Palantir Technologies (NASDAQ:PLTR) Shares Up 8.5% - Still a Buy?

Shares of Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report) were up 8.5% on Friday . The stock traded as high as $86.40 and last traded at $86.36. Approximately 47,884,707 shares changed hands during mid-day trading, a decline of 26% from the average daily volume of 64,512,358 shares. The stock had previously closed at $79.62.

Analysts Set New Price Targets

Several research analysts have weighed in on PLTR shares. 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. 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. Royal Bank of Canada upped their price target on Palantir Technologies from $11.00 to $40.00 and gave the stock an "underperform" rating in a research note on Tuesday, February 4th. Bank of America upped their price target on Palantir Technologies from $90.00 to $125.00 and gave the stock a "buy" rating in a research note on Tuesday, February 4th. Finally, Northland Securities upped their price target on Palantir Technologies from $38.00 to $80.00 and gave the stock a "market perform" rating in a research note on Tuesday, February 4th. Five investment 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. According to data from MarketBeat.com, Palantir Technologies has an average rating of "Hold" and an average target price of $74.45.

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Palantir Technologies Stock Performance

The company has a fifty day moving average of $87.71 and a two-hundred day moving average of $64.59. The company has a market cap of $204.47 billion, a PE ratio of 458.17, a price-to-earnings-growth ratio of 10.84 and a beta of 2.81.

Insiders Place Their Bets

In other news, insider Ryan D. Taylor sold 483,987 shares of the stock in a transaction 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 transaction, the insider now owns 170,273 shares of the company's stock, valued at approximately $12,681,933.04. This represents a 73.97 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Alexandra W. Schiff sold 6,776 shares of the stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $86.63, for a total value of $587,004.88. Following the transaction, the director now directly owns 184,617 shares in the company, valued at $15,993,370.71. The trade was a 3.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 569,785 shares of company stock worth $44,474,738 over the last quarter. Company insiders own 12.93% of the company's stock.

Institutional Investors Weigh In On Palantir Technologies

A number of institutional investors have recently added to or reduced their stakes in PLTR. Prestige Wealth Management Group LLC boosted its position in Palantir Technologies by 747.1% during the third quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company's stock valued at $27,000 after purchasing an additional 650 shares in the last quarter. Roxbury Financial LLC purchased a new stake in shares of Palantir Technologies during the fourth quarter worth about $27,000. First PREMIER Bank acquired a new position in shares of Palantir Technologies during the fourth quarter valued at about $28,000. Wolff Wiese Magana LLC lifted its stake in shares of Palantir Technologies by 230.4% during the fourth quarter. Wolff Wiese Magana LLC now owns 380 shares of the company's stock worth $29,000 after buying an additional 265 shares during the period. Finally, HighMark Wealth Management LLC lifted its stake in shares of Palantir Technologies by 73.5% during the fourth quarter. HighMark Wealth Management LLC now owns 392 shares of the company's stock worth $30,000 after buying an additional 166 shares during the period. 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.

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