The Goldman Sachs Group Issues Positive Forecast for Palantir Technologies (NASDAQ:PLTR) Stock Price

Key Points

• The Goldman Sachs Group raised its price target for Palantir Technologies from $90.00 to $141.00, while holding a "neutral" rating, indicating a potential downside of 20.74% from the previous close.
• Multiple brokerages have also revised their price targets for Palantir, with Loop Capital setting it at $180.00 and UBS Group at $165.00, reflecting mixed sentiment among analysts.
• Palantir Technologies recently reported a 48.0% year-over-year revenue increase, achieving $1 billion in revenue and beating analysts' estimates for the quarter.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) had its price target upped by The Goldman Sachs Group from $90.00 to $141.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a "neutral" rating on the stock. The Goldman Sachs Group's target price would suggest a potential downside of 24.58% from the stock's previous close.

Several other equities research analysts also recently weighed in on PLTR. Mizuho raised shares of Palantir Technologies from an "underperform" rating to a "neutral" rating and upped their price objective for the stock from $116.00 to $135.00 in a report on Wednesday, July 16th. UBS Group reaffirmed a "neutral" rating and issued a $165.00 price objective (up previously from $110.00) on shares of Palantir Technologies in a report on Tuesday. Loop Capital upped their price objective on shares of Palantir Technologies from $178.00 to $180.00 and gave the stock a "buy" rating in a report on Tuesday. Morgan Stanley set a $155.00 price objective on shares of Palantir Technologies and gave the stock an "equal weight" rating in a report on Tuesday. Finally, Wedbush set a $200.00 price objective on shares of Palantir Technologies and gave the stock an "outperform" rating in a report on Tuesday. Two analysts have rated the stock with a sell rating, seventeen have given a hold rating and five have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $136.61.

Palantir Technologies Stock Performance

Shares of PLTR traded up $4.76 during midday trading on Wednesday, hitting $186.96. 62,386,781 shares of the stock traded hands, compared to its average volume of 61,219,692. Palantir Technologies has a 1-year low of $29.10 and a 1-year high of $187.99. The firm has a market capitalization of $441.21 billion, a PE ratio of 623.22, a price-to-earnings-growth ratio of 11.88 and a beta of 2.60. The business's 50 day moving average price is $145.64 and its two-hundred day moving average price is $115.87.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.14 by $0.02. Palantir Technologies had a net margin of 22.18% and a return on equity of 10.75%. The company had revenue of $1 billion during the quarter, compared to the consensus estimate of $939.29 million. During the same quarter in the previous year, the company posted $0.09 earnings per share. The company's revenue for the quarter was up 48.0% compared to the same quarter last year. As a group, equities research analysts forecast that Palantir Technologies will post 0.31 EPS for the current fiscal year.

Insider Buying and Selling

In other Palantir Technologies news, insider Shyam Sankar sold 405,000 shares of the firm's stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $132.08, for a total value of $53,492,400.00. Following the completion of the transaction, the insider directly owned 702,786 shares in the company, valued at $92,823,974.88. This trade represents a 36.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider David A. Glazer sold 30,812 shares of the firm's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $126.39, for a total transaction of $3,894,328.68. Following the completion of the transaction, the insider owned 495,497 shares of the company's stock, valued at approximately $62,625,865.83. The trade was a 5.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,515,632 shares of company stock valued at $196,472,623. Company insiders own 9.23% of the company's stock.

Institutional Trading of Palantir Technologies

Hedge funds have recently made changes to their positions in the stock. Signature Resources Capital Management LLC purchased a new stake in shares of Palantir Technologies in the second quarter worth approximately $25,000. Briaud Financial Planning Inc purchased a new stake in shares of Palantir Technologies in the second quarter worth approximately $27,000. LFA Lugano Financial Advisors SA purchased a new stake in shares of Palantir Technologies in the second quarter worth approximately $27,000. Frazier Financial Advisors LLC purchased a new stake in shares of Palantir Technologies in the second quarter worth approximately $28,000. Finally, MTM Investment Management LLC purchased a new stake in shares of Palantir Technologies in the second quarter worth approximately $31,000. 45.65% of the stock is owned by hedge funds and other institutional investors.

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.