Palantir Technologies (NASDAQ:PLTR) Trading Up 2.3% – Still a Buy?

Palantir Technologies Inc. (NASDAQ:PLTR)’s share price was up 2.3% on Friday . The stock traded as high as $84.10 and last traded at $82.30. Approximately 36,077,916 shares traded hands during mid-day trading, a decline of 43% from the average daily volume of 63,781,454 shares. The stock had previously closed at $80.46.

Analysts Set New Price Targets

Several research firms have recently issued reports on PLTR. Wedbush reaffirmed an “outperform” rating and set a $120.00 price target on shares of Palantir Technologies in a research note on Monday, March 3rd. Baird R W upgraded shares of Palantir Technologies to a “hold” rating in a research report on Thursday, December 12th. Loop Capital initiated coverage on shares of Palantir Technologies in a research report on Thursday, February 20th. They issued a “buy” rating and a $141.00 price target on the stock. Royal Bank of Canada lifted their price objective on Palantir Technologies from $11.00 to $40.00 and gave the stock an “underperform” rating in a research report on Tuesday, February 4th. 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 research analysts have rated the stock with a sell rating, thirteen have given a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $74.79.

Palantir Technologies Stock Up 5.7 %

The stock has a market capitalization of $199.51 billion, a PE ratio of 447.74, a P/E/G ratio of 10.84 and a beta of 2.81. The business’s fifty day moving average is $87.43 and its 200-day moving average is $63.49.

Insider Buying and Selling

In other Palantir Technologies 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 transaction of $31,927,500.00. Following the transaction, the insider now directly owns 592 shares of the company’s stock, valued at $42,002.40. The trade was a 99.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Lauren Elaina Friedman Stat sold 800 shares of the stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $76.29, for a total transaction of $61,032.00. Following the completion of the sale, the director now directly owns 62,139 shares of the company’s stock, valued at $4,740,584.31. The trade was a 1.27 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 1,435,838 shares of company stock valued at $107,260,889. 12.93% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Graypoint LLC purchased a new stake in shares of Palantir Technologies during the 3rd quarter valued at about $268,000. Principal Financial Group Inc. raised its stake in shares of Palantir Technologies by 226.2% during the third quarter. Principal Financial Group Inc. now owns 2,839,680 shares of the company’s stock valued at $105,636,000 after purchasing an additional 1,969,213 shares during the period. Portside Wealth Group LLC raised its stake in shares of Palantir Technologies by 16.5% during the third quarter. Portside Wealth Group LLC now owns 10,225 shares of the company’s stock valued at $380,000 after purchasing an additional 1,447 shares during the period. Stiles Financial Services Inc acquired a new position in shares of Palantir Technologies during the third quarter worth $207,000. Finally, Capital Performance Advisors LLP purchased a new position in shares of Palantir Technologies in the third quarter valued at $88,000. 45.65% of the stock is 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.