Palantir Technologies (NASDAQ:PLTR) Stock Price Up 1.8% – Should You Buy?

Palantir Technologies Inc. (NASDAQ:PLTR) was up 1.8% during mid-day trading on Wednesday . The company traded as high as $85.39 and last traded at $85.44. Approximately 27,179,135 shares changed hands during mid-day trading, a decline of 58% from the average daily volume of 65,027,446 shares. The stock had previously closed at $83.89.

Analyst Upgrades and Downgrades

PLTR has been the topic of a number of research reports. DA Davidson boosted their target price on shares of Palantir Technologies from $47.00 to $105.00 and gave the stock a “neutral” rating in a report on Tuesday, February 4th. Bank of America boosted their price objective on shares of Palantir Technologies from $90.00 to $125.00 and gave the stock a “buy” rating in a research note on Tuesday, February 4th. Baird R W raised Palantir Technologies to a “hold” rating in a research report on Thursday, December 12th. Morgan Stanley upgraded Palantir Technologies from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $60.00 to $95.00 in a research report on Tuesday, February 4th. Finally, Northland Securities increased their price target on Palantir Technologies from $38.00 to $80.00 and gave the company a “market perform” rating in a research note on Tuesday, February 4th. Five analysts have rated the stock with a sell rating, thirteen have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $74.45.

Palantir Technologies Price Performance

The company has a fifty day moving average price of $88.34 and a 200 day moving average price of $66.23. The stock has a market cap of $201.59 billion, a P/E ratio of 452.43, a P/E/G ratio of 10.84 and a beta of 2.81.

Insider Activity at Palantir Technologies

In other news, insider Ryan D. Taylor sold 483,987 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $74.48, for a total value of $36,047,351.76. Following the transaction, the insider now owns 170,273 shares in the company, valued at $12,681,933.04. This trade represents a 73.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Stephen Andrew Cohen sold 1,250,000 shares of the stock in a transaction on 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 of the company’s stock, valued at $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 90 days, insiders sold 3,069,785 shares of company stock valued at $254,537,238. 12.93% of the stock is owned by company insiders.

Institutional Trading of Palantir Technologies

Several institutional investors have recently made changes to their positions in PLTR. State Street Corp grew its position in 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 purchasing an additional 40,498,024 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of 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 shares of Palantir Technologies by 20.4% during the fourth quarter. Northern Trust Corp now owns 19,488,465 shares of the company’s stock valued at $1,473,913,000 after acquiring an additional 3,299,779 shares during the last quarter. Norges Bank purchased a new stake in shares of Palantir Technologies during the fourth quarter valued at approximately $1,360,191,000. Finally, FMR LLC boosted its position in Palantir Technologies by 22.6% in the fourth 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 last quarter. Institutional investors 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.