Wedbush Reiterates “Outperform” Rating for Palantir Technologies (NASDAQ:PLTR)

Palantir Technologies (NASDAQ:PLTR)‘s stock had its “outperform” rating reiterated by equities researchers at Wedbush in a report issued on Monday,Benzinga reports. They presently have a $230.00 price target on the stock. Wedbush’s price objective would suggest a potential upside of 52.37% from the company’s current price.

Several other equities analysts have also recently weighed in on PLTR. HSBC raised Palantir Technologies from a “hold” rating to a “buy” rating and set a $205.00 price objective for the company in a research report on Tuesday, February 3rd. Piper Sandler reaffirmed an “overweight” rating and issued a $230.00 price target on shares of Palantir Technologies in a research report on Tuesday, February 3rd. Freedom Capital upgraded Palantir Technologies from a “strong sell” rating to a “strong-buy” rating in a report on Friday, February 13th. DA Davidson reduced their price objective on Palantir Technologies from $215.00 to $180.00 and set a “neutral” rating for the company in a research report on Tuesday, February 3rd. Finally, Truist Financial initiated coverage on shares of Palantir Technologies in a research note on Tuesday, January 6th. They issued a “buy” rating and a $223.00 price objective on the stock. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $194.05.

Palantir Technologies Trading Down 1.7%

NASDAQ PLTR opened at $150.95 on Monday. Palantir Technologies has a 1 year low of $66.12 and a 1 year high of $207.52. The company has a fifty day simple moving average of $152.99 and a 200 day simple moving average of $168.89. The company has a market cap of $361.02 billion, a P/E ratio of 239.61, a P/E/G ratio of 2.99 and a beta of 1.70.

Palantir Technologies (NASDAQ:PLTR) last announced its earnings results on Monday, February 2nd. The company reported $0.25 EPS for the quarter, topping the consensus estimate of $0.23 by $0.02. Palantir Technologies had a net margin of 36.31% and a return on equity of 23.81%. The firm had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.34 billion. During the same quarter last year, the firm posted $0.14 EPS. The business’s quarterly revenue was up 70.0% on a year-over-year basis. Equities research analysts forecast that Palantir Technologies will post 0.31 EPS for the current fiscal year.

Insider Transactions at Palantir Technologies

In other news, insider Stephen Andrew Cohen sold 327,088 shares of the business’s stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $133.72, for a total transaction of $43,738,207.36. Following the sale, the insider directly owned 592 shares in the company, valued at approximately $79,162.24. The trade was a 99.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Shyam Sankar sold 168,004 shares of the company’s stock in a transaction on Friday, February 20th. The shares were sold at an average price of $133.72, for a total value of $22,465,494.88. Following the completion of the transaction, the insider owned 642,786 shares of the company’s stock, valued at $85,953,343.92. The trade was a 20.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 1,045,279 shares of company stock worth $140,539,043. 12.93% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Palantir Technologies

A number of institutional investors have recently bought and sold shares of the business. Occidental Asset Management LLC raised its position in Palantir Technologies by 2.8% in the third quarter. Occidental Asset Management LLC now owns 1,964 shares of the company’s stock worth $358,000 after purchasing an additional 53 shares in the last quarter. Gallacher Capital Management LLC boosted its holdings in Palantir Technologies by 2.2% during the third quarter. Gallacher Capital Management LLC now owns 2,452 shares of the company’s stock valued at $447,000 after purchasing an additional 53 shares in the last quarter. Bare Financial Services Inc boosted its holdings in Palantir Technologies by 54.5% during the third quarter. Bare Financial Services Inc now owns 156 shares of the company’s stock valued at $28,000 after purchasing an additional 55 shares in the last quarter. Lionshead Wealth Management LLC grew its stake in shares of Palantir Technologies by 0.4% in the 3rd quarter. Lionshead Wealth Management LLC now owns 13,130 shares of the company’s stock valued at $2,395,000 after purchasing an additional 56 shares during the period. Finally, Ellenbecker Investment Group grew its stake in shares of Palantir Technologies by 3.6% in the 3rd quarter. Ellenbecker Investment Group now owns 1,619 shares of the company’s stock valued at $295,000 after purchasing an additional 57 shares during the period. Institutional investors and hedge funds own 45.65% of the company’s stock.

Palantir Technologies Company Profile

Palantir Technologies is a software company that develops data integration, analytics and operational decision-making platforms for government and commercial customers. Founded in 2003 by a team that included Alex Karp and Peter Thiel, Palantir has grown into a provider of enterprise-scale software designed to help organizations integrate disparate data sources, build analytic models and drive operational workflows. The company went public in 2020 and continues to position its products around large, complex data projects where security, provenance and real-time collaboration are important.

Palantir’s product portfolio centers on a small number of core platforms.