Palantir Technologies (NASDAQ:PLTR) Shares Up 1.6% – Here’s What Happened

Palantir Technologies Inc. (NASDAQ:PLTR)’s stock price traded up 1.6% during mid-day trading on Friday . The stock traded as high as $135.62 and last traded at $134.27. 41,812,483 shares changed hands during trading, a decline of 50% from the average session volume of 82,906,073 shares. The stock had previously closed at $132.12.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. DA Davidson upped their price objective on Palantir Technologies from $100.00 to $115.00 and gave the stock a “neutral” rating in a report on Tuesday, May 6th. Loop Capital set a $155.00 price objective on Palantir Technologies and gave the stock a “buy” rating in a report on Thursday, June 12th. Wedbush set a $140.00 price objective on Palantir Technologies and gave the stock an “outperform” rating in a report on Tuesday, May 6th. The Goldman Sachs Group upped their price objective on Palantir Technologies from $80.00 to $90.00 and gave the stock a “neutral” rating in a report on Tuesday, May 6th. Finally, UBS Group reaffirmed a “positive” rating on shares of Palantir Technologies in a report on Wednesday, June 25th. Five research analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $89.32.

Palantir Technologies Stock Performance

The stock has a fifty day simple moving average of $128.47 and a 200-day simple moving average of $101.68. The stock has a market cap of $316.85 billion, a P/E ratio of 583.76, a PEG ratio of 11.47 and a beta of 2.59.

Palantir Technologies (NASDAQ:PLTR) last released its earnings results on Monday, May 5th. The company reported $0.13 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.13. The firm had revenue of $883.86 million during the quarter, compared to analysts’ expectations of $863.89 million. Palantir Technologies had a return on equity of 6.55% and a net margin of 18.32%. The company’s revenue was up 39.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.08 EPS. On average, research analysts anticipate that Palantir Technologies Inc. will post 0.31 earnings per share for the current year.

Insider Activity at Palantir Technologies

In other news, insider David A. Glazer sold 30,812 shares of the stock in a transaction dated Tuesday, May 20th. The shares were sold at an average price of $126.39, for a total transaction of $3,894,328.68. Following the completion of the transaction, the insider directly owned 495,497 shares in the company, valued at $62,625,865.83. This represents a 5.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Ryan D. Taylor sold 35,480 shares of the stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $126.39, for a total transaction of $4,484,317.20. Following the transaction, the insider owned 367,691 shares of the company’s stock, valued at approximately $46,472,465.49. This represents a 8.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,451,497 shares of company stock worth $186,110,685. Corporate insiders own 9.23% of the company’s stock.

Hedge Funds Weigh In On Palantir Technologies

Large investors have recently modified their holdings of the business. Assenagon Asset Management S.A. lifted its stake in Palantir Technologies by 15.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 49,651 shares of the company’s stock valued at $4,191,000 after purchasing an additional 6,479 shares during the last quarter. Pitcairn Co. acquired a new stake in Palantir Technologies in the 4th quarter valued at about $281,000. Sagespring Wealth Partners LLC lifted its stake in Palantir Technologies by 36.3% in the 1st quarter. Sagespring Wealth Partners LLC now owns 24,054 shares of the company’s stock valued at $2,030,000 after purchasing an additional 6,405 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in Palantir Technologies in the 4th quarter valued at about $52,033,000. Finally, CX Institutional acquired a new stake in Palantir Technologies in the 1st quarter valued at about $62,000. 45.65% of the stock is currently owned by institutional investors and hedge funds.

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.