Palantir Technologies (NYSE:PLTR) Receives “Outperform” Rating from Wedbush

Wedbush reiterated their outperform rating on shares of Palantir Technologies (NYSE:PLTR) in a research report report published on Monday, Benzinga reports. Wedbush currently has a $38.00 price objective on the stock.

Other equities research analysts have also issued reports about the stock. The Goldman Sachs Group boosted their price objective on shares of Palantir Technologies from $14.00 to $16.00 and gave the stock a neutral rating in a report on Wednesday, August 7th. Northland Capmk raised shares of Palantir Technologies to a hold rating in a research note on Thursday, August 22nd. Raymond James raised their price objective on Palantir Technologies from $25.00 to $30.00 and gave the company an outperform rating in a research note on Tuesday, August 6th. Royal Bank of Canada reissued an underperform rating and issued a $9.00 target price on shares of Palantir Technologies in a research note on Tuesday, August 6th. Finally, Argus started coverage on Palantir Technologies in a research report on Monday, June 17th. They set a buy rating and a $29.00 price target on the stock. Five research analysts have rated the stock with a sell rating, seven have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $26.79.

Palantir Technologies Stock Performance

NYSE PLTR opened at $34.85 on Monday. Palantir Technologies has a 52-week low of $13.68 and a 52-week high of $35.20. The company has a fifty day moving average of $29.34 and a 200-day moving average of $25.34. The company has a market capitalization of $77.61 billion, a P/E ratio of 290.42, a P/E/G ratio of 5.35 and a beta of 2.72.

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 the consensus estimate of $0.04 by ($0.01). Palantir Technologies had a return on equity of 8.88% and a net margin of 16.32%. The firm had revenue of $678.13 million for the quarter, compared to the consensus estimate of $653.23 million. During the same period last year, the firm earned $0.01 EPS. The company’s revenue for the quarter was up 27.2% on a year-over-year basis. As a group, analysts forecast that Palantir Technologies will post 0.19 EPS for the current fiscal 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 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 directly owns 29,817 shares of the company’s stock, valued at approximately $834,876. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other Palantir Technologies news, Director Eric H. Woersching sold 3,026 shares of the company’s stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $28.00, for a total transaction of $84,728.00. Following the transaction, the director now owns 29,817 shares in the company, valued at approximately $834,876. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Lauren Elaina Friedman Stat sold 6,050 shares of the firm’s stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $33.19, for a total value of $200,799.50. Following the completion of the transaction, the director now owns 158,280 shares of the company’s stock, valued at approximately $5,253,313.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 724,699 shares of company stock valued at $22,329,596. 12.93% of the stock is currently owned by company insiders.

Institutional Trading of Palantir Technologies

A number of hedge funds have recently modified their holdings of PLTR. Sanctuary Advisors LLC purchased a new position in Palantir Technologies during the 2nd quarter valued at about $3,587,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Palantir Technologies during the second quarter valued at approximately $125,000. Cetera Investment Advisers lifted its holdings in shares of Palantir Technologies by 25.2% during the second quarter. Cetera Investment Advisers now owns 707,674 shares of the company’s stock valued at $17,925,000 after purchasing an additional 142,411 shares during the last quarter. Granite Bay Wealth Management LLC bought a new stake in shares of Palantir Technologies in the 2nd quarter worth approximately $319,000. Finally, Truist Financial Corp grew its stake in shares of Palantir Technologies by 21.5% in the 2nd quarter. Truist Financial Corp now owns 449,356 shares of the company’s stock worth $11,382,000 after buying an additional 79,618 shares during the last quarter. Institutional investors own 45.65% of the company’s stock.

About Palantir Technologies

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.