Palantir Technologies (NASDAQ:PLTR) Shares Up 1.6% – Here’s What Happened

Palantir Technologies Inc. (NASDAQ:PLTR) shares shot up 1.6% during mid-day trading on Friday . The company traded as high as $135.62 and last traded at $134.27. 41,812,483 shares changed hands during mid-day trading, a decline of 50% from the average session volume of 82,906,073 shares. The stock had previously closed at $132.12.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on PLTR. Citigroup increased their target price on Palantir Technologies from $110.00 to $115.00 and gave the company a “neutral” rating in a report on Thursday, May 8th. Wedbush set a $140.00 price target on shares of Palantir Technologies and gave the stock an “outperform” rating in a research note on Tuesday, May 6th. Morgan Stanley upped their price target on shares of Palantir Technologies from $90.00 to $98.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 6th. UBS Group reaffirmed a “positive” rating on shares of Palantir Technologies in a research note on Wednesday, June 25th. Finally, Mizuho upped their price target on shares of Palantir Technologies from $94.00 to $116.00 and gave the stock an “underperform” rating in a research note on Wednesday, June 11th. Five equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Palantir Technologies presently has an average rating of “Hold” and an average price target of $89.32.

Palantir Technologies Stock Up 1.6%

The firm has a market capitalization of $316.85 billion, a price-to-earnings ratio of 583.76, a P/E/G ratio of 11.47 and a beta of 2.59. The business has a 50-day moving average of $128.47 and a two-hundred day moving average of $101.68.

Palantir Technologies (NASDAQ:PLTR) last released its earnings results on Monday, May 5th. The company reported $0.13 earnings per share 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 business had revenue of $883.86 million for the quarter, compared to the consensus estimate of $863.89 million. During the same period last year, the business earned $0.08 earnings per share. The firm’s revenue for the quarter was up 39.4% compared to the same quarter last year. Equities analysts predict that Palantir Technologies Inc. will post 0.31 EPS for the current fiscal year.

Insider Activity at Palantir Technologies

In other 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 value of $53,492,400.00. Following the transaction, the insider directly owned 702,786 shares of the company’s stock, valued at $92,823,974.88. The trade was a 36.56% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ryan D. Taylor sold 33,335 shares of the business’s stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $135.31, for a total value of $4,510,558.85. Following the completion of the transaction, the insider directly owned 363,755 shares in the company, valued at $49,219,689.05. The trade was a 8.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,451,497 shares of company stock valued at $186,110,685. Corporate insiders own 9.23% of the company’s stock.

Institutional Inflows and Outflows

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