Palantir Technologies (NASDAQ:PLTR) Shares Down 4.9% Following Insider Selling

Palantir Technologies Inc. (NASDAQ:PLTR) dropped 4.9% during trading on Tuesday following insider selling activity. The company traded as low as $85.60 and last traded at $86.22. Approximately 62,005,952 shares were traded during mid-day trading, a decline of 33% from the average daily volume of 92,612,883 shares. The stock had previously closed at $90.68.

Specifically, insider Shyam Sankar sold 30,000 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $92.43, for a total value of $2,772,900.00. Following the completion of the transaction, the insider now directly owns 702,786 shares of the company’s stock, valued at $64,958,509.98. This represents a 4.09 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Heather A. Planishek sold 18,537 shares of Palantir Technologies stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $102.32, for a total value of $1,896,705.84. Following the sale, the insider now directly owns 493,469 shares in the company, valued at $50,491,748.08. The trade was a 3.62 % decrease in their position. The disclosure for this sale can be found here.

Analysts Set New Price Targets

PLTR has been the topic of a number of research analyst reports. Bank of America raised their price target on Palantir Technologies from $90.00 to $125.00 and gave the company a “buy” rating in a report on Tuesday, February 4th. Morgan Stanley raised shares of 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 restated an “underperform” rating on shares of Palantir Technologies in a research report on Wednesday, December 18th. Northland Securities increased their price objective on shares of Palantir Technologies from $38.00 to $80.00 and gave the company a “market perform” rating in a report on Tuesday, February 4th. Finally, Argus lowered shares of Palantir Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, November 7th. Six analysts have rated the stock with a sell rating, twelve have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $73.21.

Palantir Technologies Trading Down 4.9 %

The company’s 50-day moving average is $86.17 and its 200 day moving average is $60.27. The firm has a market cap of $196.36 billion, a PE ratio of 453.80, a P/E/G ratio of 10.84 and a beta of 2.81.

Institutional Trading of Palantir Technologies

Several large investors have recently added to or reduced their stakes in PLTR. State Street Corp raised 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 buying an additional 40,498,024 shares during the period. Norges Bank purchased a new position in Palantir Technologies during the 4th quarter valued at about $1,360,191,000. Geode Capital Management LLC increased its holdings in shares of Palantir Technologies by 52.9% in 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. lifted its position in shares of Palantir Technologies by 60.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 12,387,040 shares of the company’s stock worth $460,798,000 after purchasing an additional 4,667,955 shares in the last quarter. Finally, Wellington Management Group LLP boosted its holdings in shares of Palantir Technologies by 504.0% during the fourth quarter. Wellington Management Group LLP now owns 4,682,230 shares of the company’s stock worth $354,117,000 after purchasing an additional 3,907,022 shares during the period. 45.65% of the stock is owned by institutional investors and hedge funds.

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.