Bank of America Forecasts Strong Price Appreciation for Palantir Technologies (NYSE:PLTR) Stock

Palantir Technologies (NYSE:PLTR) had its price objective upped by research analysts at Bank of America from $55.00 to $75.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s price objective points to a potential upside of 16.55% from the company’s previous close.

A number of other research firms have also weighed in on PLTR. The Goldman Sachs Group raised their target price on shares of Palantir Technologies from $16.00 to $41.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Raymond James lowered shares of Palantir Technologies from an “outperform” rating to a “market perform” rating in a research note on Monday, September 23rd. DA Davidson raised their target price on shares of Palantir Technologies from $28.00 to $47.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 5th. Northland Securities raised 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 note on Tuesday, November 5th. Finally, Argus downgraded shares of Palantir Technologies from a “buy” rating to a “hold” rating in a report on Thursday, November 7th. Six research analysts have rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $35.64.

Palantir Technologies Trading Up 4.9 %

Shares of Palantir Technologies stock opened at $64.35 on Monday. The firm has a market capitalization of $146.59 billion, a PE ratio of 321.77 and a beta of 2.70. Palantir Technologies has a twelve month low of $15.66 and a twelve month high of $66.00. The firm’s 50-day moving average price is $45.94 and its 200 day moving average price is $33.48.

Palantir Technologies (NYSE:PLTR) last issued its quarterly earnings results 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. The firm had revenue of $725.52 million for the quarter, compared to analyst estimates of $705.11 million. Palantir Technologies had a net margin of 18.01% and a return on equity of 9.94%. Palantir Technologies’s quarterly revenue was up 30.0% compared to the same quarter last year. During the same period last year, the company posted $0.03 EPS. On average, sell-side analysts predict that Palantir Technologies will post 0.21 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Alexander C. Karp sold 1,620,395 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $63.21, for a total transaction of $102,425,167.95. Following the completion of the sale, the insider now owns 6,432,258 shares in the company, valued at $406,583,028.18. The trade was a 20.12 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Alexander D. Moore sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $30.89, for a total value of $617,800.00. Following the sale, the director now owns 1,510,630 shares of the company’s stock, valued at approximately $46,663,360.70. The trade was a 1.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,167,451 shares of company stock worth $1,603,067,889 over the last 90 days. 12.93% of the stock is owned by insiders.

Institutional Investors Weigh In On Palantir Technologies

Institutional investors have recently added to or reduced their stakes in the business. Summit Securities Group LLC acquired a new position in Palantir Technologies during the second quarter worth approximately $25,000. Farmers & Merchants Investments Inc. acquired a new position in shares of Palantir Technologies in the second quarter valued at approximately $25,000. Northwest Investment Counselors LLC acquired a new position in shares of Palantir Technologies in the third quarter valued at approximately $25,000. Prestige Wealth Management Group LLC increased its holdings in shares of Palantir Technologies by 747.1% in the third quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock valued at $27,000 after purchasing an additional 650 shares during the period. Finally, University of Texas Texas AM Investment Management Co. acquired a new position in shares of Palantir Technologies in the second quarter valued at approximately $30,000. Hedge funds and other institutional investors own 45.65% of the company’s stock.

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.