Palantir Technologies (NASDAQ:PLTR) Trading 3.4% Higher After Analyst Upgrade

Palantir Technologies Inc. (NASDAQ:PLTR)’s share price was up 3.4% during trading on Friday after Wedbush raised their price target on the stock from $75.00 to $90.00. Wedbush currently has an outperform rating on the stock. Palantir Technologies traded as high as $82.24 and last traded at $81.69. Approximately 31,749,892 shares changed hands during trading, a decline of 53% from the average daily volume of 67,221,500 shares. The stock had previously closed at $78.98.

A number of other research firms have also recently weighed in on PLTR. UBS Group started coverage on Palantir Technologies in a report on Thursday, December 19th. They set a “neutral” rating and a $80.00 price target for the company. Robert W. Baird started coverage on Palantir Technologies in a report on Thursday, December 12th. They set a “neutral” rating and a $70.00 price target for the company. Jefferies Financial Group cut Palantir Technologies from a “hold” rating to an “underperform” rating and set a $28.00 price target for the company. in a report on Thursday, November 7th. Morgan Stanley reaffirmed an “underweight” rating and set a $60.00 price target on shares of Palantir Technologies in a report on Monday, January 6th. Finally, Argus downgraded Palantir Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, November 7th. Seven research analysts have rated the stock with a sell rating, twelve have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $44.61.

Insider Buying and Selling at Palantir Technologies

In related news, insider Heather A. Planishek sold 20,000 shares of the business’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $49.96, for a total transaction of $999,200.00. Following the transaction, the insider now directly owns 562,006 shares in the company, valued at approximately $28,077,819.76. The trade was a 3.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Alexander C. Karp sold 3,337,048 shares of the business’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $45.02, for a total transaction of $150,233,900.96. Following the transaction, the insider now owns 6,432,258 shares in the company, valued at approximately $289,580,255.16. The trade was a 34.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 23,518,855 shares of company stock valued at $1,438,682,423. 12.93% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Palantir Technologies

Several institutional investors and hedge funds have recently modified their holdings of PLTR. State Street Corp lifted its position in Palantir Technologies by 96.4% during the third quarter. State Street Corp now owns 82,512,440 shares of the company’s stock worth $3,069,463,000 after purchasing an additional 40,498,024 shares during the period. Geode Capital Management LLC raised its stake in Palantir Technologies by 52.9% during the third quarter. Geode Capital Management LLC now owns 47,946,926 shares of the company’s stock worth $1,777,568,000 after acquiring an additional 16,598,253 shares in the last quarter. International Assets Investment Management LLC raised its stake in Palantir Technologies by 3,476.2% during the third quarter. International Assets Investment Management LLC now owns 6,832,301 shares of the company’s stock worth $254,162,000 after acquiring an additional 6,641,253 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Palantir Technologies by 60.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 12,387,040 shares of the company’s stock worth $460,798,000 after acquiring an additional 4,667,955 shares in the last quarter. Finally, Lord Abbett & CO. LLC raised its stake in Palantir Technologies by 943.2% during the third quarter. Lord Abbett & CO. LLC now owns 3,300,766 shares of the company’s stock worth $122,788,000 after acquiring an additional 2,984,348 shares in the last quarter. 45.65% of the stock is currently owned by institutional investors and hedge funds.

Palantir Technologies Stock Up 3.5 %

The company has a 50 day moving average price of $71.70 and a 200-day moving average price of $48.53. The company has a market cap of $186.19 billion, a price-to-earnings ratio of 408.47, a P/E/G ratio of 7.08 and a beta of 2.82.

Palantir Technologies (NASDAQ:PLTR) last released its quarterly earnings results on Monday, November 4th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.01. The firm had revenue of $725.52 million during the quarter, compared to analyst estimates of $705.11 million. Palantir Technologies had a net margin of 18.01% and a return on equity of 9.94%. The company’s revenue was up 30.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.03 EPS. On average, analysts forecast that Palantir Technologies Inc. will post 0.2 EPS 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.