Palantir Technologies (NASDAQ:PLTR) Trading Down 4.9% on Insider Selling

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

Specifically, insider Shyam Sankar sold 30,000 shares of the company’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $92.43, for a total value of $2,772,900.00. Following the transaction, the insider now directly owns 702,786 shares of the company’s stock, valued at approximately $64,958,509.98. This represents a 4.09 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 of the company’s stock, valued at approximately $50,491,748.08. The trade was a 3.62 % decrease in their position. The disclosure for this sale can be found here.

Analyst Ratings Changes

A number of research firms have recently weighed in on PLTR. Morgan Stanley raised Palantir Technologies from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $60.00 to $95.00 in a research note on Tuesday, February 4th. Royal Bank of Canada raised their price objective on shares of Palantir Technologies from $11.00 to $40.00 and gave the company an “underperform” rating in a research report on Tuesday, February 4th. Citigroup boosted their target price on shares of Palantir Technologies from $42.00 to $110.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. Bank of America raised their price target on shares of Palantir Technologies from $90.00 to $125.00 and gave the company a “buy” rating in a report on Tuesday, February 4th. Finally, Loop Capital started coverage on shares of Palantir Technologies in a research note on Thursday, February 20th. They issued a “buy” rating and a $141.00 price objective for the company. Six research analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $73.21.

Palantir Technologies Stock Performance

The company has a market capitalization of $196.36 billion, a P/E ratio of 453.80, a P/E/G ratio of 10.84 and a beta of 2.81. The company has a 50-day simple moving average of $86.17 and a 200 day simple moving average of $60.27.

Hedge Funds Weigh In On Palantir Technologies

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. State Street Corp grew 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 worth $3,069,463,000 after purchasing an additional 40,498,024 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Palantir Technologies by 8.6% in the fourth quarter. Geode Capital Management LLC now owns 52,074,232 shares of the company’s stock valued at $3,929,401,000 after buying an additional 4,127,306 shares during the period. Northern Trust Corp grew its position in Palantir Technologies by 20.4% during the fourth quarter. Northern Trust Corp now owns 19,488,465 shares of the company’s stock worth $1,473,913,000 after buying an additional 3,299,779 shares in the last quarter. Norges Bank bought a new position in Palantir Technologies during the fourth quarter valued at about $1,360,191,000. Finally, FMR LLC increased its stake in Palantir Technologies by 22.6% during the fourth quarter. FMR LLC now owns 15,296,371 shares of the company’s stock valued at $1,156,864,000 after acquiring an additional 2,818,090 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.