Palantir Technologies Inc. (NYSE:PLTR) Receives $35.64 Consensus Target Price from Brokerages

As of December 8th, 2024, Palantir Technologies Inc. (NYSE:PLTR) has received an average rating of "Reduce" from the sixteen brokerage firms currently covering the company, according to Marketbeat Ratings. Out of these analysts, six have issued sell ratings, eight maintain hold ratings, and two have given the stock a buy rating. The consensus target price of $35.64 has been established based on the recommendations from these brokers over the past year.

Recently, several analysts provided their assessments on PLTR shares. Argus downgraded Palantir Technologies from a “buy” rating to a “hold” in a report dated November 7th. Additionally, William Blair reiterated an “underperform” rating for Palantir shares in a note released on Wednesday. On September 23rd, Raymond James also downgraded the stock from an “outperform” rating to a “market perform” rating. Northland Securities increased their price target for Palantir from $35.00 to $38.00 while maintaining a “market perform” rating in a report on November 5th. The most significant upward revision came from Bank of America, which raised its target price from $55.00 to $75.00, giving the company a “buy” rating on November 25th.

Palantir Technologies Stock Performance

On the trading floor, shares of PLTR began their session at $76.34 on Thursday. Over the past year, the company has experienced a low of $15.66 and a high of $76.82. With a market capitalization standing at $173.90 billion, Palantir has a PE ratio of 381.72 and a price-to-earnings growth ratio of 9.41, alongside a beta of 2.87. The stock’s fifty-day moving average sits at $52.25, while its two hundred-day moving average is recorded at $36.58.

Palantir Technologies recently announced its earnings for the quarter ending November 4th. The company reported an earnings per share (EPS) of $0.10, which surpassed the consensus estimate of $0.09 by a narrow margin. The net margin reported by the company stood at 18.01%, with a return on equity of 9.94%. Revenue for the quarter totaled $725.52 million, exceeding analyst expectations of $705.11 million. This represents a year-over-year increase of 30% in revenue. Looking ahead, analysts predict that Palantir Technologies will achieve an EPS of $0.21 for the current fiscal year.

Insider Changes

In terms of insider trading, Alexander C. Karp, an insider of the company, sold 4,500,000 shares on September 16th, at an average price of $36.07, amounting to a total of $162,315,000. Following this transaction, he holds 6,432,258 shares, currently valued at approximately $232,011,546. This sale represented a reduction of 41.16% in his position. Another insider, Heather A. Planishek, sold 20,000 shares on September 9th for an average price of $33.74, which totaled $674,800, reflecting a 3.36% decline in her ownership. In the past three months, insiders have sold a total of 39,423,181 shares worth $1,972,588,658, with corporate insiders holding 12.93% of the stock.

Institutional Investments

Institutional investors and hedge funds have made notable adjustments in their investments in Palantir Technologies. State Street Corp expanded its position by 96.4% in the third quarter, acquiring 40,498,024 additional shares to reach a total of 82,512,440 shares valued at $3,069,463,000. Meanwhile, Geode Capital Management LLC increased their holdings by 52.9% in the same period, bringing its total to 47,946,926 shares worth $1,777,568,000. Sumitomo Mitsui Trust Group Inc. grew its stake by 5.7%, acquiring an additional 808,444 shares, raising their total to 14,982,925 shares valued at $557,365,000. Other institutional investors, including ARK Investment Management LLC and FMR LLC, have also increased their positions, reflecting a broader confidence in the company. Overall, institutional investors now control 45.65% of Palantir Technologies’ stock.

About Palantir Technologies

Palantir Technologies Inc. specializes in building and deploying software solutions for the intelligence community, focusing on counterterrorism investigations and operations both domestically in the United States and internationally. One of its core products is Palantir Gotham, which is designed to help users uncover hidden patterns within vast datasets. This platform supports a range of functionalities from signals intelligence to assisting analysts in real-world operational responses to identified threats.

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