Palantir Technologies (NASDAQ:PLTR) Shares Down 3.5% on Analyst Downgrade

Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report)'s stock price dropped 3.5% during trading on Wednesday after Morgan Stanley lowered their price target on the stock from $95.00 to $90.00. Morgan Stanley currently has an equal weight rating on the stock. Palantir Technologies traded as low as $94.61 and last traded at $94.91. Approximately 37,864,642 shares changed hands during trading, a decline of 47% from the average daily volume of 71,890,870 shares. The stock had previously closed at $98.40.

Several other analysts have also issued reports on PLTR. Robert W. Baird upped their target price on Palantir Technologies from $70.00 to $100.00 and gave the stock a "neutral" rating in a report on Tuesday, February 4th. Citigroup increased their price objective on Palantir Technologies from $42.00 to $110.00 and gave the company a "neutral" rating in a report on Wednesday, February 5th. William Blair set a $84.00 price target on shares of Palantir Technologies in a research report on Wednesday, March 5th. Cantor Fitzgerald increased their price target 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. Finally, Loop Capital restated a "buy" rating on shares of Palantir Technologies in a research note on Friday, April 4th. Five analysts have rated the stock with a sell rating, sixteen have given a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Palantir Technologies currently has an average rating of "Hold" and a consensus target price of $74.71.

Insider Activity

In related news, Director Lauren Elaina Friedman Stat sold 800 shares of the stock in a transaction that occurred on Thursday, April 3rd. The shares were sold at an average price of $81.25, for a total transaction of $65,000.00. Following the sale, the director now owns 61,339 shares in the company, valued at approximately $4,983,793.75. This trade represents a 1.29 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Stephen Andrew Cohen sold 1,250,000 shares of the business's stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $82.75, for a total transaction of $103,437,500.00. Following the transaction, the insider now owns 592 shares of the company's stock, valued at approximately $48,988. This represents a 99.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,989,975 shares of company stock worth $253,328,090. 12.93% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in PLTR. Roxbury Financial LLC bought a new stake in shares of Palantir Technologies during the fourth quarter worth $27,000. First PREMIER Bank acquired a new position in Palantir Technologies in the 4th quarter worth about $28,000. Wolff Wiese Magana LLC raised its position in Palantir Technologies by 230.4% in the fourth quarter. Wolff Wiese Magana LLC now owns 380 shares of the company's stock valued at $29,000 after purchasing an additional 265 shares during the last quarter. HighMark Wealth Management LLC grew its holdings 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 purchasing an additional 166 shares during the last quarter. Finally, Sierra Ocean LLC acquired a new position in shares of Palantir Technologies in the fourth quarter valued at approximately $31,000. Institutional investors own 45.65% of the company's stock.

Palantir Technologies Trading Up 1.2 %

The firm has a market capitalization of $219.95 billion, a price-to-earnings ratio of 493.60, a P/E/G ratio of 10.84 and a beta of 2.74. The firm's 50-day moving average is $91.18 and its 200 day moving average is $74.75.

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.