Palantir Technologies (NASDAQ:PLTR) Trading Up 3.6% – Still a Buy?

Palantir Technologies Inc. (NASDAQ:PLTR) shares were up 3.6% during trading on Monday . The company traded as high as $115.03 and last traded at $114.87. Approximately 41,521,075 shares were traded during mid-day trading, a decline of 49% from the average daily volume of 82,002,813 shares. The stock had previously closed at $110.85.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on PLTR shares. Royal Bank of Canada boosted their price objective on Palantir Technologies from $11.00 to $40.00 and gave the stock an “underperform” rating in a research note on Tuesday, February 4th. William Blair restated an “underperform” rating on shares of Palantir Technologies in a research note on Wednesday, December 18th. Citigroup boosted their target price on Palantir Technologies from $42.00 to $110.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Robert W. Baird upped their price target on Palantir Technologies from $70.00 to $100.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 4th. Finally, Morgan Stanley upgraded Palantir Technologies from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $60.00 to $95.00 in a research note on Tuesday, February 4th. Six equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Palantir Technologies currently has an average rating of “Hold” and an average target price of $69.44.

Palantir Technologies Stock Up 4.2 %

The stock’s 50-day simple moving average is $79.17 and its 200 day simple moving average is $54.84. The stock has a market capitalization of $267.42 billion, a price-to-earnings ratio of 617.87, a price-to-earnings-growth ratio of 11.44 and a beta of 2.81.

Insider Buying and Selling at Palantir Technologies

In related news, Director Lauren Elaina Friedman Stat sold 9,746 shares of Palantir Technologies stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $66.77, for a total value of $650,740.42. Following the completion of the transaction, the director now directly owns 111,644 shares of the company’s stock, valued at $7,454,469.88. The trade was a 8.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Alexander C. Karp sold 4,500,000 shares of the business’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $63.10, for a total value of $283,950,000.00. Following the sale, the insider now directly owns 6,432,258 shares of the company’s stock, valued at $405,875,479.80. This represents a 41.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 13,833,085 shares of company stock worth $924,999,929. 12.93% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Palantir Technologies

Several institutional investors and hedge funds have recently modified their holdings of PLTR. State Street Corp grew 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 valued at $3,069,463,000 after buying an additional 40,498,024 shares in the last quarter. Geode Capital Management LLC lifted 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 during the last quarter. Norges Bank acquired a new stake in Palantir Technologies during the 4th quarter valued at $1,360,191,000. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Palantir Technologies by 5.7% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 14,982,925 shares of the company’s stock valued at $557,365,000 after purchasing an additional 808,444 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Palantir Technologies by 5.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 13,042,855 shares of the company’s stock valued at $986,431,000 after purchasing an additional 655,815 shares during the last quarter. 45.65% of the stock is currently 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.