Robert W. Baird Initiates Coverage on Palantir Technologies (NYSE:PLTR)

Robert W. Baird initiated coverage on shares of Palantir Technologies (NYSE:PLTR) in a report published on Thursday, MarketBeat Ratings reports. The brokerage issued a neutral rating and a $70.00 price objective on the stock.

A number of other brokerages have also recently issued reports on PLTR. Northland Capmk raised shares of Palantir Technologies to a “hold” rating in a research note on Thursday, August 22nd. DA Davidson raised their price objective on shares of Palantir Technologies from $28.00 to $47.00 and gave the company a “neutral” rating in a research note on Tuesday, November 5th. Jefferies Financial Group cut shares of Palantir Technologies from a “hold” rating to an “underperform” rating and set a $28.00 price objective on the stock. in a research note on Thursday, November 7th. Mizuho lifted their price target on shares of Palantir Technologies from $30.00 to $37.00 and gave the stock an “underperform” rating in a research report on Tuesday, November 5th. Finally, Wedbush lifted their price target on shares of Palantir Technologies from $57.00 to $75.00 and gave the stock an “outperform” rating in a research report on Monday, November 25th. Six equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $38.40.

Palantir Technologies Price Performance

Shares of Palantir Technologies stock opened at $73.70 on Thursday. The firm has a market cap of $167.89 billion, a P/E ratio of 366.02, a P/E/G ratio of 9.70 and a beta of 2.87. The firm has a 50 day simple moving average of $55.02 and a 200 day simple moving average of $38.01. Palantir Technologies has a fifty-two week low of $15.66 and a fifty-two week high of $80.91.

Palantir Technologies (NYSE:PLTR) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $705.11 million. During the same period last year, the firm earned $0.03 earnings per share. The business’s revenue for the quarter was up 30.0% on a year-over-year basis. On average, sell-side analysts expect that Palantir Technologies will post 0.21 EPS for the current year.

Insider Transactions at Palantir Technologies

In related news, insider Shyam Sankar sold 5,250,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $70.08, for a total transaction of $367,920,000.00. Following the completion of the transaction, the insider now directly owns 752,786 shares in the company, valued at $52,755,242.88. This represents a 87.46 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Alexander C. Karp sold 4,500,000 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $36.07, for a total transaction of $162,315,000.00. Following the transaction, the insider now owns 6,432,258 shares of the company’s stock, valued at approximately $232,011,546.06. This represents a 41.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 39,252,313 shares of company stock valued at $1,967,089,241. Company insiders own 12.93% of the company’s stock.

Hedge Funds Weigh In On Palantir Technologies

A number of institutional investors have recently added to or reduced their stakes in PLTR. Summit Securities Group LLC acquired a new position in Palantir Technologies during the 2nd quarter worth approximately $25,000. Farmers & Merchants Investments Inc. acquired a new position in Palantir Technologies during the 2nd quarter worth approximately $25,000. Northwest Investment Counselors LLC acquired a new position in Palantir Technologies during the 3rd quarter worth approximately $25,000. Prestige Wealth Management Group LLC increased its position in Palantir Technologies by 747.1% during the 3rd quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock worth $27,000 after purchasing an additional 650 shares in the last quarter. Finally, University of Texas Texas AM Investment Management Co. acquired a new position in Palantir Technologies in the 2nd quarter valued at approximately $30,000. 45.65% of the stock is currently owned by institutional investors and hedge funds.

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.