Royal Bank of Canada Boosts Palantir Technologies (NYSE:PLTR) Price Target to $9.00

Palantir Technologies (NYSE:PLTR) had its price target upped by stock analysts at Royal Bank of Canada from $5.00 to $9.00 in a report issued on Tuesday, Benzinga reports. The brokerage presently has an “underperform” rating on the stock. Royal Bank of Canada’s price target would suggest a potential downside of 58.00% from the company’s previous close.

A number of other analysts have also recently commented on PLTR. Wedbush reissued an “outperform” rating and set a $35.00 target price on shares of Palantir Technologies in a research note on Monday. Mizuho raised their target price on Palantir Technologies from $18.00 to $21.00 and gave the company a “neutral” rating in a research report on Thursday, March 7th. Raymond James boosted their price target on Palantir Technologies from $22.00 to $25.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 6th. Jefferies Financial Group raised shares of Palantir Technologies from an “underperform” rating to a “hold” rating and lifted their target price for the stock from $13.00 to $22.00 in a research note on Tuesday, February 6th. Finally, HSBC downgraded shares of Palantir Technologies from a “buy” rating to a “hold” rating and set a $22.00 price target on the stock. in a research note on Wednesday, February 14th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company. According to MarketBeat, Palantir Technologies has an average rating of “Hold” and an average price target of $20.19.

Palantir Technologies Price Performance

PLTR traded down $3.78 during trading on Tuesday, reaching $21.43. 107,977,608 shares of the company’s stock were exchanged, compared to its average volume of 62,934,184. Palantir Technologies has a 1 year low of $7.59 and a 1 year high of $27.50. The company’s fifty day simple moving average is $23.36 and its 200-day simple moving average is $20.25. The stock has a market capitalization of $47.42 billion, a P/E ratio of 238.58, a price-to-earnings-growth ratio of 5.72 and a beta of 2.76.

Palantir Technologies (NYSE:PLTR) last posted its quarterly earnings results on Monday, February 5th. The company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.04 by ($0.01). The business had revenue of $608.35 million during the quarter, compared to analysts’ expectations of $603.48 million. Palantir Technologies had a net margin of 9.43% and a return on equity of 6.17%. Equities analysts forecast that Palantir Technologies will post 0.16 EPS for the current year.

Insider Activity at Palantir Technologies

In related news, Director Peter Thiel sold 7,044,756 shares of the company’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $24.79, for a total transaction of $174,639,501.24. Following the sale, the director now directly owns 70,806,432 shares of the company’s stock, valued at approximately $1,755,291,449.28. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, Director Alexander D. Moore sold 20,000 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $22.02, for a total transaction of $440,400.00. Following the completion of the sale, the director now owns 1,595,519 shares in the company, valued at $35,133,328.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Peter Thiel sold 7,044,756 shares of the stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $24.79, for a total value of $174,639,501.24. Following the sale, the director now directly owns 70,806,432 shares of the company’s stock, valued at $1,755,291,449.28. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,356,273 shares of company stock worth $182,143,602. 13.96% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Pursue Wealth Partners LLC purchased a new stake in shares of Palantir Technologies in the 4th quarter worth about $1,741,000. Qsemble Capital Management LP purchased a new position in Palantir Technologies during the third quarter worth about $1,178,000. Trexquant Investment LP acquired a new stake in Palantir Technologies in the 3rd quarter worth about $4,446,000. Victory Capital Management Inc. boosted its position in shares of Palantir Technologies by 3.9% in the third quarter. Victory Capital Management Inc. now owns 684,953 shares of the company’s stock worth $10,959,000 after acquiring an additional 25,787 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. grew its holdings in Palantir Technologies by 10.8% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 1,196,790 shares of the company’s stock valued at $20,549,000 after purchasing an additional 116,220 shares during the period. 45.65% of the stock is currently owned by institutional investors and hedge funds.

About Palantir Technologies

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.