Palantir Technologies (NASDAQ:PLTR) Trading Up 2.6% – Still a Buy?

Palantir Technologies Inc. (NASDAQ:PLTR)’s stock price traded up 2.6% during mid-day trading on Thursday . The stock traded as high as $88.50 and last traded at $88.31. 30,143,829 shares changed hands during mid-day trading, a decline of 54% from the average session volume of 65,223,054 shares. The stock had previously closed at $86.10.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Wedbush reissued an “outperform” rating and issued a $120.00 price target on shares of Palantir Technologies in a research note on Monday, March 3rd. Cantor Fitzgerald raised 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. Morgan Stanley raised Palantir Technologies from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $60.00 to $95.00 in a research note on Tuesday, February 4th. William Blair set a $84.00 target price on Palantir Technologies in a research note on Wednesday, March 5th. Finally, Jefferies Financial Group raised their target price on Palantir Technologies from $28.00 to $60.00 and gave the company an “underperform” rating in a research note on Tuesday, February 4th. Five investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $74.45.

Palantir Technologies Trading Up 1.0 %

The firm has a market capitalization of $203.93 billion, a P/E ratio of 462.44, a P/E/G ratio of 10.84 and a beta of 2.81. The firm has a 50-day moving average of $88.70 and a two-hundred day moving average of $66.37.

Insider Transactions at Palantir Technologies

In other Palantir Technologies news, insider Stephen Andrew Cohen sold 1,250,000 shares of the business’s 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 in the company, valued at $48,988. The trade was a 99.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Lauren Elaina Friedman Stat sold 800 shares of Palantir Technologies stock in a transaction dated 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 transaction, the director now 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. Insiders sold 3,379,785 shares of company stock worth $281,528,938 over the last ninety days. 12.93% of the stock is owned by insiders.

Hedge Funds Weigh In On Palantir Technologies

Several hedge funds have recently bought and sold shares of PLTR. State Street Corp lifted its position in Palantir Technologies by 96.4% during the third 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 during the last quarter. Norges Bank purchased a new position in Palantir Technologies in the fourth quarter worth about $1,360,191,000. Geode Capital Management LLC grew its stake in shares of Palantir Technologies by 52.9% during the 3rd quarter. Geode Capital Management LLC now owns 47,946,926 shares of the company’s stock valued at $1,777,568,000 after purchasing an additional 16,598,253 shares during the period. Charles Schwab Investment Management Inc. grew its position in Palantir Technologies by 60.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 12,387,040 shares of the company’s stock valued at $460,798,000 after buying an additional 4,667,955 shares during the period. Finally, Wellington Management Group LLP raised its position in Palantir Technologies by 504.0% in the fourth quarter. Wellington Management Group LLP now owns 4,682,230 shares of the company’s stock worth $354,117,000 after acquiring an additional 3,907,022 shares during the period. Hedge funds and other 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.