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

Palantir Technologies Inc. (NASDAQ:PLTR)’s stock price hit a new 52-week high during trading on Wednesday . The stock traded as high as $118.66 and last traded at $112.62, with a volume of 93907953 shares changing hands. The stock had previously closed at $116.65.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Jefferies Financial Group upped their price target on shares of Palantir Technologies from $28.00 to $60.00 and gave the stock an “underperform” rating in a report on Tuesday, February 4th. Morgan Stanley upgraded Palantir Technologies from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $60.00 to $95.00 in a research note on Tuesday, February 4th. UBS Group lifted their price target on Palantir Technologies from $80.00 to $105.00 and gave the company a “neutral” rating in a research note on Tuesday, February 4th. The Goldman Sachs Group upped their price objective on Palantir Technologies from $16.00 to $41.00 and gave the stock a “neutral” rating in a research report on Thursday, November 7th. Finally, Robert W. Baird lifted their target price on Palantir Technologies from $70.00 to $100.00 and gave the company a “neutral” rating in a research report on Tuesday, February 4th. Six research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $69.44.

Palantir Technologies Trading Down 3.5 %

The firm has a market capitalization of $256.55 billion, a P/E ratio of 592.77, a price-to-earnings-growth ratio of 11.44 and a beta of 2.81. The company has a 50-day moving average of $78.34 and a 200-day moving average of $54.24.

Insider Activity at Palantir Technologies

In other news, insider Alexander C. Karp sold 4,500,000 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $63.10, for a total value of $283,950,000.00. Following the transaction, the insider now owns 6,432,258 shares in the company, valued at approximately $405,875,479.80. The trade was a 41.16 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Shyam Sankar sold 30,000 shares of the stock in a transaction on Friday, November 29th. The stock was sold at an average price of $66.59, for a total transaction of $1,997,700.00. Following the sale, the insider now owns 752,786 shares of the company’s stock, valued at approximately $50,128,019.74. This trade represents a 3.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 13,833,085 shares of company stock worth $924,999,929 over the last ninety days. Insiders own 12.93% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Sound Income Strategies LLC lifted its stake in Palantir Technologies by 21.4% in the third quarter. Sound Income Strategies LLC now owns 3,481 shares of the company’s stock valued at $130,000 after buying an additional 613 shares during the period. Thomasville National Bank bought a new stake in shares of Palantir Technologies in the 3rd quarter valued at $215,000. Thurston Springer Miller Herd & Titak Inc. lifted its position in shares of Palantir Technologies by 46.7% during the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,200 shares of the company’s stock valued at $82,000 after acquiring an additional 700 shares during the period. ORG Wealth Partners LLC bought a new position in Palantir Technologies during the third quarter worth $65,000. Finally, Sapient Capital LLC acquired a new stake in Palantir Technologies in the third quarter worth $206,000. 45.65% of the stock is owned by institutional investors and hedge funds.

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.