We surveyed a group of over 500 Benzinga investors on whether shares of Palantir Technologies Inc (NYSE:PLTR) or Snowflake Inc (NYSE:SNOW) stock would grow the most by 2022.
Snowflake vs Palantir Stock
Palantir builds and deploys software platforms for the intelligence community in the United States to assist in counterterrorism investigations and operations. The company is known for Palantir Gotham, a software platform for government operatives in the defense and intelligence sectors.
Palantir Gotham 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.
The company also offers Palantir Foundry, a platform that transforms the ways organizations operate by creating a central operating system for their data. Foundry also allows individual users to integrate and analyze the data they need in one place.
In general, Foundry provides non-government organizations with solutions to manage large disparate data sets in an attempt to gain insight and drive operational outcomes.
See Also: Best IPOs 2020
Sep. 2020 saw Palantir complete one of the year’s most anticipated IPOs. Palantir went public via a direct listing.
Shares of Palantir opened for trading at $10 and currently trade around $25.
Snowflake is a software company that provides data cloud platforms for customers in data engineering, data lake, data warehousing, data science, data applications, and data sharing. The company also provides solutions for data silos and data governance.
In its first earnings report as a public company on Dec. 2, Snowflake reported quarterly sales of $159.62 million, which beat the $147.52 million estimate and represents 119% year-over-year growth.
Snowflake had one of the largest IPOs ever for a software stock and now trades around $283.
The company reported a third-quarter loss of $1.01 per share, which missed estimates by 75 cents. Snowflake reported 3,554 total customers and 65 customers with trailing 12-month product revenue greater than $1 million.
Traders Expect Palantir To Grow More By 2022
55% of Benzinga traders and investors told us the stock of Palantir will grow more by 2022.
Many respondents to our study expressed confidence that CEO Alex Karp will lead Palantir to win several more data software contracts with the government and private-sector firms throughout 2021, something the company had great momentum with going into the end of 2020.
Taking a look at Palantir’s recent wins: in December the company won a 3-Year, $44M Contract with the Food and Drug Administration, announced the U.S. Army's Program Executive Office for Enterprise Information Systems opted to execute the second year of its partnership on the Army Vantage program for $113.8M and reported they’d won a 2-Year, $31.5M contract with the UK's National Health Service.
Kicking off 2021 on the right note, on Jan. 4 Palantir announced a 1-Year, $22.5M Contract With SOMPO Holdings.
As a measuring stick for investors, it can be said much of Palantir’s 2021 growth will be tied to garnering more contracts like the aforementioned examples.
This survey was conducted by Benzinga in January 2021 and included the responses of a diverse population of adults 18 or older.
Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from over 500 adults.
Henry Khederian contributed to this report.