Palantir Technologies (NASDAQ:PLTR) Shares Up 3.2% – Should You Buy?

Shares of Palantir Technologies Inc. (NASDAQ:PLTR) shot up 3.2% during trading on Wednesday . The company traded as high as $84.42 and last traded at $80.53. 44,213,866 shares were traded during trading, a decline of 31% from the average session volume of 64,179,317 shares. The stock had previously closed at $78.05.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on PLTR. Jefferies Financial Group boosted their target price on shares of Palantir Technologies from $28.00 to $60.00 and gave the stock an “underperform” rating in a research note on Tuesday, February 4th. Cantor Fitzgerald boosted their target price on shares of Palantir Technologies from $72.00 to $98.00 and gave the stock a “neutral” rating in a research note on Tuesday, February 4th. UBS Group boosted their target price on shares of Palantir Technologies from $80.00 to $105.00 and gave the stock a “neutral” 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 for the company in a research note on Thursday. Finally, William Blair set a $84.00 price objective on shares of Palantir Technologies in a research note on Wednesday, March 5th. Five analysts have rated the stock with a sell rating, thirteen have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $74.45.

Palantir Technologies Stock Performance

The stock has a market cap of $199.90 billion, a PE ratio of 448.64, a PEG ratio of 10.84 and a beta of 2.81. The stock’s 50-day moving average is $87.71 and its two-hundred day moving average is $64.59.

Insider Buying and Selling

In related news, insider Ryan D. Taylor sold 483,987 shares of the stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $74.48, for a total transaction of $36,047,351.76. Following the completion of the transaction, the insider now owns 170,273 shares of the company’s stock, valued at approximately $12,681,933.04. This trade represents a 73.97 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, 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 transaction of $2,772,900.00. Following the transaction, the insider now directly owns 702,786 shares of the company’s stock, valued at $64,958,509.98. The trade was a 4.09 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 569,785 shares of company stock valued at $44,474,738. Company insiders own 12.93% of the company’s stock.

Hedge Funds Weigh In On Palantir Technologies

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. State Street Corp boosted its position in Palantir Technologies by 96.4% in the 3rd 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. Geode Capital Management LLC raised its holdings in shares of Palantir Technologies by 8.6% in 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 holdings in shares of 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 in the last quarter. Norges Bank acquired a new stake in shares of Palantir Technologies in the 4th quarter valued at $1,360,191,000. Finally, FMR LLC raised its holdings in shares of Palantir Technologies by 22.6% in the 4th quarter. FMR LLC now owns 15,296,371 shares of the company’s stock valued at $1,156,864,000 after purchasing an additional 2,818,090 shares in the last quarter. Hedge funds and other institutional investors own 45.65% of the company’s stock.

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.