Palantir Technologies (NASDAQ:PLTR) Hits New 12-Month High After Analyst Upgrade

Key Points

• Palantir Technologies' share price reached a new 52-week high after Citigroup raised its price target from $158.00 to $177.00, with the stock last trading at $173.27.
• Analysts have mixed ratings on Palantir, with 17 hold ratings, 4 buy ratings, and 3 sell ratings, and an average price target of $122.20.
• Insider trading activity saw directors selling shares recently, with over 1.4 million shares sold in the last quarter, indicating potential shifts in investor confidence.

Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report)'s stock price reached a new 52-week high on Wednesday after The Goldman Sachs Group raised their price target on the stock from $90.00 to $141.00. The Goldman Sachs Group currently has a neutral rating on the stock. Palantir Technologies traded as high as $176.33 and last traded at $173.27, with a volume of 129416154 shares. The stock had previously closed at $160.66.

PLTR has been the topic of several other reports. DA Davidson set a $170.00 price objective on shares of Palantir Technologies and gave the stock a "neutral" rating in a research report on Tuesday. Cantor Fitzgerald lifted their price target on Palantir Technologies from $110.00 to $155.00 and gave the company a "neutral" rating in a report on Tuesday. Mizuho upgraded shares of Palantir Technologies from an "underperform" rating to a "neutral" rating and boosted their target price for the company from $116.00 to $135.00 in a report on Wednesday, July 16th. Morgan Stanley set a $155.00 price objective on Palantir Technologies and gave the stock an "equal weight" rating in a report on Tuesday. Finally, Piper Sandler set a $182.00 price objective on Palantir Technologies in a research note on Tuesday. Two analysts have rated the stock with a sell rating, seventeen have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $136.61.

Insider Transactions at Palantir Technologies

In related news, insider David A. Glazer sold 30,812 shares of Palantir Technologies stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $126.39, for a total value of $3,894,328.68. Following the transaction, the insider owned 495,497 shares of the company's stock, valued at approximately $62,625,865.83. This trade represents a 5.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Alexander C. Karp sold 358,982 shares of Palantir Technologies stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $126.39, for a total value of $45,371,734.98. Following the transaction, the insider directly owned 6,432,258 shares in the company, 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. Insiders have sold a total of 1,485,632 shares of company stock valued at $191,222,623 in the last 90 days. 9.23% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Palantir Technologies

Several hedge funds and other institutional investors have recently modified their holdings of PLTR. Accuvest Global Advisors increased its holdings in shares of Palantir Technologies by 0.7% in the second quarter. Accuvest Global Advisors now owns 9,035 shares of the company's stock valued at $1,232,000 after purchasing an additional 63 shares in the last quarter. Ignite Planners LLC lifted its holdings in shares of Palantir Technologies by 0.4% during the 2nd quarter. Ignite Planners LLC now owns 15,362 shares of the company's stock valued at $2,094,000 after purchasing an additional 66 shares in the last quarter. Christensen King & Associates Investment Services Inc. lifted its holdings in shares of Palantir Technologies by 1.3% in the second quarter. Christensen King & Associates Investment Services Inc. now owns 5,477 shares of the company's stock valued at $747,000 after purchasing an additional 72 shares in the last quarter. McGlone Suttner Wealth Management Inc. grew its stake in shares of Palantir Technologies by 1.0% during the 2nd quarter. McGlone Suttner Wealth Management Inc. now owns 7,387 shares of the company's stock worth $1,007,000 after acquiring an additional 73 shares in the last quarter. Finally, Boomfish Wealth Group LLC increased its stake in Palantir Technologies by 2.7% in the 2nd quarter. Boomfish Wealth Group LLC now owns 2,779 shares of the company's stock valued at $379,000 after buying an additional 73 shares during the last quarter. Institutional investors own 45.65% of the company's stock.

Palantir Technologies Price Performance

The stock has a market capitalization of $429.98 billion, a price-to-earnings ratio of 607.35, a PEG ratio of 14.08 and a beta of 2.60. The firm has a 50-day moving average of $143.23 and a 200 day moving average of $114.06.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The company reported $0.16 earnings per share for the quarter, topping the consensus estimate of $0.14 by $0.02. The firm had revenue of $1 billion for the quarter, compared to analysts' expectations of $939.29 million. Palantir Technologies had a return on equity of 10.75% and a net margin of 22.18%. The company's quarterly revenue was up 48.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.09 EPS. On average, equities analysts forecast that Palantir Technologies Inc. will post 0.31 earnings per share for the current 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.