Palantir Technologies (NASDAQ:PLTR) Trading Up 2.1% – What’s Next?

Palantir Technologies Inc. (NASDAQ:PLTR) shares traded up 2.1% during mid-day trading on Wednesday . The stock traded as high as $84.80 and last traded at $82.38. 64,983,266 shares were traded during trading, an increase of 5% from the average session volume of 61,714,367 shares. The stock had previously closed at $80.69.

Analysts Set New Price Targets

PLTR has been the subject of several recent analyst reports. Bank of America lifted their target price on shares of Palantir Technologies from $55.00 to $75.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Wedbush upped their target price on Palantir Technologies from $57.00 to $75.00 and gave the company an “outperform” rating in a research note on Monday, November 25th. William Blair restated an “underperform” rating on shares of Palantir Technologies in a report on Wednesday, December 18th. Argus lowered shares of Palantir Technologies from a “buy” rating to a “hold” rating in a report on Thursday, November 7th. Finally, Raymond James downgraded shares of Palantir Technologies from an “outperform” rating to a “market perform” rating in a report on Monday, September 23rd. Six analysts have rated the stock with a sell rating, eleven have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $41.00.

Palantir Technologies Stock Performance

The business’s fifty day simple moving average is $60.61 and its 200 day simple moving average is $41.33. The stock has a market cap of $187.66 billion, a price-to-earnings ratio of 411.92, a price-to-earnings-growth ratio of 10.18 and a beta of 2.87.

Palantir Technologies (NASDAQ:PLTR) last issued its quarterly earnings data 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. Palantir Technologies had a return on equity of 9.94% and a net margin of 18.01%. The firm had revenue of $725.52 million during the quarter, compared to analyst estimates of $705.11 million. During the same quarter last year, the firm earned $0.03 EPS. Palantir Technologies’s quarterly revenue was up 30.0% on a year-over-year basis. As a group, analysts forecast that Palantir Technologies Inc. will post 0.21 EPS for the current fiscal year.

Insider Activity at Palantir Technologies

In other Palantir Technologies news, insider Stephen Andrew Cohen sold 450,000 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were sold at an average price of $70.95, for a total transaction of $31,927,500.00. Following the completion of the sale, the insider now owns 592 shares in the company, valued at $42,002.40. The trade was a 99.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Peter Thiel sold 3,989,204 shares of the firm’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $36.94, for a total transaction of $147,361,195.76. Following the completion of the transaction, the director now directly owns 42,683,569 shares in the company, valued at $1,576,731,038.86. This represents a 8.55 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 31,351,045 shares of company stock valued at $1,710,644,202 over the last ninety days. Corporate insiders own 12.93% of the company’s stock.

Institutional Investors Weigh In On Palantir Technologies

Hedge funds have recently added to or reduced their stakes in the stock. State Street Corp grew its position in Palantir Technologies by 96.4% in 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 last quarter. Geode Capital Management LLC lifted its stake in shares of Palantir Technologies by 52.9% in the 3rd quarter. Geode Capital Management LLC now owns 47,946,926 shares of the company’s stock worth $1,777,568,000 after acquiring an additional 16,598,253 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Palantir Technologies by 5.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 14,982,925 shares of the company’s stock valued at $557,365,000 after acquiring an additional 808,444 shares in the last quarter. FMR LLC increased its stake in shares of Palantir Technologies by 8.8% during the third quarter. FMR LLC now owns 12,478,281 shares of the company’s stock valued at $464,192,000 after acquiring an additional 1,004,603 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in Palantir Technologies by 60.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 12,387,040 shares of the company’s stock worth $460,798,000 after purchasing an additional 4,667,955 shares during the period. 45.65% of the stock is currently owned by institutional investors.

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.