Palantir Technologies (NASDAQ:PLTR) Stock Price Down 4.9% After Insider Selling

Palantir Technologies Inc. (NASDAQ:PLTR) dropped 4.9% during mid-day trading on Tuesday after an insider sold shares in the company. The company traded as low as $85.60 and last traded at $86.22. Approximately 62,005,952 shares changed hands during 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 dated 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 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 sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Heather A. Planishek sold 18,537 shares of the stock in a transaction that occurred 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 transaction, the insider now owns 493,469 shares of the company’s stock, valued at approximately $50,491,748.08. This trade represents a 3.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Analysts Set New Price Targets

Several brokerages have weighed in on PLTR. Jefferies Financial Group raised their price objective on shares of Palantir Technologies from $28.00 to $60.00 and gave the stock an “underperform” rating in a report on Tuesday, February 4th. Baird R W upgraded Palantir Technologies to a “hold” rating in a research note on Thursday, December 12th. Wedbush upped their price target on Palantir Technologies from $75.00 to $90.00 and gave the company an “outperform” rating in a research report on Thursday, January 23rd. Cantor Fitzgerald lifted their price objective on shares of Palantir Technologies from $72.00 to $98.00 and gave the stock a “neutral” rating in a report on Tuesday, February 4th. Finally, William Blair restated an “underperform” rating on shares of Palantir Technologies in a research report on Wednesday, December 18th. Six equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Palantir Technologies has an average rating of “Hold” and a consensus target price of $73.21.

Palantir Technologies Price Performance

The stock’s 50 day moving average is $86.79 and its two-hundred day moving average is $60.88. The firm has a market cap of $203.45 billion, a P/E ratio of 470.08, a PEG ratio of 10.84 and a beta of 2.81.

Institutional Investors Weigh In On Palantir Technologies

Large investors have recently made changes to their positions in the company. Assenagon Asset Management S.A. boosted its stake in Palantir Technologies by 80.2% in the third quarter. Assenagon Asset Management S.A. now owns 37,012 shares of the company’s stock worth $1,377,000 after purchasing an additional 16,469 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in shares of Palantir Technologies by 5.0% during the third quarter. Nisa Investment Advisors LLC now owns 251,320 shares of the company’s stock valued at $9,349,000 after purchasing an additional 11,920 shares during the last quarter. Pallas Capital Advisors LLC acquired a new stake in shares of Palantir Technologies in the 3rd quarter valued at $199,000. abrdn plc boosted its holdings in Palantir Technologies by 124.0% in the third quarter. abrdn plc now owns 611,142 shares of the company’s stock valued at $22,646,000 after acquiring an additional 338,260 shares during the last quarter. Finally, Diversify Advisory Services LLC increased its position in Palantir Technologies by 83.0% in the third quarter. Diversify Advisory Services LLC now owns 19,042 shares of the company’s stock worth $708,000 after purchasing an additional 8,638 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.