Bank of America Forecasts Strong Price Appreciation for Palantir Technologies (NASDAQ:PLTR) Stock

Key Points

• Bank of America has raised its price target for Palantir Technologies (NASDAQ:PLTR) from $150.00 to $180.00, indicating a potential upside of 3.39% from the current stock price.
• Palantir Technologies reported $1 billion in revenue for the last quarter, beating estimates and reflecting a 48.0% year-over-year increase.
• Multiple analysts have updated their ratings and price targets for Palantir, with a consensus rating of "Hold" and an average price target of $111.50.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) had its target price boosted by analysts at Bank of America from $150.00 to $180.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Bank of America's price target points to a potential upside of 3.39% from the stock's current price.

PLTR has been the subject of a number of other reports. Cantor Fitzgerald upped their target price on Palantir Technologies from $110.00 to $155.00 and gave the company a "neutral" rating in a research report on Tuesday. DA Davidson upped their price target on Palantir Technologies from $100.00 to $115.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. Wedbush set a $160.00 target price on Palantir Technologies in a research report on Thursday, July 10th. Loop Capital increased their target price on Palantir Technologies from $178.00 to $180.00 and gave the company a "buy" rating in a report on Tuesday. Finally, Morgan Stanley raised their price objective on Palantir Technologies from $90.00 to $98.00 and gave the company an "equal weight" rating in a research report on Tuesday, May 6th. Three analysts have rated the stock with a sell rating, seventeen have issued a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $111.50.

Palantir Technologies Stock Performance

Shares of PLTR stock traded up $13.43 during mid-day trading on Tuesday, reaching $174.09. 64,306,899 shares of the company were exchanged, compared to its average volume of 92,226,875. The company has a market capitalization of $410.84 billion, a P/E ratio of 752.40, a P/E/G ratio of 13.15 and a beta of 2.60. Palantir Technologies has a fifty-two week low of $25.57 and a fifty-two week high of $176.33. The business's 50 day simple moving average is $141.12 and its 200 day simple moving average is $113.19.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last released its earnings results on Monday, August 4th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.02. Palantir Technologies had a return on equity of 6.55% and a net margin of 18.32%. The company had revenue of $1 billion for the quarter, compared to analysts' expectations of $939.29 million. During the same quarter in the previous year, the business posted $0.09 EPS. The business's revenue for the quarter was up 48.0% on a year-over-year basis. On average, analysts forecast that Palantir Technologies will post 0.31 EPS for the current year.

Insider Buying and Selling

In other Palantir Technologies news, Director Lauren Elaina Friedman Stat sold 800 shares of the firm's stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $139.61, for a total transaction of $111,688.00. Following the transaction, the director directly owned 62,887 shares in the company, valued at approximately $8,779,654.07. This trade represents a 1.26% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Shyam Sankar sold 405,000 shares of the firm's stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $132.08, for a total value of $53,492,400.00. Following the transaction, the insider owned 702,786 shares in the company, valued at approximately $92,823,974.88. This trade represents a 36.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,485,632 shares of company stock valued at $191,222,623 over the last ninety days. Insiders own 12.93% of the company's stock.

Institutional Trading of Palantir Technologies

Hedge funds and other institutional investors have recently bought and sold shares of the company. Revolve Wealth Partners LLC bought a new position in shares of Palantir Technologies during the fourth quarter valued at approximately $450,000. Envestnet Asset Management Inc. raised its holdings in shares of Palantir Technologies by 30.3% during the fourth quarter. Envestnet Asset Management Inc. now owns 592,412 shares of the company's stock valued at $44,804,000 after acquiring an additional 137,604 shares in the last quarter. Quadrant Capital Group LLC raised its holdings in shares of Palantir Technologies by 158.0% during the fourth quarter. Quadrant Capital Group LLC now owns 5,265 shares of the company's stock valued at $398,000 after acquiring an additional 3,224 shares in the last quarter. Cerity Partners LLC raised its holdings in shares of Palantir Technologies by 15.3% during the fourth quarter. Cerity Partners LLC now owns 630,088 shares of the company's stock valued at $47,654,000 after acquiring an additional 83,757 shares in the last quarter. Finally, Shelton Capital Management raised its holdings in Palantir Technologies by 285.8% in the fourth quarter. Shelton Capital Management now owns 318,752 shares of the company's stock worth $24,107,000 after purchasing an additional 236,128 shares in the last quarter. Hedge funds and other institutional investors own 45.65% of the company's stock.

Palantir Technologies Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.