Bank of America Raises Palantir Technologies (NYSE:PLTR) Price Target to $50.00

Palantir Technologies (NYSE:PLTR) had its price target lifted by Bank of America from $30.00 to $50.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm currently has a buy rating on the stock.

A number of other brokerages have also recently commented on PLTR. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Palantir Technologies from $20.00 to $21.00 and gave the company a sell rating in a research note on Tuesday, August 6th. Northland Capmk raised shares of Palantir Technologies to a hold rating in a research note on Thursday, August 22nd. Mizuho downgraded Palantir Technologies from a neutral rating to an underperform rating and lifted their price objective for the stock from $21.00 to $22.00 in a research report on Tuesday, July 16th. DA Davidson raised their price target on Palantir Technologies from $24.00 to $28.00 and gave the stock a neutral rating in a research report on Tuesday, August 6th. Finally, The Goldman Sachs Group upped their price objective on Palantir Technologies from $14.00 to $16.00 and gave the company a neutral rating in a research report on Wednesday, August 7th. Five investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Hold and a consensus price target of $26.79.

Palantir Technologies Trading Up 0.2 %

PLTR stock opened at $34.93 on Tuesday. The firm has a 50 day moving average of $29.52 and a 200-day moving average of $25.40. The company has a market cap of $77.79 billion, a price-to-earnings ratio of 291.08, a PEG ratio of 5.35 and a beta of 2.72. Palantir Technologies has a 12-month low of $13.68 and a 12-month high of $35.40.

Palantir Technologies (NYSE:PLTR) last issued its quarterly earnings data on Monday, August 5th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.04 by ($0.01). The firm had revenue of $678.13 million for the quarter, compared to analyst estimates of $653.23 million. Palantir Technologies had a return on equity of 8.88% and a net margin of 16.32%. The business’s revenue for the quarter was up 27.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.01 earnings per share. Sell-side analysts forecast that Palantir Technologies will post 0.19 earnings per share for the current fiscal year.

Insider Buying and Selling at Palantir Technologies

In other news, Director Eric H. Woersching sold 3,000 shares of the company’s stock in a transaction on Tuesday, June 18th. The stock was sold at an average price of $26.00, for a total transaction of $78,000.00. Following the completion of the sale, the director now directly owns 32,843 shares in the company, valued at approximately $853,918. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Eric H. Woersching sold 3,000 shares of the stock in a transaction that occurred on Tuesday, June 18th. The shares were sold at an average price of $26.00, for a total transaction of $78,000.00. Following the completion of the sale, the director now owns 32,843 shares of the company’s stock, valued at approximately $853,918. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Ryan D. Taylor sold 249,684 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $30.01, for a total transaction of $7,493,016.84. Following the completion of the transaction, the insider now owns 372,565 shares in the company, valued at approximately $11,180,675.65. The disclosure for this sale can be found here. Insiders have sold a total of 880,238 shares of company stock worth $27,776,572 in the last quarter. 12.93% of the stock is owned by insiders.

Institutional Trading of Palantir Technologies

Several large investors have recently added to or reduced their stakes in PLTR. Vanguard Group Inc. boosted its position in shares of Palantir Technologies by 3.5% in the fourth quarter. Vanguard Group Inc. now owns 193,805,263 shares of the company’s stock worth $3,327,636,000 after buying an additional 6,466,596 shares during the period. 1832 Asset Management L.P. lifted its position in Palantir Technologies by 248,208.2% during the 1st quarter. 1832 Asset Management L.P. now owns 3,625,300 shares of the company’s stock worth $83,418,000 after acquiring an additional 3,623,840 shares in the last quarter. Marshall Wace LLP boosted its holdings in Palantir Technologies by 594.3% in the 2nd quarter. Marshall Wace LLP now owns 3,550,176 shares of the company’s stock worth $89,926,000 after acquiring an additional 3,038,861 shares during the period. Norges Bank acquired a new stake in Palantir Technologies in the fourth quarter valued at approximately $46,542,000. Finally, Coatue Management LLC raised its stake in shares of Palantir Technologies by 285.6% during the fourth quarter. Coatue Management LLC now owns 3,447,363 shares of the company’s stock valued at $59,191,000 after purchasing an additional 2,553,432 shares during the period. 45.65% of the stock is currently owned by institutional investors and hedge funds.

Palantir Technologies Company Profile

Palantir Technologies Inc builds and deploys software platforms for the intelligence community to assist in counterterrorism investigations and operations in the United States, the United Kingdom, and internationally. The company provides Palantir Gotham, a software platform which enables users to identify patterns hidden deep within datasets, ranging from signals intelligence sources to reports from confidential informants, as well as facilitates the handoff between analysts and operational users, helping operators plan and execute real-world responses to threats that have been identified within the platform.