Bank of America Issues Positive Forecast for Palantir Technologies (NYSE:PLTR) Stock Price

Palantir Technologies (NYSE:PLTR) had its price objective hoisted by Bank of America from $55.00 to $75.00 in a research note released on Monday morning,Benzinga reports. Bank of America currently has a buy rating on the stock.

Several other research analysts have also recently issued reports on the stock. Jefferies Financial Group cut shares of Palantir Technologies from a “hold” rating to an “underperform” rating and set a $28.00 target price for the company. in a report on Thursday, November 7th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Palantir Technologies from $20.00 to $21.00 and gave the stock a “sell” rating in a report on Tuesday, August 6th. Northland Securities raised their target price on shares of Palantir Technologies from $35.00 to $38.00 and gave the stock a “market perform” rating in a report on Tuesday, November 5th. Royal Bank of Canada reissued an “underperform” rating and set a $9.00 target price on shares of Palantir Technologies in a report on Tuesday, August 6th. Finally, Mizuho raised their target price on shares of Palantir Technologies from $30.00 to $37.00 and gave the stock an “underperform” rating in a report on Tuesday, November 5th. Six analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Palantir Technologies currently has a consensus rating of “Hold” and an average price target of $35.64.

Palantir Technologies Trading Up 0.4 %

NYSE PLTR opened at $64.63 on Monday. The company has a fifty day simple moving average of $46.50 and a two-hundred day simple moving average of $33.78. The stock has a market cap of $147.23 billion, a P/E ratio of 323.17 and a beta of 2.70. Palantir Technologies has a 12-month low of $15.66 and a 12-month high of $67.88.

Palantir Technologies (NYSE:PLTR) last posted its quarterly earnings results on Monday, November 4th. The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. The business had revenue of $725.52 million during the quarter, compared to analysts’ expectations of $705.11 million. Palantir Technologies had a net margin of 18.01% and a return on equity of 9.94%. The business’s quarterly revenue was up 30.0% on a year-over-year basis. During the same quarter last year, the company posted $0.03 earnings per share. As a group, sell-side analysts forecast that Palantir Technologies will post 0.21 earnings per share for the current year.

Insider Activity

In other news, insider Alexander C. Karp sold 4,500,000 shares of Palantir Technologies stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $36.07, for a total value of $162,315,000.00. Following the sale, the insider now owns 6,432,258 shares in the company, valued at $232,011,546.06. This trade represents a 41.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Heather A. Planishek sold 14,016 shares of Palantir Technologies stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $30.67, for a total transaction of $429,870.72. Following the completion of the sale, the insider now owns 576,023 shares in the company, valued at approximately $17,666,625.41. This trade represents a 2.38 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,167,451 shares of company stock worth $1,603,067,889 over the last 90 days. 12.93% of the stock is currently owned by company insiders.

Institutional Trading of Palantir Technologies

Several institutional investors have recently modified their holdings of PLTR. Charles Schwab Investment Management Inc. boosted its position in Palantir Technologies by 60.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 12,387,040 shares of the company’s stock worth $460,798,000 after acquiring an additional 4,667,955 shares during the last quarter. State of Alaska Department of Revenue boosted its position in Palantir Technologies by 22.9% during the third quarter. State of Alaska Department of Revenue now owns 370,625 shares of the company’s stock worth $13,786,000 after acquiring an additional 68,945 shares during the last quarter. Oppenheimer & Co. Inc. boosted its position in Palantir Technologies by 19.2% during the third quarter. Oppenheimer & Co. Inc. now owns 541,567 shares of the company’s stock worth $20,146,000 after acquiring an additional 87,062 shares during the last quarter. Tyler Stone Wealth Management boosted its position in Palantir Technologies by 97.9% during the third quarter. Tyler Stone Wealth Management now owns 202,006 shares of the company’s stock worth $7,515,000 after acquiring an additional 99,921 shares during the last quarter. Finally, Heritage Wealth Management Inc. CA acquired a new position in Palantir Technologies during the third quarter worth about $1,076,000. Institutional investors and hedge funds own 45.65% of the company’s stock.

About Palantir Technologies

Palantir Technologies Inc builds and deploys software platforms for the intelligence community to assist in counterterrorism investigations and operations in the United States, the United Kingdom, and internationally. The company provides Palantir Gotham, a software platform which enables users to identify patterns hidden deep within datasets, ranging from signals intelligence sources to reports from confidential informants, as well as facilitates the handoff between analysts and operational users, helping operators plan and execute real-world responses to threats that have been identified within the platform.