Palantir Technologies (NASDAQ:PLTR) Trading Up 0.9% Following Analyst Upgrade

Palantir Technologies Inc. (NASDAQ:PLTR) shares rose 0.9% on Thursday 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 $78.53 and last traded at $77.53. Approximately 24,256,373 shares traded hands during trading, a decline of 64% from the average daily volume of 67,594,070 shares. The stock had previously closed at $76.87.

Other equities analysts have also issued reports about the stock. Morgan Stanley reiterated an “underweight” rating and set a $60.00 target price on shares of Palantir Technologies in a report on Monday, January 6th. Robert W. Baird assumed coverage on shares of Palantir Technologies in a research note on Thursday, December 12th. They issued a “neutral” rating and a $70.00 target price on the stock. Cantor Fitzgerald started coverage on shares of Palantir Technologies in a report on Friday, January 17th. They issued a “neutral” rating and a $72.00 price objective for the company. William Blair restated an “underperform” rating on shares of Palantir Technologies in a research note on Wednesday, December 18th. Finally, Northland Securities lifted their target price on shares of Palantir Technologies from $35.00 to $38.00 and gave the stock a “market perform” rating in a research report on Tuesday, November 5th. Seven analysts have rated the stock with a sell rating, twelve have issued a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $44.61.

Insider Transactions at Palantir Technologies

In related news, Director Alexandra W. Schiff sold 4,000 shares of the stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $71.63, for a total transaction of $286,520.00. Following the completion of the sale, the director now owns 195,393 shares of the company’s stock, valued at $13,996,000.59. This represents a 2.01 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Stephen Andrew Cohen sold 450,000 shares of the company’s stock in a transaction on Wednesday, December 11th. The stock was sold at an average price of $70.95, for a total value of $31,927,500.00. Following the transaction, the insider now directly owns 592 shares in the company, valued at approximately $42,002.40. The trade was a 99.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 23,642,189 shares of company stock valued at $1,444,232,453. 12.93% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Palantir Technologies

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Northwest Investment Counselors LLC acquired a new position in shares of Palantir Technologies during the 3rd quarter worth about $25,000. Prestige Wealth Management Group LLC boosted its position in shares of Palantir Technologies by 747.1% during the third quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock worth $27,000 after buying an additional 650 shares during the period. First PREMIER Bank acquired a new position in Palantir Technologies during the 4th quarter worth about $28,000. Wolff Wiese Magana LLC boosted its holdings in Palantir Technologies by 230.4% during the 4th quarter. Wolff Wiese Magana LLC now owns 380 shares of the company’s stock valued at $29,000 after acquiring an additional 265 shares during the period. Finally, University of Texas Texas AM Investment Management Co. purchased a new stake in Palantir Technologies during the second quarter worth about $30,000. 45.65% of the stock is owned by hedge funds and other institutional investors.

Palantir Technologies Stock Up 1.4 %

The firm has a market cap of $177.58 billion, a price-to-earnings ratio of 390.59, a PEG ratio of 6.73 and a beta of 2.82. The company’s 50-day moving average price is $71.30 and its 200-day moving average price is $48.32.

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