Palantir Technologies (NASDAQ:PLTR) Given New $45.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada raised its price target for Palantir Technologies from $40.00 to $45.00, indicating a potential downside of 74.25% from the current stock price despite holding an "underperform" rating.
• Multiple analysts have differing ratings on Palantir, with reports showing a mix of upgrades and downgrades, resulting in an average price target of $108.65 and a consensus rating of "Hold".
• Palantir Technologies reported $0.16 earnings per share for the quarter, exceeding expectations, with significant year-over-year revenue growth of 48% to $1 billion.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) had its target price upped by research analysts at Royal Bank Of Canada from $40.00 to $45.00 in a research report issued on Tuesday,Benzinga reports. The firm presently has an "underperform" rating on the stock. Royal Bank Of Canada's price objective would suggest a potential downside of 74.25% from the company's current price.

A number of other equities research analysts have also issued reports on PLTR. Mizuho raised shares of Palantir Technologies from an "underperform" rating to a "neutral" rating and upped their price objective for the company from $116.00 to $135.00 in a report on Wednesday, July 16th. Morgan Stanley increased their price target on shares of Palantir Technologies from $90.00 to $98.00 and gave the stock an "equal weight" rating in a research report on Tuesday, May 6th. Piper Sandler reissued an "overweight" rating and set a $170.00 price target on shares of Palantir Technologies in a research report on Monday. Deutsche Bank Aktiengesellschaft raised shares of Palantir Technologies from a "sell" rating to a "hold" rating and raised their target price for the company from $80.00 to $160.00 in a report on Tuesday. Finally, Wedbush set a $160.00 price target on shares of Palantir Technologies in a research note on Thursday, July 10th. Three equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $108.65.

Palantir Technologies Stock Performance

NASDAQ:PLTR opened at $174.74 on Tuesday. Palantir Technologies has a fifty-two week low of $25.57 and a fifty-two week high of $176.33. The stock has a market capitalization of $412.37 billion, a PE ratio of 760.38, a P/E/G ratio of 13.15 and a beta of 2.60. The company has a fifty day moving average of $141.12 and a two-hundred day moving average of $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 (EPS) for the quarter, topping analysts' consensus estimates of $0.14 by $0.02. Palantir Technologies had a net margin of 18.32% and a return on equity of 6.55%. The business had revenue of $1 billion during the quarter, compared to analyst estimates of $939.29 million. During the same quarter in the prior year, the firm earned $0.09 earnings per share. The company's revenue for the quarter was up 48.0% compared to the same quarter last year. Research analysts forecast that Palantir Technologies will post 0.31 earnings per share for the current year.

Insider Buying and Selling

In other Palantir Technologies news, insider Ryan D. Taylor sold 33,335 shares of Palantir Technologies stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $150.00, for a total value of $5,000,250.00. Following the completion of the sale, the insider owned 363,755 shares in the company, valued at $54,563,250. The trade was a 8.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider David A. Glazer sold 3,418 shares of Palantir Technologies stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $125.97, for a total value of $430,565.46. Following the completion of the sale, the insider owned 492,079 shares of the company's stock, valued at $61,987,191.63. This trade represents a 0.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,485,632 shares of company stock valued at $191,222,623 in the last quarter. Corporate insiders own 12.93% of the company's stock.

Institutional Trading of Palantir Technologies

Institutional investors have recently modified their holdings of the company. Northern Trust Corp boosted its holdings in Palantir Technologies by 0.3% in the 1st quarter. Northern Trust Corp now owns 19,553,438 shares of the company's stock worth $1,650,310,000 after acquiring an additional 64,973 shares during the period. Kingstone Capital Partners Texas LLC acquired a new stake in shares of Palantir Technologies during the 2nd quarter valued at approximately $2,543,888,000. Invesco Ltd. raised its position in shares of Palantir Technologies by 20.3% during the 1st quarter. Invesco Ltd. now owns 17,746,956 shares of the company's stock valued at $1,497,843,000 after acquiring an additional 2,998,716 shares in the last quarter. Goldman Sachs Group Inc. increased its position in Palantir Technologies by 38.5% in the first quarter. Goldman Sachs Group Inc. now owns 15,180,154 shares of the company's stock worth $1,281,205,000 after buying an additional 4,221,392 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in Palantir Technologies by 4.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 13,614,399 shares of the company's stock worth $1,149,055,000 after buying an additional 571,544 shares during the period. Hedge funds and other institutional investors own 45.65% of the company's stock.

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.