πππThe US markets closed higher for a second day as a strong batch of corporate earnings over ride concerns on higher for longer interest rates. $Palantir Technologies Inc.(PLTR)$
Palantir is one of the best performing AI Stocks in 2023 with a whopping increase of 166%. So far Palantir is up 20% year to date. Palantir specialises in software platforms for big data analytics. Palantir's main products are Foundry, Gotham, Apollo and Artificial Intelligence Platform (AIP).
Palantir has been profitable for 5 consecutive quarters making it eligible for inclusion in the S&P500. Palantir has been winning big contracts. In November 2023, it won a 7 year contract with UK National Health Service worth 330 million pounds or USD 415 million to help overhaul the technology system of its patients data records. Palantir has just won another contract with the US Army for the project code named TITAN worth USD 178.4 million.
Following the release of AIP last year, Palantir has been hosting immersive seminars called "boot camps" as part of its marketing campaign. The idea was for customers to demo Palantir's products real time. By showing prospective customers AIP's capabilities, management created a large new pipeline of business.
In 2023 Palantir had over 850 boot camps leading to a surge in new customers. Palantir's total customers count increased by 35% year over year to 497. As a result customer growth from private sector grew 44% to 375. In Q423 revenue from US non government customers increased 70%.
Palantir has recently agreed to a software deal with Oracle. This means that Palantir will make some of its products deployable through Oracle's cloud based platform.
Wall Street Analysts are bullish on Palantir with a Buy rating, with 1 analyst Bruce Kamich of TheStreet Pro raising it to USD 48, citing share prices have been on an upward trading path for the past 12 months.
Palantir is set to report its Q124 earnings on May 6.
In other news Roblox shares are up today after JP Morgan upgraded the stock from Neutral to Overweight, raising its price target from USD 41 to USD 48. Cory Carpenter of JP Morgan said that Roblox has generated over 20% bookings growth in each of the past 4 quarters. He also said that Roblox could report its 1st quarter bookings of USD 927 million representing 20% year on year growth.
Another analyst Benchmark reiterated its Buy rating on Roblox and maintained a Target price of USD 50 while Stifel also maintained its Buy rating at a USD 53 target price.
Roblox is a gaming platform that allows users to play dozens of user created games or create games through Roblox Studio. Roblox combines games with social media and has over 52 million daily active users. It is very popular with kids.
Roblox is set to report its Q124 earnings on May 9.
C3ai is up 3.5% today and in the past 5 days has risen 8.76%. However C3ai is down 22% year todate.
Shares in C3ai climbed after it reported a narrower than expected loss for its fiscal 3rd quarter earnings while revenue topped estimates.
C3ai provides over 40 turnkey Enterprise AI applications that meet the business critical needs of global enterprises in manufacturing, financial services, government, utilities, oil and gas, chemicals, agribusiness, defence and intelligence and much more.
Wedbush analysts are bullish on C3ai and raised their price target from USD 35 to USD 40, representing a 36% upside, citing its confidence in C3ai's growth story. C3ai signed new agreements with major companies including TMobile and Boston Scientific and continues to see strong growth from the US government. C3ai registered a 73% year over year increase in customer pipeline.
C3ai is due to report its next earnings on May 28.
It is exciting times ahead for Palantir, Roblox and C3ai as they power their way with new technological innovations leading to better earnings. Of the 3, my Top Pick is Palantir as it has been growing its customer base very quickly and winning lots of contracts in both commercial and government enterprises.
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