Palantir Technologies (NASDAQ:PLTR) Shares Up 1.8% – Time to Buy?

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

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Royal Bank of Canada lifted their price objective on shares of Palantir Technologies from $11.00 to $40.00 and gave the company an “underperform” rating in a research note on Tuesday, February 4th. Bank of America lifted their price objective on shares of Palantir Technologies from $90.00 to $125.00 and gave the company a “buy” rating in a research note on Tuesday, February 4th. Loop Capital dropped their price objective on shares of Palantir Technologies from $141.00 to $125.00 and set a “buy” rating on the stock in a research note on Thursday, March 13th. Mizuho lifted their price objective on shares of Palantir Technologies from $44.00 to $80.00 and gave the company an “underperform” rating in a research note on Tuesday, February 4th. Finally, Cantor Fitzgerald lifted their price objective on shares of Palantir Technologies from $72.00 to $98.00 and gave the company a “neutral” rating in a research note on Tuesday, February 4th. Five equities research 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. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $74.45.

Palantir Technologies Stock Down 2.4 %

The company has a market capitalization of $200.04 billion, a price-to-earnings ratio of 452.67, a P/E/G ratio of 10.84 and a beta of 2.81. The company has a 50-day moving average price of $89.08 and a 200-day moving average price of $66.51.

Insider Buying and Selling

In other Palantir Technologies news, insider Ryan D. Taylor sold 483,987 shares of Palantir Technologies stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $74.48, for a total transaction of $36,047,351.76. Following the sale, the insider now directly owns 170,273 shares of the company’s stock, valued at approximately $12,681,933.04. The trade was a 73.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Stephen Andrew Cohen sold 310,000 shares of Palantir Technologies stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $87.07, for a total value of $26,991,700.00. Following the sale, the insider now directly owns 592 shares in the company, valued at $51,545.44. The trade was a 99.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 3,379,785 shares of company stock valued at $281,528,938 over the last three months. 12.93% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Palantir Technologies

A number of institutional investors have recently added to or reduced their stakes in the stock. State Street Corp boosted its holdings 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 in the last quarter. Geode Capital Management LLC increased its holdings in 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 raised its position in Palantir Technologies by 20.4% in 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 during the last quarter. Norges Bank acquired a new position in Palantir Technologies in the fourth quarter worth $1,360,191,000. Finally, FMR LLC grew its holdings in shares of Palantir Technologies by 22.6% during 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. 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.