Palantir Technologies (NYSE:PLTR) Shares Up 0.1% After Analyst Upgrade

Palantir Technologies Inc. (NYSE:PLTR)’s stock price was up 0.1% during mid-day trading on Thursday after Wedbush raised their price target on the stock from $38.00 to $45.00. Wedbush currently has an outperform rating on the stock. Palantir Technologies traded as high as $37.29 and last traded at $37.15. Approximately 18,159,059 shares traded hands during trading, a decline of 68% from the average daily volume of 57,361,887 shares. The stock had previously closed at $37.12.

Other analysts have also recently issued reports about the company. Jefferies Financial Group lifted their price objective on Palantir Technologies from $24.00 to $28.00 and gave the company a “hold” rating in a research report on Monday, July 29th. DA Davidson lifted their price objective on Palantir Technologies from $24.00 to $28.00 and gave the company a “neutral” rating in a research report on Tuesday, August 6th. Argus began coverage on Palantir Technologies in a research report on Monday, June 17th. They set a “buy” rating and a $29.00 price objective on the stock. Royal Bank of Canada reaffirmed an “underperform” rating and set a $9.00 price objective on shares of Palantir Technologies in a research report on Tuesday, August 6th. Finally, Raymond James cut Palantir Technologies from an “outperform” rating to a “market perform” rating in a research report on Monday, September 23rd. Five research analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Palantir Technologies currently has an average rating of “Hold” and a consensus target price of $27.29.

Insider Transactions at Palantir Technologies

In other news, insider Alexander C. Karp sold 4,500,000 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $36.07, for a total value of $162,315,000.00. Following the completion of the sale, the insider now directly owns 6,432,258 shares in the company, valued at approximately $232,011,546.06. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Palantir Technologies news, Director Eric H. Woersching sold 3,026 shares of the stock in a transaction on Tuesday, July 9th. The stock was 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 in the company, valued at approximately $834,876. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Alexander C. Karp sold 4,500,000 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $36.07, for a total value of $162,315,000.00. Following the completion of the sale, the insider now owns 6,432,258 shares of the company’s stock, valued at approximately $232,011,546.06. The disclosure for this sale can be found here. Insiders sold 9,644,559 shares of company stock worth $346,929,762 in the last three months. Corporate insiders own 12.93% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Summit Securities Group LLC purchased a new position in shares of Palantir Technologies during the second quarter valued at about $25,000. Farmers & Merchants Investments Inc. bought a new position in shares of Palantir Technologies in the 2nd quarter valued at about $25,000. West Paces Advisors Inc. lifted its holdings in shares of Palantir Technologies by 110.7% in the 1st quarter. West Paces Advisors Inc. now owns 1,180 shares of the company’s stock valued at $27,000 after acquiring an additional 620 shares during the last quarter. University of Texas Texas AM Investment Management Co. bought a new position in shares of Palantir Technologies in the 2nd quarter valued at about $30,000. Finally, Massmutual Trust Co. FSB ADV lifted its holdings in shares of Palantir Technologies by 105.3% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 1,347 shares of the company’s stock valued at $31,000 after acquiring an additional 691 shares during the last quarter. Hedge funds and other institutional investors own 45.65% of the company’s stock.

Palantir Technologies Stock Down 0.6 %

The firm has a market cap of $82.08 billion, a P/E ratio of 307.17 and a beta of 2.72. The company’s 50 day simple moving average is $31.43 and its 200-day simple moving average is $26.31.

Palantir Technologies (NYSE:PLTR) last announced 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 firm had revenue of $678.13 million during the quarter, compared to analysts’ expectations of $653.23 million. Palantir Technologies had a net margin of 16.32% and a return on equity of 8.88%. The firm’s revenue for the quarter was up 27.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.01 EPS. Equities research analysts predict that Palantir Technologies Inc. will post 0.19 EPS for the current year.

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.