Mizuho Predicts Significant Price Increase for Palantir Technologies (NYSE:PLTR) Stock

On December 16, 2024, Mizuho Securities announced a revised price target for Palantir Technologies (NYSE:PLTR), raising it from $37.00 to $44.00. Despite this upward adjustment, Mizuho maintains an underperform rating on the stock.

Other financial institutions have also made adjustments to their ratings on Palantir Technologies. On November 7th, Goldman Sachs increased their target price from $16.00 to $41.00, while issuing a "neutral" rating for the stock. DA Davidson also raised its price target, moving it from $28.00 to $47.00, and assigned a neutral rating on November 5th. Additionally, Robert W. Baird began coverage with a neutral rating and a target price of $70.00.

On August 22nd, Northland Capital Markets changed its rating to "hold", indicating a more cautious outlook. Furthermore, Bank of America raised its target on November 25th from $55.00 to $75.00 while giving a “buy” rating. Collectively, this signifies a mixed sentiment among analysts, with six recommending a sell, ten suggesting a hold, and two endorsing a buy, which leads to an average target price of $38.40, as indicated by MarketBeat.com.

Palantir Technologies Stock Performance

As of Friday, shares of Palantir Technologies opened at $76.07. The stock has fluctuated significantly over the past year, with a low of $15.66 and a high of $80.91. The company has a market capitalization of $173.29 billion and shows a P/E ratio of 475.44, which suggests a high valuation relative to its earnings. Additionally, the two-hundred day and fifty-day moving averages stand at $38.63 and $55.75 respectively.

In its most recent earnings report, released on November 4th, Palantir Technologies reported earnings of $0.10 per share, slightly surpassing the analysts' expectations of $0.09. The company's revenue during this quarter was $725.52 million, which also exceeded initial estimates of $705.11 million. Palantir announced that its revenues grew by 30% year-on-year and projects an EPS of $0.21 for the current fiscal year.

Recent Insider Transactions

Insider trading activity has also been noted, with Stephen Andrew Cohen, an insider, selling 416,053 shares on December 13th at an average price of $74.17. This transaction amounted to approximately $30.86 million, significantly reducing Cohen's stake in the company to just 592 shares valued at around $43,908.64. Another insider, Lauren Elaina Friedman Stat, sold 6,655 shares on September 23rd for a total of $254,021.35, indicating a decrease in ownership by 4.37%. Over the past 90 days, insiders have sold a total of 35,612,366 shares, with insiders currently holding about 12.93% of the stock.

Institutional Investor Activity

Notably, institutional investors have been actively adjusting their stakes in Palantir Technologies. In the second quarter, Naples Global Advisors LLC increased its holdings by 11.1%, acquiring an additional 1,000 shares to hold a total of 10,000. Miracle Mile Advisors LLC followed suit with a 10.4% increase, while Blue Trust Inc. expanded its investment by 42.3%. As of now, 45.65% of Palantir’s stock is owned by institutional investors and hedge funds, signaling a strong interest from larger financial entities.

About Palantir Technologies

Palantir Technologies Inc specializes in developing software platforms aimed at supporting the intelligence community in counterterrorism efforts both in the U.S. and internationally. Its flagship product, Palantir Gotham, allows users to uncover intricate patterns within vast data sets and provides tools necessary for effective real-world response planning against identified threats.

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