Palantir Technologies (NASDAQ:PLTR) Hits New 12-Month High - Here's Why

Key Points

• Palantir Technologies shares reached a new 52-week high of $159.93 during trading, with the last trade at $159.70 and a significant trading volume of 13,742,049 shares.
• Analysts expressed optimism, with Piper Sandler giving an "overweight" rating and a price target of $170.00, while Wedbush set a price target of $160.00.
• Palantir reported quarterly earnings that met consensus estimates at $0.13 per share, with a year-over-year revenue increase of 39.4% to $883.86 million.
• Insider trading activity included a significant sale of shares by Director Lauren Elaina Friedman Stat and insider Shyam Sankar, collectively selling over 1.4 million shares in recent months.

Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report)'s stock price reached a new 52-week high on Friday . The company traded as high as $159.93 and last traded at $159.70, with a volume of 13742049 shares changing hands. The stock had previously closed at $154.86.

Analysts Set New Price Targets

A number of analysts have weighed in on PLTR shares. Morgan Stanley increased their target price on shares of Palantir Technologies from $90.00 to $98.00 and gave the company an "equal weight" rating in a research report on Tuesday, May 6th. The Goldman Sachs Group increased their target price on shares of Palantir Technologies from $80.00 to $90.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. Daiwa America upgraded Palantir Technologies to a "hold" rating in a report on Tuesday, April 1st. Mizuho upgraded Palantir Technologies from an "underperform" rating to a "neutral" rating and increased their price target for the stock from $116.00 to $135.00 in a report on Wednesday, July 16th. Finally, DA Davidson increased their price target on Palantir Technologies from $100.00 to $115.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Four research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $95.30.

Palantir Technologies Stock Performance

The firm has a 50 day simple moving average of $137.03 and a two-hundred day simple moving average of $108.85. The firm has a market capitalization of $374.75 billion, a P/E ratio of 690.43, a PEG ratio of 13.22 and a beta of 2.59.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The company reported $0.13 earnings per share for the quarter, meeting the consensus estimate of $0.13. The business had revenue of $883.86 million for the quarter, compared to analysts' expectations of $863.89 million. Palantir Technologies had a return on equity of 6.55% and a net margin of 18.32%. The business's revenue was up 39.4% on a year-over-year basis. During the same period last year, the business earned $0.08 EPS. Sell-side analysts anticipate that Palantir Technologies Inc. will post 0.31 earnings per share for the current year.

Insider Buying and Selling at Palantir Technologies

In related news, insider Ryan D. Taylor sold 33,335 shares of the firm's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $150.00, for a total transaction of $5,000,250.00. Following the completion of the sale, the insider owned 363,755 shares in the company, valued at approximately $54,563,250. This trade represents a 8.39% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Eric H. Woersching sold 10,214 shares of the firm's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $130.95, for a total transaction of $1,337,523.30. Following the sale, the director owned 2,348 shares of the company's stock, valued at $307,470.60. This trade represents a 81.31% 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 three months. 9.23% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Palantir Technologies

Large investors have recently added to or reduced their stakes in the company. Ignite Planners LLC boosted its position 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 acquiring an additional 66 shares during the last quarter. Christensen King & Associates Investment Services Inc. boosted its position in shares of Palantir Technologies by 1.3% during the 2nd quarter. Christensen King & Associates Investment Services Inc. now owns 5,477 shares of the company's stock valued at $747,000 after acquiring an additional 72 shares during the last quarter. McGlone Suttner Wealth Management Inc. boosted its position 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 valued at $1,007,000 after acquiring an additional 73 shares during the last quarter. Boomfish Wealth Group LLC boosted its position in shares of Palantir Technologies by 2.7% during the 2nd quarter. Boomfish Wealth Group LLC now owns 2,779 shares of the company's stock valued at $379,000 after acquiring an additional 73 shares during the last quarter. Finally, Farmers & Merchants Investments Inc. boosted its position in shares of Palantir Technologies by 3.4% during the 2nd quarter. Farmers & Merchants Investments Inc. now owns 2,412 shares of the company's stock valued at $329,000 after acquiring an additional 80 shares during 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.