Wedbush Reaffirms “Outperform” Rating for Palantir Technologies (NASDAQ:PLTR)

Wedbush reissued their outperform rating on shares of Palantir Technologies (NASDAQ:PLTR) in a research note released on Monday morning,Benzinga reports. The firm currently has a $120.00 target price on the stock.

Several other equities research analysts have also recently issued reports on the stock. Northland Securities raised their target price on shares of Palantir Technologies from $38.00 to $80.00 and gave the stock a “market perform” rating in a report on Tuesday, February 4th. Cantor Fitzgerald increased their price target on shares of Palantir Technologies from $72.00 to $98.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 4th. UBS Group increased their price target on shares of Palantir Technologies from $80.00 to $105.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 4th. Citigroup increased their price target on shares of Palantir Technologies from $42.00 to $110.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. Finally, Robert W. Baird increased their price target on shares of Palantir Technologies from $70.00 to $100.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 4th. Five investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Palantir Technologies currently has an average rating of “Hold” and an average price target of $74.79.

Palantir Technologies Stock Up 6.8 %

NASDAQ:PLTR opened at $90.13 on Monday. Palantir Technologies has a 52 week low of $20.33 and a 52 week high of $125.41. The company’s 50 day moving average price is $87.34 and its 200-day moving average price is $62.79. The stock has a market cap of $211.39 billion, a price-to-earnings ratio of 474.39, a PEG ratio of 10.84 and a beta of 2.81.

Insiders Place Their Bets

In related news, insider Shyam Sankar sold 30,000 shares of Palantir Technologies stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $92.43, for a total transaction of $2,772,900.00. Following the completion of the transaction, the insider now directly owns 702,786 shares of the company’s stock, valued at approximately $64,958,509.98. The trade was a 4.09 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lauren Elaina Friedman Stat sold 10,721 shares of Palantir Technologies stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $76.78, for a total transaction of $823,158.38. Following the transaction, the director now directly owns 100,923 shares of the company’s stock, valued at approximately $7,748,867.94. This represents a 9.60 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,439,783 shares of company stock valued at $107,497,043 in the last three months. Corporate insiders own 12.93% of the company’s stock.

Hedge Funds Weigh In On Palantir Technologies

A number of large investors have recently made changes to their positions in PLTR. State Street Corp boosted its stake in shares of Palantir Technologies by 96.4% during the 3rd quarter. State Street Corp now owns 82,512,440 shares of the company’s stock worth $3,069,463,000 after purchasing an additional 40,498,024 shares during the period. Norges Bank purchased a new stake in Palantir Technologies in the 4th quarter valued at about $1,360,191,000. Geode Capital Management LLC boosted its position in Palantir Technologies by 52.9% in the 3rd quarter. Geode Capital Management LLC now owns 47,946,926 shares of the company’s stock valued at $1,777,568,000 after buying an additional 16,598,253 shares during the period. Charles Schwab Investment Management Inc. boosted its position in Palantir Technologies by 60.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 12,387,040 shares of the company’s stock valued at $460,798,000 after buying an additional 4,667,955 shares during the period. Finally, Wellington Management Group LLP boosted its position in Palantir Technologies by 504.0% in the 4th quarter. Wellington Management Group LLP now owns 4,682,230 shares of the company’s stock valued at $354,117,000 after buying an additional 3,907,022 shares during the period. 45.65% of the stock is owned by hedge funds and other institutional investors.

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.