Palantir Technologies (NASDAQ:PLTR) Reaches New 1-Year High – Here’s Why

Palantir Technologies Inc. (NASDAQ:PLTR) shares hit a new 52-week high on Friday . The company traded as high as $84.80 and last traded at $84.12, with a volume of 21173460 shares changing hands. The stock had previously closed at $81.22.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Northland Securities lifted their price objective on Palantir Technologies from $35.00 to $38.00 and gave the stock a “market perform” rating in a report on Tuesday, November 5th. Robert W. Baird started coverage on shares of Palantir Technologies in a research note on Thursday, December 12th. They issued a “neutral” rating and a $70.00 price objective on the stock. DA Davidson upped their price target on shares of Palantir Technologies from $28.00 to $47.00 and gave the company a “neutral” rating in a report on Tuesday, November 5th. The Goldman Sachs Group boosted their target price on shares of Palantir Technologies from $16.00 to $41.00 and gave the company a “neutral” rating in a research note on Thursday, November 7th. Finally, Jefferies Financial Group downgraded Palantir Technologies from a “hold” rating to an “underperform” rating and set a $28.00 price objective for the company. in a report on Thursday, November 7th. Seven analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Palantir Technologies has an average rating of “Hold” and a consensus price target of $44.61.

Palantir Technologies Stock Performance

The company’s 50 day moving average is $73.34 and its 200 day moving average is $50.31. The firm has a market cap of $192.08 billion, a P/E ratio of 423.81, a P/E/G ratio of 7.29 and a beta of 2.82.

Palantir Technologies (NASDAQ:PLTR) last released its quarterly earnings results on Monday, November 4th. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.09 by $0.01. Palantir Technologies had a net margin of 18.01% and a return on equity of 9.94%. 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 business earned $0.03 EPS. The company’s revenue was up 30.0% compared to the same quarter last year. On average, equities research analysts anticipate that Palantir Technologies Inc. will post 0.19 EPS for the current year.

Insiders Place Their Bets

In other news, Director Alexandra W. Schiff sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 7th. The shares were sold at an average price of $71.63, for a total value of $286,520.00. Following the sale, the director now owns 195,393 shares of the company’s stock, valued at $13,996,000.59. The trade was a 2.01 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Heather A. Planishek sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 5th. The stock was sold at an average price of $49.96, for a total transaction of $999,200.00. Following the completion of the transaction, the insider now directly owns 562,006 shares of the company’s stock, valued at approximately $28,077,819.76. This trade represents a 3.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 20,181,807 shares of company stock valued at $1,288,448,522 in the last three months. 12.93% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Palantir Technologies

Large investors have recently added to or reduced their stakes in the company. Northwest Investment Counselors LLC bought a new stake in shares of Palantir Technologies during the third quarter valued at approximately $25,000. Prestige Wealth Management Group LLC boosted its stake in Palantir Technologies by 747.1% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock worth $27,000 after purchasing an additional 650 shares in the last quarter. Roxbury Financial LLC purchased a new stake in Palantir Technologies during the 4th quarter valued at about $27,000. First PREMIER Bank purchased a new position in Palantir Technologies in the fourth quarter worth about $28,000. Finally, Wolff Wiese Magana LLC increased its holdings in shares of Palantir Technologies by 230.4% in the 4th quarter. Wolff Wiese Magana LLC now owns 380 shares of the company’s stock worth $29,000 after purchasing an additional 265 shares in the last quarter. Hedge funds and other institutional investors 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.