Palantir Technologies (NASDAQ:PLTR) Trading Up 0.6% – Should You Buy?

Palantir Technologies Inc. (NASDAQ:PLTR) shares were up 0.6% during trading on Friday . The stock traded as high as $88.28 and last traded at $87.90. Approximately 33,134,827 shares traded hands during mid-day trading, a decline of 49% from the average daily volume of 65,493,427 shares. The stock had previously closed at $87.39.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Loop Capital dropped their target price on shares of Palantir Technologies from $141.00 to $125.00 and set a “buy” rating on the stock in a research report on Thursday, March 13th. Northland Securities lifted their price objective on shares of Palantir Technologies from $38.00 to $80.00 and gave the stock a “market perform” rating in a research report on Tuesday, February 4th. Royal Bank of Canada increased their target price on Palantir Technologies from $11.00 to $40.00 and gave the company an “underperform” rating in a report on Tuesday, February 4th. Bank of America lifted their price target on Palantir Technologies from $90.00 to $125.00 and gave the company a “buy” rating in a report on Tuesday, February 4th. Finally, William Blair set a $84.00 price objective on Palantir Technologies in a research note on Wednesday, March 5th. Five analysts have rated the stock with a sell rating, thirteen have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $74.45.

Palantir Technologies Price Performance

The stock’s fifty day moving average is $89.08 and its 200-day moving average is $66.51. The stock has a market capitalization of $209.27 billion, a P/E ratio of 468.80, a PEG ratio of 10.84 and a beta of 2.81.

Insider Transactions at Palantir Technologies

In other Palantir Technologies news, Director Alexandra W. Schiff sold 4,000 shares of the business’s 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 owns 195,393 shares of the company’s stock, valued at $13,996,000.59. The trade was a 2.01 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Stephen Andrew Cohen sold 1,250,000 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $82.75, for a total value of $103,437,500.00. Following the completion of the sale, the insider now directly owns 592 shares in the company, valued at approximately $48,988. This represents a 99.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 3,379,785 shares of company stock worth $281,528,938. 12.93% of the stock is owned by corporate insiders.

Institutional Trading of Palantir Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. State Street Corp boosted its position in shares of Palantir Technologies by 96.4% in the third quarter. State Street Corp now owns 82,512,440 shares of the company’s stock valued at $3,069,463,000 after acquiring an additional 40,498,024 shares during the period. Norges Bank bought a new stake in Palantir Technologies in the 4th quarter valued at $1,360,191,000. Geode Capital Management LLC grew its position in Palantir Technologies by 52.9% in the 3rd quarter. Geode Capital Management LLC now owns 47,946,926 shares of the company’s stock worth $1,777,568,000 after purchasing an additional 16,598,253 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings 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 worth $460,798,000 after purchasing an additional 4,667,955 shares during the period. Finally, Wellington Management Group LLP increased its holdings in shares of Palantir Technologies by 504.0% during the 4th quarter. Wellington Management Group LLP now owns 4,682,230 shares of the company’s stock worth $354,117,000 after purchasing an additional 3,907,022 shares during the period. Institutional investors and hedge funds 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.