Palantir Technologies (NASDAQ:PLTR) Trading Down 1.8% – Time to Sell?

Shares of Palantir Technologies Inc. (NASDAQ:PLTR) were down 1.8% during mid-day trading on Friday . The company traded as low as $78.58 and last traded at $83.27. Approximately 58,054,992 shares were traded during trading, a decline of 38% from the average daily volume of 93,735,477 shares. The stock had previously closed at $84.77.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on PLTR shares. Jefferies Financial Group increased their price objective on shares of Palantir Technologies from $28.00 to $60.00 and gave the stock an “underperform” rating in a research report on Tuesday, February 4th. Loop Capital began coverage on shares of Palantir Technologies in a research report on Thursday, February 20th. They set a “buy” rating and a $141.00 price objective on the stock. DA Davidson raised their price target 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. The Goldman Sachs Group raised their price target on shares of Palantir Technologies from $16.00 to $41.00 and gave the company a “neutral” rating in a research report on Thursday, November 7th. Finally, Robert W. Baird raised their price target on shares of Palantir Technologies from $70.00 to $100.00 and gave the company a “neutral” rating in a research report on Tuesday, February 4th. Six analysts have rated the stock with a sell rating, twelve have given a hold rating and four have given a buy rating to the company. According to MarketBeat, Palantir Technologies currently has a consensus rating of “Hold” and an average target price of $73.21.

Palantir Technologies Trading Up 0.1 %

The company has a market cap of $193.31 billion, a P/E ratio of 446.64, a PEG ratio of 10.84 and a beta of 2.81. The business’s fifty day moving average is $87.09 and its 200 day moving average is $61.65.

Insider Activity at Palantir Technologies

In related news, insider Stephen Andrew Cohen sold 450,000 shares of Palantir Technologies stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $70.95, for a total value of $31,927,500.00. Following the completion of the transaction, the insider now directly owns 592 shares in the company, valued at approximately $42,002.40. The trade was a 99.87 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Shyam Sankar sold 5,250,000 shares of Palantir Technologies stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $70.08, for a total transaction of $367,920,000.00. Following the completion of the transaction, the insider now owns 752,786 shares of the company’s stock, valued at $52,755,242.88. This represents a 87.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 6,689,783 shares of company stock worth $475,417,043. Corporate insiders own 12.93% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. State Street Corp grew its position in shares of Palantir Technologies by 96.4% during the 3rd 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. Geode Capital Management LLC grew its position in shares of Palantir Technologies by 8.6% during the 4th quarter. Geode Capital Management LLC now owns 52,074,232 shares of the company’s stock valued at $3,929,401,000 after purchasing an additional 4,127,306 shares in the last quarter. Northern Trust Corp grew its position in shares of 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 in the last quarter. Norges Bank purchased a new position in shares of Palantir Technologies during the 4th quarter valued at $1,360,191,000. Finally, FMR LLC grew its position in shares of Palantir Technologies by 22.6% during the 4th quarter. FMR LLC now owns 15,296,371 shares of the company’s stock valued at $1,156,864,000 after purchasing an additional 2,818,090 shares in the last quarter. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

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.