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

Palantir Technologies Inc. (NASDAQ:PLTR) hit a new 52-week high on Tuesday . The company traded as high as $144.86 and last traded at $141.41, with a volume of 80082439 shares changing hands. The stock had previously closed at $137.40.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on PLTR. UBS Group boosted their price target on Palantir Technologies from $105.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, May 6th. William Blair set a $84.00 price target on Palantir Technologies in a report on Wednesday, March 5th. Deutsche Bank Aktiengesellschaft reiterated a “sell” rating on shares of Palantir Technologies in a report on Tuesday, May 6th. Loop Capital set a $155.00 price target on Palantir Technologies and gave the company a “buy” rating in a report on Thursday, June 12th. Finally, Citigroup boosted their price target on Palantir Technologies from $110.00 to $115.00 and gave the company a “neutral” rating in a report on Thursday, May 8th. Five investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $89.32.

Palantir Technologies Stock Performance

The stock has a market capitalization of $330.29 billion, a P/E ratio of 608.52, a P/E/G ratio of 11.66 and a beta of 2.64. The stock has a 50 day moving average of $118.64 and a 200 day moving average of $96.13.

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

Insiders Place Their Bets

In other news, insider Shyam Sankar sold 405,000 shares of the company’s stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $132.08, for a total value of $53,492,400.00. Following the completion of the sale, the insider now owns 702,786 shares in the company, valued at $92,823,974.88. This represents a 36.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Ryan D. Taylor sold 98,177 shares of the company’s stock in a transaction on Monday, March 31st. The shares were sold at an average price of $82.80, for a total value of $8,129,055.60. Following the completion of the sale, the insider now owns 403,171 shares of the company’s stock, valued at approximately $33,382,558.80. This trade represents a 19.58% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,506,925 shares of company stock worth $188,456,658. 9.23% of the stock is owned by company insiders.

Institutional Trading of Palantir Technologies

Several institutional investors have recently modified their holdings of the company. Voya Investment Management LLC lifted its holdings in shares of Palantir Technologies by 6.9% in the first quarter. Voya Investment Management LLC now owns 6,124,866 shares of the company’s stock valued at $516,783,000 after buying an additional 394,796 shares during the period. Optima Capital LLC lifted its holdings in shares of Palantir Technologies by 0.6% in the first quarter. Optima Capital LLC now owns 12,626 shares of the company’s stock valued at $1,066,000 after buying an additional 81 shares during the period. 1248 Management LLC acquired a new stake in shares of Palantir Technologies in the first quarter valued at $37,000. CBIZ Investment Advisory Services LLC lifted its holdings in shares of Palantir Technologies by 118.5% in the first quarter. CBIZ Investment Advisory Services LLC now owns 413 shares of the company’s stock valued at $35,000 after buying an additional 224 shares during the period. Finally, Modern Wealth Management LLC lifted its holdings in shares of Palantir Technologies by 141.1% in the first quarter. Modern Wealth Management LLC now owns 18,114 shares of the company’s stock valued at $1,529,000 after buying an additional 10,601 shares during the period. Institutional investors and hedge funds own 45.65% of the company’s stock.

Palantir Technologies Company Profile

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.