DA Davidson Raises Price Target for Palantir Technologies Stock

Palantir Technologies (NYSE:PLTR - Get Free Report) saw its price objective raised by analysts at DA Davidson, who increased their target from $28.00 to $47.00 in a report released on Tuesday. This new target suggests that there could be a potential downside of 8.11% from the stock's current trading price. Despite the increase in price target, the brokerage has maintained a "neutral" rating for the stock, indicating a cautious outlook based on current performance.

Alongside DA Davidson, other research firms have shared their insights on Palantir Technologies. For instance, Mizuho also updated their target, raising it from $30.00 to $37.00 while assigning an "underperform" rating. Deutsche Bank Aktiengesellschaft made a more modest adjustment, lifting their price objective slightly from $20.00 to $21.00 with a "sell" rating.

Meanwhile, Monness Crespi & Hardt adjusted their target price downwards from $20.00 to $18.00, keeping a "sell" rating in place. Similarly, Royal Bank of Canada reaffirmed an "underperform" rating with a significantly lower price target of $9.00. On a slightly more positive note, Jefferies Financial Group increased their price objective from $24.00 to $28.00, indicating a "hold" rating.

In terms of ratings breakdown, the stock has received five "sell" ratings, eight "hold" ratings, and three "buy" ratings from analysts. Currently, the consensus rating for Palantir Technologies stands at "Hold" with an average target price of $29.93, according to MarketBeat.

Palantir Technologies Stock Performance

On the trading day that followed these announcements, Palantir Technologies stock rose by $9.74, reaching a price of $51.15. Trading volume for the company hit 208,366,442 shares, which was significantly higher than its average of 56,879,281 shares. Over the past 12 months, the stock has seen considerable fluctuations, with a low of $15.66 and a high of $51.58. The moving averages currently sit at $38.19 for the last 50 days and $29.75 for the last 200 days. The company currently holds a market cap of $114.55 billion and has a remarkably high price-to-earnings ratio of 300.90.

Palantir Technologies also recently disclosed its quarterly earnings results. For the latest quarter that ended on November 4, the firm reported earnings per share (EPS) of $0.10, surpassing the consensus estimate of $0.09 by a small margin. The total revenue for the quarter was $725.52 million, compared to expectations of $705.11 million. This represents a year-over-year revenue increase of 30%. Analysts project that the company will report an EPS of 0.19 for the current financial year.

Insider Trading Updates

In related news, insider Alexander C. Karp sold 3,337,048 shares of Palantir Technologies stock on October 28, achieving an average price of $45.02. The total transaction was valued at approximately $150,233,900.96, decreasing his ownership slightly to 6,432,258 shares, currently valued at around $289,580,255.16. This transaction was filed with the Securities & Exchange Commission and is publicly available for review.

Another insider, Alexander D. Moore, sold 20,000 shares on September 3 for an average price of $30.89, amounting to $617,800. The impact on his total ownership was negligible, and he now holds approximately 1,510,630 shares.

Investor Participation

Several institutional investors have been making moves regarding Palantir Technologies as well. During the third quarter, Aptus Capital Advisors increased their stake by 3.5%, now owning 13,392 shares worth about $498,000. Aigen Investment Management acquired a new stake valued at $1,428,000, while Prime Capital Investment Advisors increased their position by 21.5%, owning 307,449 shares worth around $11,437,000. Additionally, Savvy Advisors Inc. purchased shares valued at $248,000.

As of now, institutional investors hold approximately 45.65% of the shares in Palantir Technologies, indicating strong institutional interest in the stock.

About Palantir Technologies

Palantir Technologies Inc specializes in building and deploying software platforms aimed at the intelligence community. Their flagship product, Palantir Gotham, is known for helping users identify complex patterns hidden within large datasets, thus assisting in strategic decision-making related to national security and counterterrorism.

Palantir, Stock, Investors