Palantir Technologies (NASDAQ:PLTR) Shares Down 0.5% After Insider Selling

Palantir Technologies Inc. (NASDAQ:PLTR) was down 0.5% on Monday after an insider sold shares in the company. The company traded as low as $84.84 and last traded at $85.80. Approximately 42,547,807 shares changed hands during mid-day trading, a decline of 34% from the average daily volume of 64,755,069 shares. The stock had previously closed at $86.24.

Specifically, insider Stephen Andrew Cohen sold 1,250,000 shares of Palantir Technologies stock in a transaction on Friday, March 14th. The stock was sold at an average price of $85.30, for a total transaction of $106,625,000.00. Following the completion of the sale, the insider now owns 592 shares of the company’s stock, valued at approximately $50,497.60. This trade represents a 99.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Stephen Andrew Cohen sold 1,250,000 shares of Palantir Technologies stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $82.75, for a total value of $103,437,500.00. Following the sale, the insider now directly owns 592 shares of the company’s stock, valued at $48,988. This represents a 99.95 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on PLTR shares. Morgan Stanley raised 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 report on Tuesday, February 4th. Royal Bank of Canada lifted their target price on Palantir Technologies from $11.00 to $40.00 and gave the stock an “underperform” rating in a report on Tuesday, February 4th. Robert W. Baird raised their price target on Palantir Technologies from $70.00 to $100.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 4th. Northland Securities raised their price target on Palantir Technologies from $38.00 to $80.00 and gave the stock a “market perform” rating in a research report on Tuesday, February 4th. Finally, Loop Capital decreased their price target on Palantir Technologies from $141.00 to $125.00 and set a “buy” rating on the stock in a research report on Thursday. Five equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $74.45.

Palantir Technologies Stock Down 0.2 %

The stock has a 50 day moving average price of $87.83 and a 200 day moving average price of $65.46. The stock has a market capitalization of $201.84 billion, a price-to-earnings ratio of 452.97, a price-to-earnings-growth ratio of 10.84 and a beta of 2.81.

Institutional Trading of Palantir Technologies

A number of hedge funds have recently made changes to their positions in PLTR. State Street Corp lifted its stake 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 worth $3,069,463,000 after acquiring an additional 40,498,024 shares during the period. Geode Capital Management LLC lifted its stake 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 buying an additional 4,127,306 shares during the period. Northern Trust Corp lifted its stake in Palantir Technologies by 20.4% in the fourth quarter. Northern Trust Corp now owns 19,488,465 shares of the company’s stock valued at $1,473,913,000 after buying an additional 3,299,779 shares during the period. Norges Bank acquired a new position in Palantir Technologies in the fourth quarter valued at approximately $1,360,191,000. Finally, FMR LLC lifted its stake in Palantir Technologies by 22.6% in the fourth quarter. FMR LLC now owns 15,296,371 shares of the company’s stock valued at $1,156,864,000 after buying an additional 2,818,090 shares during the period. 45.65% of the stock is owned by institutional investors and hedge funds.

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.