Palantir Technologies (NYSE:PLTR) Trading Up 2.9% Following Analyst Upgrade

Palantir Technologies Inc. (NYSE:PLTR)’s share price shot up 2.9% on Wednesday after Citigroup raised their price target on the stock from $25.00 to $28.00. Citigroup currently has a neutral rating on the stock. Palantir Technologies traded as high as $27.32 and last traded at $27.14. 7,112,015 shares were traded during trading, a decline of 87% from the average session volume of 54,501,609 shares. The stock had previously closed at $26.37.

A number of other research analysts also recently weighed in on the company. HSBC raised their target price on Palantir Technologies from $22.00 to $23.00 and gave the stock a “hold” rating in a research report on Tuesday, May 7th. Wedbush reissued an “outperform” rating and issued a $35.00 price objective on shares of Palantir Technologies in a report on Monday, May 6th. Argus started coverage on shares of Palantir Technologies in a report on Monday, June 17th. They set a “buy” rating and a $29.00 target price for the company. Deutsche Bank Aktiengesellschaft increased their price target on shares of Palantir Technologies from $18.00 to $20.00 and gave the stock a “sell” rating in a research report on Tuesday, May 7th. Finally, DA Davidson boosted their price objective on shares of Palantir Technologies from $19.00 to $24.00 and gave the company a “neutral” rating in a research report on Tuesday, May 7th. Seven analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Palantir Technologies currently has an average rating of “Hold” and an average price target of $21.96.

Insider Buying and Selling

In related news, insider David A. Glazer sold 90,000 shares of the business’s stock in a transaction that occurred on Thursday, July 18th. The stock was sold at an average price of $29.36, for a total value of $2,642,400.00. Following the transaction, the insider now directly owns 298,012 shares of the company’s stock, valued at approximately $8,749,632.32. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Palantir Technologies news, 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 value of $2,642,400.00. Following the sale, the insider now directly owns 298,012 shares in the company, valued at approximately $8,749,632.32. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Alexander D. Moore sold 20,422 shares of the stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $22.94, for a total transaction of $468,480.68. Following the transaction, the director now directly owns 1,587,707 shares of the company’s stock, valued at approximately $36,421,998.58. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,447,179 shares of company stock worth $242,285,913. 12.93% of the stock is owned by corporate insiders.

Institutional Trading of Palantir Technologies

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Palantir Technologies by 1.6% during the first quarter. Vanguard Group Inc. now owns 196,834,580 shares of the company’s stock valued at $4,529,164,000 after purchasing an additional 3,029,317 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of Palantir Technologies by 15.7% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 14,571,224 shares of the company’s stock worth $335,284,000 after buying an additional 1,980,495 shares during the last quarter. ARK Investment Management LLC raised its position in shares of Palantir Technologies by 2.2% during the 2nd quarter. ARK Investment Management LLC now owns 13,023,099 shares of the company’s stock valued at $329,875,000 after buying an additional 277,623 shares in the last quarter. Nikko Asset Management Americas Inc. lifted its holdings in shares of Palantir Technologies by 19.2% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 9,829,631 shares of the company’s stock valued at $226,180,000 after acquiring an additional 1,580,548 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Palantir Technologies by 4.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 7,326,275 shares of the company’s stock valued at $185,575,000 after acquiring an additional 292,885 shares during the last quarter. Institutional investors own 45.65% of the company’s stock.

Palantir Technologies Price Performance

The company has a 50-day moving average of $25.07 and a 200 day moving average of $23.13. The company has a market cap of $60.55 billion, a PE ratio of 226.19, a price-to-earnings-growth ratio of 6.25 and a beta of 2.71.

Palantir Technologies (NYSE:PLTR) last announced its earnings results on Monday, May 6th. The company reported $0.04 EPS for the quarter, hitting analysts’ consensus estimates of $0.04. Palantir Technologies had a return on equity of 8.28% and a net margin of 12.79%. The firm had revenue of $634.34 million during the quarter, compared to analysts’ expectations of $614.88 million. Equities research analysts expect that Palantir Technologies Inc. will post 0.16 EPS 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.