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

Shares of Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report) reached a new 52-week high during trading on Friday . The company traded as high as $84.80 and last traded at $84.12, with a volume of 21173460 shares. The stock had previously closed at $81.22.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Bank of America increased their price target on Palantir Technologies from $55.00 to $75.00 and gave the stock a "buy" rating in a report on Monday, November 25th. Wedbush lifted their target price on Palantir Technologies from $75.00 to $90.00 and gave the stock an "outperform" rating in a research report on Thursday, January 23rd. Robert W. Baird started coverage on shares of Palantir Technologies in a report on Thursday, December 12th. They issued a "neutral" rating and a $70.00 price target on the stock. Baird R W upgraded shares of Palantir Technologies to a "hold" rating in a report on Thursday, December 12th. Finally, DA Davidson upped their target price on shares of Palantir Technologies from $28.00 to $47.00 and gave the stock a "neutral" rating in a research note on Tuesday, November 5th. Seven equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Palantir Technologies presently has an average rating of "Hold" and a consensus price target of $44.61.

Palantir Technologies Stock Up 1.6 %

The company's 50-day moving average is $73.71 and its 200 day moving average is $50.84. The company has a market cap of $187.91 billion, a price-to-earnings ratio of 412.47, a price-to-earnings-growth ratio of 7.29 and a beta of 2.82.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.09 by $0.01. Palantir Technologies had a net margin of 18.01% and a return on equity of 9.94%. The company had revenue of $725.52 million during the quarter, compared to analyst estimates of $705.11 million. During the same quarter in the previous year, the firm earned $0.03 EPS. The firm's revenue was up 30.0% compared to the same quarter last year. Analysts predict that Palantir Technologies Inc. will post 0.19 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Ryan D. Taylor sold 483,987 shares of the firm's stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $74.48, for a total transaction of $36,047,351.76. Following the completion of the transaction, the insider now directly owns 170,273 shares in the company, valued at $12,681,933.04. This trade represents a 73.97 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Lauren Elaina Friedman Stat sold 8,054 shares of Palantir Technologies stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $50.49, for a total transaction of $406,646.46. Following the completion of the transaction, the director now owns 130,250 shares of the company's stock, valued at $6,576,322.50. This trade represents a 5.82 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 20,181,807 shares of company stock worth $1,288,448,522. 12.93% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of PLTR. Roxbury Financial LLC purchased a new stake in Palantir Technologies during the 4th quarter worth about $27,000. First PREMIER Bank acquired a new stake in shares of Palantir Technologies in the 4th quarter worth $28,000. Wolff Wiese Magana LLC increased its stake in shares of 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 acquiring an additional 265 shares during the period. HighMark Wealth Management LLC raised its stake in shares of Palantir Technologies by 73.5% during the 4th quarter. HighMark Wealth Management LLC now owns 392 shares of the company's stock worth $30,000 after buying an additional 166 shares in the last quarter. Finally, Sierra Ocean LLC acquired a new stake in Palantir Technologies in the fourth quarter valued at $31,000. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

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.