 million. Palantir Technologies had a return on equity of 8.88% and a net margin of 16.32%. The company’s quarterly revenue was up 27.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.01 EPS. Research analysts expect that Palantir Technologies will post 0.19 EPS for the current year.

Insider Buying and Selling at Palantir Technologies

In other news, Director Eric H. Woersching sold 3,026 shares of the firm’s stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $28.00, for a total transaction of $84,728.00. Following the completion of the sale, the director now owns 29,817 shares of the company’s stock, valued at approximately $834,876. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Lauren Elaina Friedman Stat sold 2,000 shares of the company’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $28.97, for a total transaction of $57,940.00. Following the transaction, the director now owns 69,039 shares in the company, valued at $2,000,059.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eric H. Woersching sold 3,026 shares of the firm’s stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $28.00, for a total value of $84,728.00. Following the completion of the sale, the director now owns 29,817 shares of the company’s stock, valued at $834,876. The disclosure for this sale can be found here. Over the last three months, insiders have sold 9,644,559 shares of company stock valued at $346,929,762. 12.93% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Palantir Technologies by 1.6% during the first quarter. Vanguard Group Inc. now owns 196,834,580 shares of the company’s stock worth $4,529,164,000 after purchasing an additional 3,029,317 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in Palantir Technologies by 15.7% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 14,571,224 shares of the company’s stock worth $335,284,000 after buying an additional 1,980,495 shares during the last quarter. ARK Investment Management LLC grew 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 valued at $329,875,000 after buying an additional 277,623 shares during the last quarter. Legal & General Group Plc increased its position in shares of Palantir Technologies by 1.4% during the second quarter. Legal & General Group Plc now owns 11,917,200 shares of the company’s stock worth $301,871,000 after acquiring an additional 167,030 shares in the last quarter. Finally, Nikko Asset Management Americas Inc. raised its holdings in shares of Palantir Technologies by 19.2% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 9,829,631 shares of the company’s stock worth $226,180,000 after acquiring an additional 1,580,548 shares during the last quarter. 45.65% of the stock is owned by institutional investors and hedge funds.

Palantir Technologies Company Profile

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.