Analysts Are Increasing Prices Targets of These 5 Tech Stocks

3. Palantir Technologies Inc. (NYSE:PLTR)

Number of Hedge Fund Holders: 33

Palantir Technologies Inc. (NYSE:PLTR) develops software platforms and algorithms to assist the US government in counterterrorism investigations and operations. In the fourth quarter of 2021, 33 hedge funds were bullish on Palantir Technologies Inc. (NYSE:PLTR), compared to 35 funds in the prior quarter. 

RBC Capital analyst Rishi Jaluria on April 19 upgraded Palantir Technologies Inc. (NYSE:PLTR) to Sector Perform from Underperform with a price target of $12, up from $9. The analyst told investors that he remains cautious on the company over the long-term, but in the near-term, he sees potential upside from increased government spending and the end of SPAC investment. 

On April 1, Palantir Technologies Inc. (NYSE:PLTR) announced a partnership with Carahsoft Technology, an IT solutions company, to expand its reach in the U.S. market. This partnership will result in Palantir Technologies Inc. (NYSE:PLTR)’s solutions reaching a broader range of public agencies and departments. 

Among the hedge funds tracked by Insider Monkey, Cathie Wood’s ARK Investment Management is the largest shareholder of Palantir Technologies Inc. (NYSE:PLTR) as of Q4 2021, with 35.2 million shares worth $642.5 million. 

Here is what Tao Value has to say about Palantir Technologies Inc. (NYSE:PLTR) in its Q4 2021 investor letter:

“We have no new position this quarter and have made below changes to our portfolio. We also sold Palantir (PLTR) as I identified it subject to high retail bubble risk (using above method) and are not part of our core “Mindful Compounder” holdings.”