Palantir Technologies (NASDAQ:PLTR) Shares Up 1.1% Following Analyst Upgrade

Key Points

• Palantir Technologies' stock increased by 1.1% after Loop Capital raised their price target from $155.00 to $178.00, maintaining a buy rating on the stock.
• Despite the recent uptick, the stock has an average rating of "Hold" among analysts, with mixed ratings: 4 sell, 15 hold, and 5 buy ratings.
• Insider trading activity indicates that executives have sold a total of 1,485,632 shares worth approximately $191.22 million in the last quarter, implying notable movements among company insiders.

Shares of Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report) shot up 1.1% on Wednesday after Loop Capital raised their price target on the stock from $155.00 to $178.00. Loop Capital currently has a buy rating on the stock. Palantir Technologies traded as high as $159.38 and last traded at $157.95. 14,516,508 shares traded hands during trading, a decline of 84% from the average session volume of 92,907,641 shares. The stock had previously closed at $156.24.

A number of other equities analysts also recently commented on the stock. Piper Sandler initiated coverage on Palantir Technologies in a research note on Friday, July 25th. They issued an "overweight" rating and a $170.00 target price for the company. UBS Group reissued a "positive" rating on shares of Palantir Technologies in a research note on Wednesday, June 25th. Citigroup lifted their price objective on Palantir Technologies from $110.00 to $115.00 and gave the stock a "neutral" rating in a research report on Thursday, May 8th. The Goldman Sachs Group upped their price objective on Palantir Technologies from $80.00 to $90.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "sell" rating on shares of Palantir Technologies in a research report on Tuesday, May 6th. Four investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Palantir Technologies has an average rating of "Hold" and a consensus target price of $96.45.

Insider Buying and Selling

In related news, Director Lauren Elaina Friedman Stat sold 800 shares of the business's stock in a transaction that occurred on Wednesday, July 9th. The stock was sold at an average price of $139.61, for a total value of $111,688.00. Following the completion of the sale, the director owned 62,887 shares in the company, valued at $8,779,654.07. The trade was a 1.26% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider David A. Glazer sold 3,418 shares of the business's stock in a transaction that occurred on Wednesday, May 21st. The shares were sold at an average price of $125.97, for a total transaction of $430,565.46. Following the transaction, the insider directly owned 492,079 shares of the company's stock, valued at $61,987,191.63. The trade was a 0.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,485,632 shares of company stock worth $191,222,623 over the last quarter. Insiders own 12.93% of the company's stock.

Institutional Trading of Palantir Technologies

Institutional investors and hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC lifted its holdings in Palantir Technologies by 8.6% in the 4th quarter. Geode Capital Management LLC now owns 52,074,232 shares of the company's stock valued at $3,929,401,000 after acquiring an additional 4,127,306 shares during the last quarter. Northern Trust Corp lifted its position in Palantir Technologies by 0.3% during the 1st quarter. Northern Trust Corp now owns 19,553,438 shares of the company's stock worth $1,650,310,000 after buying an additional 64,973 shares in the last quarter. Kingstone Capital Partners Texas LLC acquired a new position in Palantir Technologies during the 2nd quarter valued at about $2,543,888,000. Invesco Ltd. lifted its stake in shares of Palantir Technologies by 20.3% in the 1st quarter. Invesco Ltd. now owns 17,746,956 shares of the company's stock valued at $1,497,843,000 after purchasing an additional 2,998,716 shares during the period. Finally, FMR LLC lifted its stake in Palantir Technologies by 22.6% in the fourth quarter. FMR LLC now owns 15,296,371 shares of the company's stock valued at $1,156,864,000 after acquiring an additional 2,818,090 shares during the last quarter. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

Palantir Technologies Price Performance

The stock has a market capitalization of $372.46 billion, a price-to-earnings ratio of 685.63, a P/E/G ratio of 13.46 and a beta of 2.59. The company's 50-day simple moving average is $138.27 and its 200-day simple moving average is $110.37.

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

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.