Palantir Technologies Inc. (NYSE: PLTR) has been on a roll in 2025. Up 100% in 2025, it is one of the best performing stocks in the past 12 months. Not many companies have been able to deliver this performance in a highly volatile year.

At nearly 120 times sales, the stock is almost unimaginably expensive. Most software stocks trade for 10 to 20 times sales, with the most expensive reaching 30 times sales. Palantir's stock is at least four times as expensive, yet the company isn't producing growth numbers that are that impressive considering the price tag.

Palantir stock hit its all-time high in trading on Friday. Piper Sandler has initiated coverage on Palantir Technologies Inc. (NASDAQ: PLTR) with an Overweight rating and a bullish price target of $170,