Palantir Technologies (NASDAQ:PLTR) Shares Down 4.9% Following Analyst Downgrade

Palantir Technologies Inc. (NASDAQ:PLTR) shares fell 4.9% during trading on Thursday after Loop Capital lowered their price target on the stock from $141.00 to $125.00. Loop Capital currently has a buy rating on the stock. Palantir Technologies traded as low as $78.57 and last traded at $79.59. 42,162,712 shares were traded during trading, a decline of 34% from the average session volume of 64,322,973 shares. The stock had previously closed at $83.65.

Several other research firms also recently weighed in on PLTR. Royal Bank of Canada increased their price target on Palantir Technologies from $11.00 to $40.00 and gave the stock an “underperform” rating in a research note on Tuesday, February 4th. Morgan Stanley upgraded shares of Palantir Technologies from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $60.00 to $95.00 in a research note on Tuesday, February 4th. Mizuho upped their price target on shares of Palantir Technologies from $44.00 to $80.00 and gave the company an “underperform” rating in a research note on Tuesday, February 4th. UBS Group lifted their price objective on shares of Palantir Technologies from $80.00 to $105.00 and gave the company a “neutral” rating in a research note on Tuesday, February 4th. Finally, Baird R W upgraded Palantir Technologies to a “hold” rating in a research report on Thursday, December 12th. 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’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $74.45.

Insider Activity at Palantir Technologies

In related news, Director Lauren Elaina Friedman Stat sold 800 shares of Palantir Technologies stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $76.29, for a total value of $61,032.00. Following the transaction, the director now owns 62,139 shares in the company, valued at $4,740,584.31. This trade represents a 1.27 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Stephen Andrew Cohen sold 1,250,000 shares of the company’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $82.75, for a total transaction of $103,437,500.00. Following the sale, the insider now owns 592 shares of the company’s stock, valued at approximately $48,988. The trade was a 99.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,069,785 shares of company stock valued at $254,537,238. Corporate insiders own 12.93% of the company’s stock.

Institutional Trading of Palantir Technologies

Several large investors have recently modified their holdings of the business. State Street Corp grew its position in shares of Palantir Technologies by 96.4% in the 3rd quarter. State Street Corp now owns 82,512,440 shares of the company’s stock worth $3,069,463,000 after buying an additional 40,498,024 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Palantir Technologies by 8.6% in the fourth quarter. Geode Capital Management LLC now owns 52,074,232 shares of the company’s stock valued at $3,929,401,000 after acquiring an additional 4,127,306 shares in the last quarter. Northern Trust Corp increased its position in Palantir Technologies by 20.4% during the 4th quarter. Northern Trust Corp now owns 19,488,465 shares of the company’s stock valued at $1,473,913,000 after purchasing an additional 3,299,779 shares during the period. Norges Bank bought a new position in Palantir Technologies in the 4th quarter worth $1,360,191,000. Finally, FMR LLC lifted its position in shares of Palantir Technologies by 22.6% in the 4th quarter. FMR LLC now owns 15,296,371 shares of the company’s stock worth $1,156,864,000 after purchasing an additional 2,818,090 shares during the period. 45.65% of the stock is owned by institutional investors.

Palantir Technologies Stock Up 8.3 %

The company has a market cap of $202.26 billion, a PE ratio of 453.92, a PEG ratio of 10.84 and a beta of 2.81. The firm’s 50-day moving average is $87.83 and its 200-day moving average is $64.98.

About Palantir Technologies

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.