Palantir Secures FedRAMP High Authorization, Expanding AI-Powered Cloud Services for U.S. Government

Palantir secures FedRAMP High Authorization for cloud services By Investing.com

DENVER - Palantir Technologies Inc . (NASDAQ: NASDAQ:PLTR), a data analytics powerhouse with a market capitalization of $151 billion and impressive gross profit margins of 81%, has achieved the Federal Risk and Authorization Management Program (FedRAMP) High Authorization for its full suite of products, the company announced today. This approval allows Palantir to offer its cloud services, including the Palantir Federal Cloud Service (PFCS) and its supporting services, to handle the U.S. Government's most sensitive unclassified data. According to InvestingPro, the company maintains a strong financial health score, with 12 analysts recently revising their earnings expectations upward. FedRAMP High Authorization is a significant milestone, indicating 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, addressing complex data analysis needs across civilian, 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 revenue reaching $2.65 billion. Akash Jain, CTO and President of Palantir USG, expressed pride in the authorization, noting it as an affirmation 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 for collaboration with technology partners to support critical government missions. Palantir's cloud services offer a suite of capabilities including data integration, analytics, visualization, and cybersecurity, designed to enhance the efficiency and effectiveness of government operations. PFCS-SS, the supporting cloud-hosted environment, provides federal customers with secure access to commercial software at 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 progression underscores the company's ongoing efforts to meet the comprehensive security needs of its government partners. The announcement is based on a press release statement and does not include forward-looking statements or predictions of future performance. Palantir Technologies, known for its foundational software solutions, continues to focus on delivering 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 for subscribers. For comprehensive insights into Palantir's valuation and growth prospects, investors can access the detailed Pro Research Report, part of the extensive coverage available for 1,400+ top US stocks. In other recent news, Palantir Technologies Inc. has seen significant developments in its financial performance and market outlook. Palantir reported a 30% year-over-year increase in revenue, primarily driven by a surge in artificial intelligence demand. The company raised its full-year revenue guidance to $2.807 billion, marking a 26% year-over-year growth rate. Despite a 7% contraction in international commercial revenue, Palantir secured 104 deals each worth over $1 million, contributing to a total U.S. Commercial contract value of nearly $300 million. BofA Securities and Wedbush have both increased their price targets for Palantir, while Argus and Jefferies downgraded the company due to valuation concerns. BofA Securities anticipates a 34% commercial growth for Palantir 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 its Class A Common Stock listing from the New York Stock Exchange to the Nasdaq Global Select Market. This move aligns with the company's strategic plans to meet Nasdaq-100 Index eligibility requirements. In addition, Palantir launched new developer tools at its inaugural Developer Conference, DevCon, aimed at enhancing the development process for its users. These are the latest developments for Palantir, reflecting the company's ongoing growth and evolving market position.

What's Going On With Palantir Technologies Stock Today? - Palantir Technologies (NASDAQ:PLTR)

This new authorization expands Palantir's capabilities to handle highly sensitive unclassified workloads across federal agencies. Palantir Technologies Inc. PLTR disclosed that it has received FedRAMP High Authorization for its Palantir Federal Cloud Service (PFCS) and Palantir Federal Cloud Service - Supporting Services (PFCS-SS). FedRAMP is a government-wide initiative designed to facilitate the adoption of secure cloud services across federal agencies by offering a standardized approach to security and risk assessments. This authorization covers all of Palantir's product offerings, including AIP, Apollo, Foundry, Gotham, FedStart, and Mission Manager, allowing the company to provide these services to the U.S. Government at the FedRAMP High baseline. The authorization enhances Palantir's previous FedRAMP Moderate, DoD IL5, and IL6 authorizations, allowing the U.S. government to process highly sensitive unclassified workloads using Palantir's cloud services. "With the addition of the PFCS-SS FedRAMP High offering, Palantir is excited to accelerate our work with other technology partners -- big and small, government or commercial -- to enable their technology to be securely operated on behalf of USG missions," said Akash Jain, CTO and President of Palantir USG. Recently, the company transferred the listing of its Class A Common Stock to the Nasdaq Global Select Market from the New York Stock Exchange. Investors can gain exposure to the stock via REX AI Equity Premium Income ETF AIPI and ProShares Big Data Refiners ETF DAT. Price Action: PLTR shares are up 4.88% at $69.63 at the last check Tuesday. Read Next: Palantir: The Next Oracle? Expert Predicts A Monster Run To $100 Image via Shutterstock. Market News and Data brought to you by Benzinga APIs