Palantir Technologies (NASDAQ:PLTR) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

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 objective increased by equities research analysts at The Goldman Sachs Group from $90.00 to $141.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a "neutral" rating on the stock. The Goldman Sachs Group's target price indicates a potential downside of 20.74% from the company's previous close.

Several other brokerages have also recently weighed in on PLTR. Loop Capital reaffirmed a "buy" rating and issued a $180.00 price target (up previously from $178.00) on shares of Palantir Technologies in a research report on Tuesday. UBS Group reiterated a "neutral" rating and set a $165.00 price target (up previously from $110.00) on shares of Palantir Technologies in a report on Tuesday. Morgan Stanley set a $155.00 price target on shares of Palantir Technologies and gave the stock an "equal weight" rating in a research note on Tuesday. Cantor Fitzgerald increased their price objective on shares of Palantir Technologies from $110.00 to $155.00 and gave the company a "neutral" rating in a research report on Tuesday. Finally, Royal Bank Of Canada lifted their price objective on shares of Palantir Technologies from $40.00 to $45.00 and gave the stock an "underperform" rating in a report on Tuesday. Three equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $125.35.

Palantir Technologies Trading Up 2.7%

Shares of PLTR traded up $4.62 during trading hours on Wednesday, reaching $177.89. 44,974,673 shares of the stock traded hands, compared to its average volume of 92,402,680. Palantir Technologies has a 52-week low of $26.24 and a 52-week high of $180.58. The company's 50-day moving average price is $142.12 and its two-hundred day moving average price is $113.60. The company has a market cap of $419.81 billion, a P/E ratio of 592.43, a price-to-earnings-growth ratio of 13.70 and a beta of 2.60.

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 analysts' consensus estimates of $0.14 by $0.02. Palantir Technologies had a net margin of 22.18% and a return on equity of 11.26%. The company had revenue of $1 billion for the quarter, compared to the consensus estimate of $939.29 million. During the same period in the previous year, the firm posted $0.09 EPS. Palantir Technologies's revenue for the quarter was up 48.0% compared to the same quarter last year. On average, research analysts forecast that Palantir Technologies will post 0.31 EPS for the current year.

Insiders Place Their Bets

In other news, Director Eric H. Woersching sold 10,214 shares of the firm's stock in a transaction on Tuesday, July 1st. The stock was sold at an average price of $130.95, for a total value of $1,337,523.30. Following the completion of the transaction, the director directly owned 2,348 shares of the company's stock, valued at $307,470.60. This trade represents a 81.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lauren Elaina Friedman Stat sold 800 shares of Palantir Technologies stock in a transaction on Wednesday, July 9th. The shares were sold at an average price of $139.61, for a total value of $111,688.00. Following the sale, the director directly owned 62,887 shares of the company's stock, valued at $8,779,654.07. This represents a 1.26% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,485,632 shares of company stock valued at $191,222,623. Company insiders own 12.93% of the company's stock.

Hedge Funds Weigh In On Palantir Technologies

Several hedge funds have recently made changes to their positions in PLTR. Commonwealth Equity Services LLC lifted its holdings in shares of Palantir Technologies by 11.7% during the 2nd quarter. Commonwealth Equity Services LLC now owns 1,755,061 shares of the company's stock valued at $239,250,000 after buying an additional 183,707 shares during the period. SouthState Corp lifted its holdings in shares of Palantir Technologies by 21.3% in the 2nd quarter. SouthState Corp now owns 8,694 shares of the company's stock valued at $1,185,000 after acquiring an additional 1,529 shares during the last quarter. Andra AP fonden lifted its holdings in shares of Palantir Technologies by 79.2% in the 2nd quarter. Andra AP fonden now owns 341,074 shares of the company's stock valued at $46,495,000 after acquiring an additional 150,700 shares during the last quarter. DDFG Inc bought a new position in shares of Palantir Technologies in the 2nd quarter valued at about $281,000. Finally, Resona Asset Management Co. Ltd. lifted its holdings in shares of Palantir Technologies by 7.2% in the 2nd quarter. Resona Asset Management Co. Ltd. now owns 699,763 shares of the company's stock valued at $94,790,000 after acquiring an additional 46,878 shares during the last quarter. 45.65% of the stock is owned by hedge funds and other institutional investors.

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.

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