The Goldman Sachs Group Forecasts Strong Price Appreciation for Palantir Technologies (NYSE:PLTR) Stock

Palantir Technologies (NYSE:PLTR) had its price objective increased by The Goldman Sachs Group from $16.00 to $41.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective points to a potential downside of 29.82% from the company’s current price.

A number of other research firms have also weighed in on PLTR. Citigroup upped their target price on Palantir Technologies from $25.00 to $28.00 and gave the stock a “neutral” rating in a report on Tuesday, July 30th. Bank of America upped their target price on Palantir Technologies from $30.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, September 10th. Royal Bank of Canada restated an “underperform” rating and set a $9.00 target price on shares of Palantir Technologies in a report on Tuesday, August 6th. Northland Securities upped their target price on Palantir Technologies from $35.00 to $38.00 and gave the stock a “market perform” rating in a report on Tuesday. Finally, Monness Crespi & Hardt lowered their target price on Palantir Technologies from $20.00 to $18.00 and set a “sell” rating for the company in a report on Tuesday, August 6th. Six analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $31.71.

Palantir Technologies Stock Performance

Shares of NYSE PLTR opened at $58.42 on Thursday. The firm has a market capitalization of $130.83 billion, a price-to-earnings ratio of 292.11 and a beta of 2.70. The stock has a 50 day moving average price of $39.60 and a 200 day moving average price of $30.33. Palantir Technologies has a 52-week low of $15.66 and a 52-week high of $58.48.

Palantir Technologies (NYSE:PLTR) last announced its quarterly earnings results on Monday, November 4th. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.01. The firm had revenue of $725.52 million during the quarter, compared to analyst estimates of $705.11 million. Palantir Technologies had a return on equity of 9.94% and a net margin of 18.01%. Palantir Technologies’s quarterly revenue was up 30.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.03 earnings per share. Analysts forecast that Palantir Technologies will post 0.19 earnings per share for the current year.

Insider Activity at Palantir Technologies

In related news, insider Alexander C. Karp sold 4,500,000 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $55.03, for a total value of $247,635,000.00. Following the transaction, the insider now directly owns 6,432,258 shares of the company’s stock, valued at $353,967,157.74. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Alexander C. Karp sold 4,500,000 shares of the company’s stock in a transaction on Thursday, November 7th. The stock was sold at an average price of $55.03, for a total value of $247,635,000.00. Following the transaction, the insider now directly owns 6,432,258 shares of the company’s stock, valued at $353,967,157.74. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Alexander C. Karp sold 3,337,048 shares of the company’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $45.02, for a total value of $150,233,900.96. Following the completion of the transaction, the insider now directly owns 6,432,258 shares in the company, valued at approximately $289,580,255.16. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 25,482,878 shares of company stock valued at $1,044,202,496 in the last ninety days. Company insiders own 12.93% of the company’s stock.

Institutional Investors Weigh In On Palantir Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PLTR. Geneos Wealth Management Inc. grew its position in Palantir Technologies by 7.5% during the 1st quarter. Geneos Wealth Management Inc. now owns 12,118 shares of the company’s stock worth $279,000 after purchasing an additional 842 shares during the period. Envestnet Portfolio Solutions Inc. grew its position in Palantir Technologies by 9.9% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 26,919 shares of the company’s stock worth $619,000 after purchasing an additional 2,427 shares during the period. Empowered Funds LLC grew its position in Palantir Technologies by 32.0% during the 1st quarter. Empowered Funds LLC now owns 24,741 shares of the company’s stock worth $569,000 after purchasing an additional 6,002 shares during the period. SG Americas Securities LLC boosted its stake in shares of Palantir Technologies by 183.3% during the 1st quarter. SG Americas Securities LLC now owns 158,394 shares of the company’s stock worth $3,645,000 after acquiring an additional 102,479 shares in the last quarter. Finally, Insight Advisors LLC PA purchased a new stake in shares of Palantir Technologies during the 1st quarter worth about $203,000. 45.65% of the stock is owned by institutional investors and hedge funds.

Palantir Technologies Company Profile

Palantir Technologies Inc builds and deploys software platforms for the intelligence community to assist in counterterrorism investigations and operations in the United States, the United Kingdom, and internationally. The company provides Palantir Gotham, a software platform which enables users to identify patterns hidden deep within datasets, ranging from signals intelligence sources to reports from confidential informants, as well as facilitates the handoff between analysts and operational users, helping operators plan and execute real-world responses to threats that have been identified within the platform.