Palantir Technologies (NYSE:PLTR) stock is advancing today by about 1.5% after the tech company announced a deal with privately held SpecterOps. Under the agreement, PLTR will provide SpecterOps’ BloodHound Enterprise solution to a number of its government customers.
SpecterOps’ offering, which PLTR describes as an “enterprise-grade defense solution,” will be integrated into Palantir’s FedStart software-as-a-service (SaaS) product. FedStart bundles multiple products from vendors in one secure environment, making it easier for firms to market their offerings to Washington’s agencies.
According to Palantir, firms whose offerings are incorporated within FedStart can quickly, easily, and relatively cheaply meet the federal government’s security standards.
Additional Information About SpecterOps
An IT security start-up that launched in 2021, SpecterOps specializes in combining various “technical components,” enhancing enterprises’ defense against cyberattacks. It helps its clients create various IT security platforms.
The firm says that its employees have experience in many fields, including “finance, healthcare, federal programs, intelligence, and (the) military.”
Last week SpecterOps completed a round of Series A funding that raised $33.5 million.
Two Analysts Issued Downbeat Reports on PLTR Stock Recently
On June 20, investment bank Raymond James cut its rating on PLTR to “outperform” from “strong buy,” citing valuation. However, the firm was optimistic about Palantir’s opportunity in artificial intelligence (AI) and expects its financial results to bottom in 2023. It set an $18 price target on the name versus yesterday’s closing price of $17.40.
Seeking Alpha columnist SL Investments was more bearish, which expects Palantir’s business to be meaningfully hurt by a slowdown of U.S. economic growth.
PLTR stock has climbed 17% in 2023 and 99% in the last three months.
On the date of publication, Larry Ramer did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
