Palantir Secures FedRAMP High Authorization for Cloud Services from Investing.com

DENVER – Palantir Technologies Inc . (NASDAQ: NASDAQ:), a leading data analytics company with a market capitalization of $151 billion and impressive gross profit margins of 81%, has received high approval from the Federal Risk and Authorization Management Program (FedRAMP) for its entire product range, announced today given. This authorization allows Palantir to offer its cloud services, including the Palantir Federal Cloud Service (PFCS) and its supporting services, to process the U.S. government’s most sensitive unclassified data. According to InvestingPro, the company continues to show good financial health as 12 analysts recently upgraded their earnings expectations.

FedRAMP High Authorization is a significant milestone and indicates that a cloud service has met the U.S. government’s stringent security requirements for processing, storing and transmitting highly sensitive data. Palantir’s PFCS enables rapid deployment of its software to federal customers and addresses complex data analytics needs in the civil, defense and intelligence sectors. The company’s strong market position is reflected in its revenue growth of 24.5% over the last twelve months, with annual sales reaching $2.65 billion.

Akash Jain, CTO and President of Palantir USG, expressed pride in the approval, calling it a validation of Palantir’s commitment to security and its role in empowering government operations with advanced AI and machine learning capabilities. Jain also highlighted the potential of collaborating with technology partners to support key government missions.

Palantir’s cloud services offer a range of capabilities, including data integration, analytics, visualization and cybersecurity, designed to improve the efficiency and effectiveness of government operations. PFCS-SS, the supporting cloud-hosted environment, provides federal customers with secure access to commercial software on the FedRAMP High baseline.

The FedRAMP authorization builds on Palantir’s previous security credentials, including FedRAMP Moderate and Department of Defense Impact Level 5 and 6 authorizations. This advancement underscores the company’s continued efforts to meet the comprehensive security needs of its government partners.

The announcement is based on a press release and does not contain any forward-looking statements or predictions of future performance. Palantir Technologies, known for its foundational software solutions, remains focused on providing secure, high-quality services to its federal customers. Based on InvestingPro analysis, the stock appears to be trading above its fair value, with over 20 additional ProTips available to subscribers. For comprehensive insights into Palantir’s valuation and growth prospects, investors can access the detailed Pro Research Report, part of extensive coverage for more than 1,400 top U.S. stocks.

In other recent news, Palantir Technologies Inc. has experienced significant developments in its financial performance and market prospects. Palantir reported a 30% year-over-year increase in revenue, largely driven by a surge in demand for artificial intelligence. The company raised its full-year revenue forecast to $2.807 billion, representing a year-over-year growth rate of 26%. Despite a 7% decline in international trade revenue, Palantir secured 104 contracts worth over $1 million each, contributing to a total value of U.S. trade contracts of nearly $300 million.

BofA Securities and Wedbush both increased their price targets on Palantir, while Argus and Jefferies downgraded the company due to valuation concerns. BofA Securities expects Palantir to achieve 34% commercial growth over the next three years, while Wedbush sees significant potential in Palantir’s artificial intelligence and processing strategy.

Palantir also announced its decision to transfer the listing of its Class A common stock from the New York Stock Exchange to the Nasdaq Global Select Market. This move is in line with the Company’s strategic plans to meet the eligibility requirements for the Nasdaq 100 Index. Additionally, at its first developer conference, DevCon, Palantir introduced new developer tools aimed at improving the development process for its users. These are the latest developments for Palantir, reflecting the company’s continued growth and evolving market position.

This article was created with the assistance of AI and reviewed by an editor. Further information can be found in our terms and conditions.