Palantir Technologies (NASDAQ:PLTR) Hits New 52-Week High After Analyst Upgrade

Shares of Palantir Technologies Inc. (NASDAQ:PLTR) hit a new 52-week high during mid-day trading on Wednesday after Loop Capital raised their price target on the stock from $130.00 to $155.00. Loop Capital currently has a buy rating on the stock. Palantir Technologies traded as high as $136.23 and last traded at $134.98, with a volume of 15611846 shares. The stock had previously closed at $132.81.

Other equities analysts have also recently issued reports about the company. UBS Group boosted their price target on Palantir Technologies from $105.00 to $110.00 and gave the stock a “neutral” rating in a report on Tuesday, May 6th. William Blair set a $84.00 target price on Palantir Technologies in a research note on Wednesday, March 5th. Citigroup upped their target price on Palantir Technologies from $110.00 to $115.00 and gave the company a “neutral” rating in a research note on Thursday, May 8th. Morgan Stanley boosted their price target on Palantir Technologies from $90.00 to $98.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 6th. Finally, Daiwa Capital Markets began coverage on Palantir Technologies in a research report on Tuesday, April 1st. They issued a “neutral” rating and a $90.00 target price for the company. Five investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $86.30.

Insiders Place Their Bets

In other news, insider Shyam Sankar sold 405,000 shares of the stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $132.08, for a total transaction of $53,492,400.00. Following the sale, the insider now directly owns 702,786 shares in the company, valued at approximately $92,823,974.88. This represents a 36.56% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Eric H. Woersching sold 17,000 shares of the stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $129.29, for a total value of $2,197,930.00. Following the sale, the director now owns 12,562 shares in the company, valued at $1,624,140.98. The trade was a 57.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,816,925 shares of company stock valued at $215,448,358 in the last quarter. Insiders own 9.23% of the company’s stock.

Hedge Funds Weigh In On Palantir Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mechanics Financial Corp bought a new stake in shares of Palantir Technologies during the 1st quarter worth $25,000. Roxbury Financial LLC bought a new stake in shares of Palantir Technologies during the 4th quarter worth $27,000. Wealth Preservation Advisors LLC bought a new stake in shares of Palantir Technologies during the 1st quarter worth $27,000. 1248 Management LLC bought a new stake in shares of Palantir Technologies during the 1st quarter worth $27,000. Finally, HighMark Wealth Management LLC boosted its position in shares of Palantir Technologies by 73.5% in the fourth quarter. HighMark Wealth Management LLC now owns 392 shares of the company’s stock worth $30,000 after buying an additional 166 shares during the period. 45.65% of the stock is owned by institutional investors.

Palantir Technologies Stock Down 0.9%

The firm has a market cap of $319.04 billion, a price-to-earnings ratio of 711.56, a PEG ratio of 10.84 and a beta of 2.64. The company has a 50-day moving average price of $114.28 and a 200 day moving average price of $94.12.

Palantir Technologies (NASDAQ:PLTR) last issued its earnings results on Monday, May 5th. The company reported $0.13 EPS for the quarter, hitting the consensus estimate of $0.13. Palantir Technologies had a return on equity of 6.85% and a net margin of 16.13%. The business had revenue of $883.86 million during the quarter, compared to analysts’ expectations of $863.89 million. During the same quarter last year, the firm posted $0.08 earnings per share. Palantir Technologies’s revenue was up 39.4% compared to the same quarter last year. Equities analysts forecast that Palantir Technologies Inc. will post 0.31 EPS for the current year.

Palantir Technologies Company Profile

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.