Palantir Technologies (NASDAQ:PLTR) Sets New 1-Year High – What’s Next?

Palantir Technologies Inc. (NASDAQ:PLTR)’s stock price hit a new 52-week high on Tuesday . The stock traded as high as $121.09 and last traded at $124.63, with a volume of 1915548 shares traded. The stock had previously closed at $119.16.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PLTR. Baird R W raised Palantir Technologies to a “hold” rating in a report on Thursday, December 12th. UBS Group boosted their price objective on Palantir Technologies from $80.00 to $105.00 and gave the stock a “neutral” rating in a report on Tuesday, February 4th. Morgan Stanley raised Palantir Technologies from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $60.00 to $95.00 in a report on Tuesday, February 4th. Mizuho upped their price target on Palantir Technologies from $44.00 to $80.00 and gave the company an “underperform” rating in a research note on Tuesday, February 4th. Finally, Jefferies Financial Group upped their price target on Palantir Technologies from $28.00 to $60.00 and gave the company an “underperform” rating in a research note on Tuesday, February 4th. Six investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Palantir Technologies presently has a consensus rating of “Hold” and a consensus price target of $73.21.

Palantir Technologies Stock Performance

The business has a 50-day simple moving average of $84.70 and a two-hundred day simple moving average of $58.51. The stock has a market cap of $242.09 billion, a price-to-earnings ratio of 559.35, a P/E/G ratio of 12.81 and a beta of 2.81.

Insiders Place Their Bets

In other news, insider Heather A. Planishek sold 13,891 shares of the stock in a transaction that occurred on Tuesday, February 11th. The stock was sold at an average price of $115.96, for a total value of $1,610,800.36. Following the completion of the sale, the insider now owns 512,006 shares of the company’s stock, valued at approximately $59,372,215.76. This represents a 2.64 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Alexander C. Karp sold 1,620,395 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $63.21, for a total value of $102,425,167.95. Following the completion of the sale, the insider now directly owns 6,432,258 shares of the company’s stock, valued at approximately $406,583,028.18. The trade was a 20.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 8,301,387 shares of company stock valued at $575,821,045 in the last quarter. 12.93% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Palantir Technologies

Hedge funds have recently added to or reduced their stakes in the business. Northwest Investment Counselors LLC acquired a new stake in Palantir Technologies during the 3rd quarter valued at $25,000. Prestige Wealth Management Group LLC lifted its holdings in Palantir Technologies by 747.1% during the 3rd 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 last quarter. Roxbury Financial LLC acquired a new stake in Palantir Technologies during the 4th quarter valued at $27,000. First PREMIER Bank bought a new position in Palantir Technologies during the 4th quarter worth $28,000. Finally, Wolff Wiese Magana LLC increased its position in Palantir Technologies by 230.4% during the 4th quarter. Wolff Wiese Magana LLC now owns 380 shares of the company’s stock worth $29,000 after buying an additional 265 shares during the period. Institutional investors and hedge funds own 45.65% of the company’s stock.

About Palantir Technologies

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.