Palantir Technologies (NASDAQ:PLTR) Trading 2.2% Higher – Should You Buy?

Palantir Technologies Inc. (NASDAQ:PLTR) was up 2.2% during mid-day trading on Friday . The company traded as high as $182.15 and last traded at $181.76. Approximately 31,574,566 shares changed hands during trading, a decline of 61% from the average daily volume of 80,516,859 shares. The stock had previously closed at $177.92.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Piper Sandler lifted their price target on Palantir Technologies from $201.00 to $225.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 4th. Daiwa Capital Markets lifted their target price on shares of Palantir Technologies from $178.00 to $200.00 and gave the stock a “neutral” rating in a research report on Thursday, November 6th. Wall Street Zen lowered Palantir Technologies from a “buy” rating to a “hold” rating in a research note on Friday, November 28th. Morgan Stanley increased their price target on Palantir Technologies from $155.00 to $205.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 4th. Finally, UBS Group lifted their target price on Palantir Technologies from $165.00 to $205.00 and gave the stock a “neutral” rating in a report on Tuesday, November 4th. Four equities research analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Palantir Technologies presently has an average rating of “Hold” and an average price target of $172.28.

Palantir Technologies Price Performance

The business has a 50-day moving average of $178.91 and a two-hundred day moving average of $160.82. The company has a market cap of $433.21 billion, a P/E ratio of 432.77, a P/E/G ratio of 6.83 and a beta of 1.49.

Palantir Technologies (NASDAQ:PLTR) last announced its earnings results on Monday, November 3rd. The company reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.04. Palantir Technologies had a net margin of 28.11% and a return on equity of 15.48%. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.09 billion. During the same period in the previous year, the company posted $0.10 earnings per share. The firm’s revenue was up 62.8% on a year-over-year basis. Equities analysts anticipate that Palantir Technologies Inc. will post 0.31 EPS for the current fiscal year.

Insider Activity at Palantir Technologies

In other news, insider Stephen Andrew Cohen sold 39,136 shares of the stock in a transaction on Friday, November 21st. The stock was sold at an average price of $156.25, for a total transaction of $6,115,000.00. Following the completion of the sale, the insider owned 592 shares in the company, valued at approximately $92,500. This represents a 98.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Ryan D. Taylor sold 36,048 shares of the firm’s stock in a transaction on Monday, November 24th. The stock was sold at an average price of $162.36, for a total value of $5,852,753.28. Following the completion of the sale, the insider directly owned 251,409 shares of the company’s stock, valued at $40,818,765.24. The trade was a 12.54% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 1,029,844 shares of company stock valued at $168,161,111 over the last three months. Company insiders own 9.23% of the company’s stock.

Hedge Funds Weigh In On Palantir Technologies

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PLTR. Norges Bank purchased a new position in shares of Palantir Technologies during the second quarter worth $3,307,457,000. Kingstone Capital Partners Texas LLC acquired a new stake in Palantir Technologies during the 2nd quarter worth about $2,543,888,000. Vanguard Group Inc. grew its position in Palantir Technologies by 4.0% during the 3rd quarter. Vanguard Group Inc. now owns 213,886,270 shares of the company’s stock worth $39,017,133,000 after purchasing an additional 8,168,604 shares during the period. State Street Corp raised its stake in shares of Palantir Technologies by 7.2% during the 3rd quarter. State Street Corp now owns 101,258,899 shares of the company’s stock valued at $18,471,648,000 after buying an additional 6,777,771 shares during the last quarter. Finally, Nuveen LLC acquired a new position in shares of Palantir Technologies in the 1st quarter valued at about $520,232,000. 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.