Palantir Technologies (NASDAQ:PLTR) Hits New 52-Week High on Analyst Upgrade

Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report)'s share price reached a new 52-week high during trading on Wednesday after Loop Capital raised their price target on the stock from $130.00 to $155.00. Loop Capital currently has a buy rating on the stock. Palantir Technologies traded as high as $136.23 and last traded at $134.98, with a volume of 15611846 shares. The stock had previously closed at $132.81.

Other equities research analysts also recently issued research reports about the stock. Daiwa America raised shares of Palantir Technologies to a "hold" rating in a report on Tuesday, April 1st. Wedbush set a $140.00 price target on shares of Palantir Technologies and gave the company an "outperform" rating in a report on Tuesday, May 6th. Citigroup upped their price target on shares of Palantir Technologies from $110.00 to $115.00 and gave the company a "neutral" rating in a report on Thursday, May 8th. DA Davidson upped their price target on shares of Palantir Technologies from $100.00 to $115.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Finally, William Blair set a $84.00 price objective on shares of Palantir Technologies in a research note on Wednesday, March 5th. Five analysts have rated the stock with a sell rating, fifteen have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $86.30.

Insider Activity

In other news, insider Alexander C. Karp sold 358,982 shares of the stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $126.39, for a total value of $45,371,734.98. Following the completion of the sale, the insider now owns 6,432,258 shares of the company's stock, valued at approximately $812,973,088.62. This represents a 5.29% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Lauren Elaina Friedman Stat sold 800 shares of the stock in a transaction dated Thursday, April 3rd. The shares were sold at an average price of $81.25, for a total value of $65,000.00. Following the completion of the sale, the director now directly owns 61,339 shares of the company's stock, valued at approximately $4,983,793.75. The trade was a 1.29% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,816,925 shares of company stock valued at $215,448,358. Company insiders own 9.23% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of PLTR. Norges Bank bought a new stake in Palantir Technologies during the fourth quarter worth $1,360,191,000. Nuveen LLC bought a new stake in shares of Palantir Technologies in the first quarter valued at $520,232,000. Price T Rowe Associates Inc. MD raised its stake in shares of Palantir Technologies by 55.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 13,346,061 shares of the company's stock valued at $1,126,408,000 after buying an additional 4,748,513 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Palantir Technologies by 38.5% in the first quarter. Goldman Sachs Group Inc. now owns 15,180,154 shares of the company's stock valued at $1,281,205,000 after buying an additional 4,221,392 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of Palantir Technologies by 8.6% in the fourth quarter. Geode Capital Management LLC now owns 52,074,232 shares of the company's stock valued at $3,929,401,000 after buying an additional 4,127,306 shares during the period. Hedge funds and other institutional investors own 45.65% of the company's stock.

Palantir Technologies Price Performance

The stock has a market capitalization of $327.78 billion, a P/E ratio of 730.03, a price-to-earnings-growth ratio of 10.84 and a beta of 2.64. The company has a 50 day simple moving average of $114.28 and a 200-day simple moving average of $94.12.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last posted its earnings results on Monday, May 5th. The company reported $0.13 EPS for the quarter, hitting the consensus estimate of $0.13. Palantir Technologies had a return on equity of 6.85% and a net margin of 16.13%. The business had revenue of $883.86 million during the quarter, compared to analysts' expectations of $863.89 million. During the same period in the previous year, the business earned $0.08 earnings per share. The firm's revenue was up 39.4% on a year-over-year basis. As a group, equities analysts forecast that Palantir Technologies Inc. will post 0.31 earnings per share for the current fiscal year.

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.