Wedbush Reiterates $200.00 Price Target for Palantir Technologies (NASDAQ:PLTR)

Key Points

• Wedbush analysts raised Palantir Technologies' price target from $160.00 to $200.00, indicating a potential upside of 17.81% based on the stock's previous close.
• Palantir reported a quarterly earnings per share (EPS) of $0.16, exceeding analysts' expectations of $0.14, and demonstrated a revenue increase of 48% year-over-year, totaling $1 billion for the quarter.
• Despite recent price increases, Palantir's current consensus rating remains a "Hold" with an average price target of $116.35, according to various research analysts.

Wedbush set a $200.00 price target on Palantir Technologies (NASDAQ:PLTR - Free Report) in a research note published on Tuesday morning, Marketbeat Ratings reports. The brokerage currently has an outperform rating on the stock.

Other analysts have also issued research reports about the stock. Morgan Stanley boosted their price target on shares of Palantir Technologies from $90.00 to $98.00 and gave the company an "equal weight" rating in a research note on Tuesday, May 6th. Loop Capital upped their target price on shares of Palantir Technologies from $178.00 to $180.00 and gave the stock a "buy" rating in a research note on Tuesday. DA Davidson upped their target price on shares of Palantir Technologies from $100.00 to $115.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Royal Bank Of Canada upped their target price on shares of Palantir Technologies from $40.00 to $45.00 and gave the stock an "underperform" rating in a research note on Tuesday. Finally, The Goldman Sachs Group lifted their price objective on shares of Palantir Technologies from $80.00 to $90.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, Palantir Technologies currently has a consensus rating of "Hold" and a consensus target price of $125.35.

Palantir Technologies Stock Performance

NASDAQ:PLTR traded up $4.62 during mid-day trading on Tuesday, reaching $177.89. 49,983,387 shares of the company's stock were exchanged, compared to its average volume of 92,443,648. Palantir Technologies has a one year low of $26.24 and a one year high of $180.58. The firm has a market capitalization of $419.81 billion, a PE ratio of 592.84, a price-to-earnings-growth ratio of 13.70 and a beta of 2.60. The business's fifty day simple moving average is $142.12 and its two-hundred day simple moving average is $113.60.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last posted its earnings results on Monday, August 4th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of $0.14 by $0.02. Palantir Technologies had a net margin of 22.18% and a return on equity of 11.26%. The business had revenue of $1 billion for the quarter, compared to the consensus estimate of $939.29 million. During the same period last year, the company earned $0.09 EPS. The firm's revenue 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 year.

Insider Buying and Selling at Palantir Technologies

In other news, insider David A. Glazer sold 3,418 shares of the business's stock in a transaction dated Wednesday, May 21st. The stock was sold at an average price of $125.97, for a total transaction of $430,565.46. Following the sale, the insider owned 492,079 shares in the company, valued at approximately $61,987,191.63. The trade was a 0.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Ryan D. Taylor sold 33,335 shares of the business's stock in a transaction dated Tuesday, July 15th. The stock was sold at an average price of $150.00, for a total value of $5,000,250.00. Following the sale, the insider owned 363,755 shares in the company, valued at $54,563,250. The trade was a 8.39% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 1,485,632 shares of company stock valued at $191,222,623. Insiders own 12.93% of the company's stock.

Institutional Investors Weigh In On Palantir Technologies

Large investors have recently modified their holdings of the business. Northern Trust Corp boosted its position in Palantir Technologies by 0.3% in the first quarter. Northern Trust Corp now owns 19,553,438 shares of the company's stock valued at $1,650,310,000 after buying an additional 64,973 shares during the last quarter. Kingstone Capital Partners Texas LLC purchased a new position in shares of Palantir Technologies during the 2nd quarter valued at approximately $2,543,888,000. Invesco Ltd. lifted its position in shares of Palantir Technologies by 20.3% during the 1st quarter. Invesco Ltd. now owns 17,746,956 shares of the company's stock valued at $1,497,843,000 after buying an additional 2,998,716 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Palantir Technologies by 38.5% during the 1st quarter. Goldman Sachs Group Inc. now owns 15,180,154 shares of the company's stock valued at $1,281,205,000 after buying an additional 4,221,392 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Palantir Technologies by 4.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 13,614,399 shares of the company's stock valued at $1,149,055,000 after purchasing an additional 571,544 shares during the last quarter. Hedge funds and other institutional investors own 45.65% of the company's stock.

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.