Palantir Technologies (NASDAQ:PLTR) Sets New 12-Month High – Here’s Why

Palantir Technologies Inc. (NASDAQ:PLTR)’s share price reached a new 52-week high during trading on Tuesday . The company traded as high as $144.86 and last traded at $141.41, with a volume of 80082439 shares traded. The stock had previously closed at $137.40.

Analyst Ratings Changes

A number of analysts recently commented on the company. Citigroup lifted their price objective on Palantir Technologies from $110.00 to $115.00 and gave the stock a “neutral” rating in a research report on Thursday, May 8th. Daiwa Capital Markets assumed coverage on Palantir Technologies in a research report on Tuesday, April 1st. They set a “neutral” rating and a $90.00 price objective for the company. Morgan Stanley lifted their price objective on Palantir Technologies from $90.00 to $98.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 6th. William Blair set a $84.00 price objective on Palantir Technologies in a research report on Wednesday, March 5th. Finally, The Goldman Sachs Group raised their price target on Palantir Technologies from $80.00 to $90.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 6th. Five research analysts have rated the stock with a sell rating, fifteen have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $89.32.

Palantir Technologies Trading Up 1.3%

The firm has a market capitalization of $330.29 billion, a price-to-earnings ratio of 608.52, a price-to-earnings-growth ratio of 11.66 and a beta of 2.64. The firm has a 50 day moving average price of $118.64 and a two-hundred day moving average price of $96.13.

Palantir Technologies (NASDAQ:PLTR) last released its quarterly earnings results on Monday, May 5th. The company reported $0.13 EPS for the quarter, hitting the consensus estimate of $0.13. The firm had revenue of $883.86 million for the quarter, compared to analyst estimates of $863.89 million. Palantir Technologies had a return on equity of 6.55% and a net margin of 18.32%. Palantir Technologies’s revenue for the quarter was up 39.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.08 EPS. As a group, research analysts forecast that Palantir Technologies Inc. will post 0.31 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Shyam Sankar sold 405,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 10th. The stock was sold at an average price of $132.08, for a total transaction of $53,492,400.00. Following the transaction, the insider now directly owns 702,786 shares of the company’s stock, valued at approximately $92,823,974.88. The trade was a 36.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Lauren Elaina Friedman Stat sold 800 shares of the business’s stock in a transaction that occurred on Thursday, April 3rd. The stock was sold at an average price of $81.25, for a total value of $65,000.00. Following the transaction, the director now directly owns 61,339 shares in the company, valued at $4,983,793.75. This trade represents a 1.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,506,925 shares of company stock valued at $188,456,658. Corporate insiders own 9.23% of the company’s stock.

Institutional Investors Weigh In On Palantir Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC increased its holdings in Palantir Technologies by 8.6% during the 4th quarter. Geode Capital Management LLC now owns 52,074,232 shares of the company’s stock worth $3,929,401,000 after purchasing an additional 4,127,306 shares during the last quarter. Northern Trust Corp increased its holdings in Palantir Technologies by 0.3% during the 1st quarter. Northern Trust Corp now owns 19,553,438 shares of the company’s stock worth $1,650,310,000 after purchasing an additional 64,973 shares during the last quarter. Norges Bank purchased a new stake in Palantir Technologies during the 4th quarter worth approximately $1,360,191,000. Invesco Ltd. increased its holdings in Palantir Technologies by 20.3% during the 1st quarter. Invesco Ltd. now owns 17,746,956 shares of the company’s stock worth $1,497,843,000 after purchasing an additional 2,998,716 shares during the last quarter. Finally, FMR LLC increased its holdings in Palantir Technologies by 22.6% during the 4th quarter. FMR LLC now owns 15,296,371 shares of the company’s stock worth $1,156,864,000 after purchasing an additional 2,818,090 shares during the last quarter. 45.65% of the stock is currently owned by hedge funds and other 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.