Palantir Technologies (NYSE:PLTR) Stock Price Up 6.2% After Analyst Upgrade

Shares of Palantir Technologies Inc. (NYSE:PLTR) shot up 6.2% during trading on Wednesday after The Goldman Sachs Group raised their price target on the stock from $14.00 to $16.00. The Goldman Sachs Group currently has a neutral rating on the stock. Palantir Technologies traded as high as $28.30 and last traded at $28.25. 31,022,265 shares changed hands during trading, a decline of 43% from the average session volume of 54,849,301 shares. The stock had previously closed at $26.59.

Several other research firms have also commented on PLTR. Deutsche Bank Aktiengesellschaft increased their price target on shares of Palantir Technologies from $20.00 to $21.00 and gave the company a “sell” rating in a research report on Tuesday. Mizuho lowered shares of Palantir Technologies from a “neutral” rating to an “underperform” rating and increased their price target for the company from $21.00 to $22.00 in a research report on Tuesday, July 16th. Royal Bank of Canada reissued an “underperform” rating and set a $9.00 price target on shares of Palantir Technologies in a research report on Tuesday. Jefferies Financial Group increased their price target on shares of Palantir Technologies from $24.00 to $28.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Finally, Monness Crespi & Hardt decreased their price objective on shares of Palantir Technologies from $20.00 to $18.00 and set a “sell” rating for the company in a research report on Tuesday. Seven analysts have rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, Palantir Technologies has an average rating of “Hold” and an average price target of $22.10.

Insiders Place Their Bets

In other news, Director Lauren Elaina Friedman Stat sold 3,050 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $26.43, for a total transaction of $80,611.50. Following the sale, the director now owns 65,989 shares of the company’s stock, valued at approximately $1,744,089.27. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Lauren Elaina Friedman Stat sold 3,050 shares of Palantir Technologies stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $26.43, for a total value of $80,611.50. Following the sale, the director now owns 65,989 shares of the company’s stock, valued at approximately $1,744,089.27. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider David A. Glazer sold 90,000 shares of Palantir Technologies stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $29.36, for a total transaction of $2,642,400.00. Following the completion of the sale, the insider now directly owns 298,012 shares in the company, valued at approximately $8,749,632.32. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,164,396 shares of company stock valued at $108,289,707. 12.93% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PLTR. Summit Securities Group LLC purchased a new position in Palantir Technologies in the 2nd quarter valued at $25,000. Farmers & Merchants Investments Inc. purchased a new position in Palantir Technologies in the 2nd quarter valued at $25,000. First United Bank & Trust purchased a new position in Palantir Technologies in the 4th quarter valued at $26,000. West Paces Advisors Inc. lifted its holdings in Palantir Technologies by 110.7% in the 1st quarter. West Paces Advisors Inc. now owns 1,180 shares of the company’s stock valued at $27,000 after purchasing an additional 620 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV lifted its holdings in Palantir Technologies by 105.3% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 1,347 shares of the company’s stock valued at $31,000 after purchasing an additional 691 shares in the last quarter. Hedge funds and other institutional investors own 45.65% of the company’s stock.

Palantir Technologies Trading Up 6.1 %

The firm has a fifty day moving average price of $25.54 and a 200 day moving average price of $23.45. The firm has a market cap of $62.80 billion, a PE ratio of 235.42, a price-to-earnings-growth ratio of 6.02 and a beta of 2.71.

Palantir Technologies (NYSE:PLTR) last posted its quarterly earnings results on Monday, August 5th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.08 by $0.01. Palantir Technologies had a return on equity of 8.28% and a net margin of 12.79%. The business had revenue of $678.13 million for the quarter, compared to analyst estimates of $653.23 million. During the same quarter in the previous year, the firm earned $0.01 EPS. The company’s quarterly revenue was up 27.2% compared to the same quarter last year. As a group, equities analysts predict that Palantir Technologies Inc. will post 0.16 earnings per share for the current year.

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.