Palantir Technologies (NASDAQ:PLTR) Shares Up 2.1% Following Analyst Upgrade

Key Points

• Palantir Technologies' stock surged by 2.1% following an upgrade from Goldman Sachs, raising their price target from $90.00 to $141.00 while maintaining a neutral rating on the stock.
• Multiple analysts have increased their price targets on Palantir, with Citigroup setting a new target of $177.00, Wedbush at $200.00, and UBS Group adjusting their target to $165.00, reflecting positive sentiment despite a general "Hold" rating.
• Insider trading was notable, with significant sales reported by insiders Ryan D. Taylor and Shyam Sankar, collectively selling over $57 million in shares, indicating potential concerns or profit-taking among company executives.

Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report)'s stock price shot up 2.1% on Thursday after The Goldman Sachs Group raised their price target on the stock from $90.00 to $141.00. The Goldman Sachs Group currently has a neutral rating on the stock. Palantir Technologies traded as high as $183.34 and last traded at $183.27. 27,715,051 shares were traded during trading, a decline of 70% from the average session volume of 92,225,555 shares. The stock had previously closed at $179.54.

PLTR has been the subject of a number of other research reports. Piper Sandler set a $182.00 target price on shares of Palantir Technologies in a research report on Tuesday. Cantor Fitzgerald raised their price objective on shares of Palantir Technologies from $110.00 to $155.00 and gave the stock a "neutral" rating in a report on Tuesday. Royal Bank Of Canada upped their target price on shares of Palantir Technologies from $40.00 to $45.00 and gave the company an "underperform" rating in a report on Tuesday. Deutsche Bank Aktiengesellschaft upgraded shares of Palantir Technologies from a "sell" rating to a "hold" rating and increased their price target for the stock from $80.00 to $160.00 in a research report on Tuesday. Finally, Wedbush set a $200.00 price target on shares of Palantir Technologies and gave the stock an "outperform" rating in a research note on Tuesday. Two analysts have rated the stock with a sell rating, seventeen have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $136.61.

Insider Transactions at Palantir Technologies

In other Palantir Technologies news, Director Lauren Elaina Friedman Stat sold 800 shares of the firm's stock in a transaction on Wednesday, July 9th. The shares were sold at an average price of $139.61, for a total transaction of $111,688.00. Following the transaction, the director directly owned 62,887 shares of the company's stock, valued at approximately $8,779,654.07. This trade represents a 1.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Shyam Sankar sold 405,000 shares of Palantir Technologies stock in a transaction that occurred on 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 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 disclosure for this sale can be found here. Over the last quarter, insiders sold 1,515,632 shares of company stock worth $196,472,623. Insiders own 9.23% of the company's stock.

Institutional Investors Weigh In On Palantir Technologies

A number of large investors have recently bought and sold shares of the stock. Accredited Investors Inc. grew its position in shares of Palantir Technologies by 4.0% in the second quarter. Accredited Investors Inc. now owns 2,969 shares of the company's stock valued at $405,000 after purchasing an additional 115 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of Palantir Technologies by 22.6% in the second quarter. PNC Financial Services Group Inc. now owns 456,946 shares of the company's stock valued at $62,291,000 after buying an additional 84,262 shares in the last quarter. Comprehensive Financial Planning Inc. PA raised its stake in shares of Palantir Technologies by 1,256.9% during the second quarter. Comprehensive Financial Planning Inc. PA now owns 8,508 shares of the company's stock valued at $1,160,000 after purchasing an additional 7,881 shares during the period. United Asset Strategies Inc. purchased a new stake in shares of Palantir Technologies during the second quarter worth about $1,960,000. Finally, Wealth Alliance LLC boosted its stake in shares of Palantir Technologies by 22.9% during the 2nd quarter. Wealth Alliance LLC now owns 7,581 shares of the company's stock valued at $1,033,000 after buying an additional 1,415 shares during the last quarter. Institutional investors and hedge funds own 45.65% of the company's stock.

Palantir Technologies Stock Up 2.3%

The firm has a market cap of $439.72 billion, a P/E ratio of 622.87, a price-to-earnings-growth ratio of 13.07 and a beta of 2.60. The business's 50 day moving average is $144.43 and its 200-day moving average is $114.82.

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

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.