Palantir Technologies (NASDAQ:PLTR) Shares Down 0.5% After Insider Selling

Palantir Technologies Inc. (NASDAQ:PLTR)’s share price dropped 0.5% during trading on Monday following insider selling activity. The stock traded as low as $84.84 and last traded at $85.80. Approximately 42,547,807 shares were traded during trading, a decline of 34% from the average daily volume of 64,755,069 shares. The stock had previously closed at $86.24.

Specifically, insider Stephen Andrew Cohen sold 1,250,000 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $85.30, for a total value of $106,625,000.00. Following the transaction, the insider now directly owns 592 shares of the company’s stock, valued at approximately $50,497.60. The trade was a 99.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 value of $103,437,500.00. Following the sale, the insider now owns 592 shares of the company’s stock, valued at approximately $48,988. This represents a 99.95 % decrease in their position. The disclosure for this sale can be found here.

Analyst Ratings Changes

PLTR has been the subject of several recent research reports. Wedbush restated an “outperform” rating and set a $120.00 price objective on shares of Palantir Technologies in a report on Monday, March 3rd. Royal Bank of Canada boosted their price objective on Palantir Technologies from $11.00 to $40.00 and gave the company an “underperform” rating in a report on Tuesday, February 4th. William Blair set a $84.00 price objective on Palantir Technologies in a research note on Wednesday, March 5th. Jefferies Financial Group raised their price objective on Palantir Technologies from $28.00 to $60.00 and gave the company an “underperform” rating in a research note on Tuesday, February 4th. Finally, Citigroup boosted their price target on shares of Palantir Technologies from $42.00 to $110.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. Five equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $74.45.

Palantir Technologies Stock Performance

The company has a market capitalization of $201.84 billion, a PE ratio of 452.97, a PEG ratio of 10.84 and a beta of 2.81. The stock’s 50 day moving average is $87.83 and its 200 day moving average is $65.46.

Institutional Trading of Palantir Technologies

A number of institutional investors have recently modified their holdings of the business. Prestige Wealth Management Group LLC lifted its stake in Palantir Technologies by 747.1% in the 3rd quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock worth $27,000 after purchasing an additional 650 shares in the last quarter. Roxbury Financial LLC purchased a new stake in Palantir Technologies in the 4th quarter worth approximately $27,000. First PREMIER Bank purchased a new stake in Palantir Technologies in the 4th quarter worth approximately $28,000. Wolff Wiese Magana LLC lifted its stake in Palantir Technologies by 230.4% in the 4th quarter. Wolff Wiese Magana LLC now owns 380 shares of the company’s stock worth $29,000 after purchasing an additional 265 shares in the last quarter. Finally, HighMark Wealth Management LLC increased its holdings in shares of Palantir Technologies by 73.5% in the 4th 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 last quarter. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

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.