Palantir Technologies (NASDAQ:PLTR) Given New $170.00 Price Target at DA Davidson

Key Points

• DA Davidson raised Palantir Technologies' price target from $115.00 to $170.00, maintaining a "neutral" rating despite the target indicating a potential downside of 0.89% from the current price.
• Palantir reported $1 billion in revenue for the quarter, exceeding estimates, with a 48% year-over-year growth and an EPS of $0.16, outperforming analyst predictions.
• Insider trading included significant sales by executives, with Stephen Andrew Cohen and Alexander C. Karp selling over 668,678 shares combined, indicating a decrease in their holdings by more than 5% and nearly 100%, respectively.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) had its target price hoisted by DA Davidson from $115.00 to $170.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. DA Davidson's price objective points to a potential downside of 0.89% from the company's current price.

Several other equities research analysts have also recently weighed in on PLTR. Mizuho upgraded shares of Palantir Technologies from an "underperform" rating to a "neutral" rating and increased their price objective for the stock from $116.00 to $135.00 in a research report on Wednesday, July 16th. Loop Capital upped their target price on Palantir Technologies from $178.00 to $180.00 and gave the company a "buy" rating in a research report on Tuesday. Cantor Fitzgerald raised their target price on Palantir Technologies from $110.00 to $155.00 and gave the stock a "neutral" rating in a research note on Tuesday. Morgan Stanley boosted their price target on Palantir Technologies from $98.00 to $155.00 and gave the company an "equal weight" rating in a research note on Tuesday. Finally, Deutsche Bank Aktiengesellschaft raised shares of Palantir Technologies from a "sell" rating to a "hold" rating and raised their price objective for the stock from $80.00 to $160.00 in a research report on Tuesday. Three analysts have rated the stock with a sell rating, seventeen have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $119.10.

Palantir Technologies Stock Up 6.8%

PLTR traded up $10.87 during midday trading on Tuesday, hitting $171.53. 95,444,445 shares of the company were exchanged, compared to its average volume of 92,484,727. The firm's 50 day moving average price is $141.12 and its 200-day moving average price is $113.19. Palantir Technologies has a 1-year low of $25.57 and a 1-year high of $176.33. The firm has a market capitalization of $404.80 billion, a P/E ratio of 746.85, a P/E/G ratio of 13.15 and a beta of 2.60.

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

Insider Activity

In other Palantir Technologies news, insider Stephen Andrew Cohen sold 309,696 shares of the company's stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $126.39, for a total value of $39,142,477.44. Following the completion of the sale, the insider directly owned 592 shares of the company's stock, valued at approximately $74,822.88. This represents a 99.81% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Alexander C. Karp sold 358,982 shares of the stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $126.39, for a total transaction of $45,371,734.98. Following the completion of the sale, the insider owned 6,432,258 shares of the company's stock, valued at approximately $812,973,088.62. This trade represents a 5.29% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,485,632 shares of company stock worth $191,222,623. Company insiders own 12.93% of the company's stock.

Hedge Funds Weigh In On Palantir Technologies

Institutional investors have recently modified their holdings of the business. Assenagon Asset Management S.A. increased its position in Palantir Technologies by 15.0% in the first quarter. Assenagon Asset Management S.A. now owns 49,651 shares of the company's stock worth $4,191,000 after buying an additional 6,479 shares during the last quarter. Garrison Bradford & Associates Inc. bought a new position in shares of Palantir Technologies during the 1st quarter worth $45,000. Menard Financial Group LLC increased its holdings in Palantir Technologies by 8.2% in the 1st quarter. Menard Financial Group LLC now owns 25,938 shares of the company's stock worth $2,189,000 after acquiring an additional 1,964 shares during the last quarter. TCW Group Inc. raised its stake in Palantir Technologies by 14.5% in the 1st quarter. TCW Group Inc. now owns 32,031 shares of the company's stock valued at $2,703,000 after acquiring an additional 4,068 shares during the period. Finally, Sagespring Wealth Partners LLC lifted its holdings in Palantir Technologies by 36.3% during the first quarter. Sagespring Wealth Partners LLC now owns 24,054 shares of the company's stock valued at $2,030,000 after purchasing an additional 6,405 shares during the last quarter. 45.65% of the stock is owned by institutional investors.

About Palantir Technologies

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.