Palantir Technologies (NASDAQ:PLTR) Trading Up 0.9% Following Analyst Upgrade

Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report)'s stock price shot up 0.9% on Wednesday after Citigroup raised their price target on the stock from $110.00 to $115.00. Citigroup currently has a neutral rating on the stock. Palantir Technologies traded as high as $111.85 and last traded at $109.86. 41,895,869 shares changed hands during trading, a decline of 45% from the average session volume of 75,677,350 shares. The stock had previously closed at $108.86.

A number of other analysts have also issued reports on PLTR. UBS Group lifted their price target on Palantir Technologies from $105.00 to $110.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Daiwa Capital Markets assumed coverage on shares of Palantir Technologies in a research note on Tuesday, April 1st. They issued a "neutral" rating and a $90.00 target price on the stock. Robert W. Baird upped their price target on Palantir Technologies from $70.00 to $100.00 and gave the company a "neutral" rating in a research report on Tuesday, February 4th. Bank of America lifted their target price on shares of Palantir Technologies from $90.00 to $125.00 and gave the stock a "buy" rating in a research note on Tuesday, February 4th. Finally, Mizuho raised their price objective on Palantir Technologies from $80.00 to $94.00 and gave the stock an "underperform" rating in a research report on Tuesday, May 6th. Five research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $83.95.

Insider Activity at Palantir Technologies

In related news, insider Heather A. Planishek sold 13,891 shares of the company's stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $115.96, for a total value of $1,610,800.36. Following the completion of the transaction, the insider now directly owns 512,006 shares in the company, valued at approximately $59,372,215.76. This represents a 2.64 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Lauren Elaina Friedman Stat sold 800 shares of the business's stock in a transaction on Thursday, April 3rd. The shares were sold at an average price of $81.25, for a total transaction of $65,000.00. Following the sale, the director now directly owns 61,339 shares of the company's stock, valued at $4,983,793.75. This represents a 1.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,978,181 shares of company stock worth $252,115,667 over the last 90 days. Company insiders own 9.23% of the company's stock.

Institutional Investors Weigh In On Palantir Technologies

Institutional investors have recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its stake in shares of 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 period. Northern Trust Corp lifted its position in Palantir Technologies by 20.4% during the 4th quarter. Northern Trust Corp now owns 19,488,465 shares of the company's stock worth $1,473,913,000 after acquiring an additional 3,299,779 shares in the last quarter. Norges Bank purchased a new position in Palantir Technologies in the 4th quarter worth approximately $1,360,191,000. FMR LLC raised its stake in shares of Palantir Technologies by 22.6% during the fourth quarter. FMR LLC now owns 15,296,371 shares of the company's stock valued at $1,156,864,000 after purchasing an additional 2,818,090 shares during the period. Finally, Goldman Sachs Group Inc. boosted its holdings in Palantir Technologies by 38.5% in the first quarter. Goldman Sachs Group Inc. now owns 15,180,154 shares of the company's stock valued at $1,281,205,000 after purchasing an additional 4,221,392 shares during the last quarter. Hedge funds and other institutional investors own 45.65% of the company's stock.

Palantir Technologies Price Performance

The business's 50-day moving average price is $94.23 and its two-hundred day moving average price is $82.26. The firm has a market cap of $275.25 billion, a price-to-earnings ratio of 617.72, a P/E/G ratio of 10.84 and a beta of 2.68.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The company reported $0.13 earnings per share for the quarter, meeting analysts' consensus estimates of $0.13. Palantir Technologies had a net margin of 16.13% and a return on equity of 6.85%. The business had revenue of $883.86 million during the quarter, compared to the consensus estimate of $863.89 million. During the same quarter in the prior year, the firm earned $0.08 EPS. The company's revenue for the quarter was up 39.4% compared to the same quarter last year. Equities analysts predict that Palantir Technologies Inc. will post 0.31 earnings per share for the current fiscal 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.