Palantir Technologies (NASDAQ:PLTR) Trading Up 3.2% – Should You Buy?

Palantir Technologies Inc. (NASDAQ:PLTR)’s stock price rose 3.2% during trading on Wednesday . The company traded as high as $84.42 and last traded at $80.53. 44,213,866 shares traded hands during mid-day trading, a decline of 31% from the average session volume of 64,179,317 shares. The stock had previously closed at $78.05.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PLTR. UBS Group raised their target price on Palantir Technologies from $80.00 to $105.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 4th. DA Davidson lifted their target price on shares of Palantir Technologies from $47.00 to $105.00 and gave the company a “neutral” rating in a research report on Tuesday, February 4th. Morgan Stanley raised shares of Palantir Technologies from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $60.00 to $95.00 in a research note on Tuesday, February 4th. Wedbush reissued an “outperform” rating and issued a $120.00 target price on shares of Palantir Technologies in a report on Monday, March 3rd. Finally, Cantor Fitzgerald upped their target price on Palantir Technologies from $72.00 to $98.00 and gave the company a “neutral” rating in a research note on Tuesday, February 4th. Five equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $75.25.

Palantir Technologies Price Performance

The firm has a market capitalization of $197.84 billion, a price-to-earnings ratio of 444.00, a price-to-earnings-growth ratio of 10.84 and a beta of 2.81. The firm’s 50-day moving average price is $87.46 and its 200 day moving average price is $64.35.

Insider Buying and Selling

In other Palantir Technologies news, Director Alexandra W. Schiff sold 4,000 shares of Palantir Technologies stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $71.63, for a total transaction of $286,520.00. Following the completion of the transaction, the director now directly owns 195,393 shares of the company’s stock, valued at $13,996,000.59. The trade was a 2.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Stephen Andrew Cohen sold 416,053 shares of the company’s stock in a transaction that occurred on Friday, December 13th. The shares were sold at an average price of $74.17, for a total value of $30,858,651.01. Following the completion of the transaction, the insider now owns 592 shares in the company, valued at $43,908.64. This represents a 99.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 985,838 shares of company stock worth $75,333,389. 12.93% of the stock is owned by insiders.

Institutional Investors Weigh In On Palantir Technologies

Several large investors have recently bought and sold shares of PLTR. State Street Corp boosted its position in shares of Palantir Technologies by 96.4% during the third quarter. State Street Corp now owns 82,512,440 shares of the company’s stock valued at $3,069,463,000 after purchasing an additional 40,498,024 shares in the last quarter. Norges Bank bought a new stake in Palantir Technologies in the fourth quarter valued at about $1,360,191,000. Geode Capital Management LLC raised its holdings in Palantir Technologies by 52.9% during the third quarter. Geode Capital Management LLC now owns 47,946,926 shares of the company’s stock valued at $1,777,568,000 after buying an additional 16,598,253 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Palantir Technologies by 60.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 12,387,040 shares of the company’s stock valued at $460,798,000 after acquiring an additional 4,667,955 shares during the last quarter. Finally, Wellington Management Group LLP lifted its holdings in Palantir Technologies by 504.0% during the fourth quarter. Wellington Management Group LLP now owns 4,682,230 shares of the company’s stock worth $354,117,000 after acquiring an additional 3,907,022 shares in the last quarter. Institutional investors own 45.65% of the company’s stock.

Palantir Technologies Company Profile

Palantir Technologies, Inc engages in the business of building and deploying software platforms that serve as the central operating systems for its customers. It operates under the Commercial and Government segments. The Commercial segment focuses on customers working in non-government industries. The Government segment is involved in providing services to customers that are the United States government and non-United States government agencies.