DA Davidson Forecasts Strong Price Appreciation for Palantir Technologies (NASDAQ:PLTR) Stock

Palantir Technologies (NASDAQ:PLTR) had its target price upped by research analysts at DA Davidson from $47.00 to $105.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. DA Davidson’s price objective points to a potential downside of 0.64% from the stock’s previous close.

Several other brokerages also recently issued reports on PLTR. Argus downgraded shares of Palantir Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, November 7th. Cantor Fitzgerald lifted their price target on shares of Palantir Technologies from $72.00 to $98.00 and gave the stock a “neutral” rating in a report on Tuesday. Robert W. Baird raised their target price on Palantir Technologies from $70.00 to $100.00 and gave the stock a “neutral” rating in a research report on Tuesday. The Goldman Sachs Group upped their price target on Palantir Technologies from $16.00 to $41.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Finally, Wedbush raised their price objective on Palantir Technologies from $75.00 to $90.00 and gave the stock an “outperform” rating in a research report on Thursday, January 23rd. Six investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $61.78.

Palantir Technologies Price Performance

Shares of Palantir Technologies stock traded up $21.93 during trading on Tuesday, hitting $105.67. 109,616,250 shares of the company were exchanged, compared to its average volume of 72,685,938. Palantir Technologies has a 1-year low of $16.48 and a 1-year high of $106.91. The firm has a market capitalization of $240.72 billion, a P/E ratio of 528.39, a price-to-earnings-growth ratio of 7.54 and a beta of 2.81. The firm’s fifty day moving average price is $74.09 and its 200 day moving average price is $51.39.

Palantir Technologies (NASDAQ:PLTR) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.10 EPS for the quarter, topping analysts’ consensus estimates of $0.09 by $0.01. Palantir Technologies had a net margin of 18.01% and a return on equity of 9.94%. The business had revenue of $725.52 million for the quarter, compared to analyst estimates of $705.11 million. During the same quarter in the previous year, the firm posted $0.03 earnings per share. The firm’s revenue for the quarter was up 30.0% on a year-over-year basis. As a group, equities research analysts anticipate that Palantir Technologies will post 0.19 earnings per share for the current year.

Insiders Place Their Bets

In other Palantir Technologies news, Director Lauren Elaina Friedman Stat sold 8,860 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $58.06, for a total value of $514,411.60. Following the transaction, the director now owns 121,390 shares of the company’s stock, valued at $7,047,903.40. This represents a 6.80 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Alexander C. Karp sold 4,500,000 shares of the stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $55.03, for a total transaction of $247,635,000.00. Following the transaction, the insider now owns 6,432,258 shares in the company, valued at approximately $353,967,157.74. The trade was a 41.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 20,153,753 shares of company stock worth $1,287,042,675 in the last 90 days. 12.93% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Palantir Technologies

Several institutional investors have recently added to or reduced their stakes in the business. Northwest Investment Counselors LLC purchased a new position in shares of Palantir Technologies in the third quarter worth $25,000. Prestige Wealth Management Group LLC boosted its holdings in Palantir Technologies by 747.1% during the third quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock worth $27,000 after buying an additional 650 shares in the last quarter. Roxbury Financial LLC acquired a new stake in Palantir Technologies during the fourth quarter valued at $27,000. First PREMIER Bank purchased a new position in Palantir Technologies in the fourth quarter valued at $28,000. Finally, Wolff Wiese Magana LLC boosted its position in Palantir Technologies by 230.4% during the fourth 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. Institutional investors and hedge funds 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.