Palantir Technologies (NASDAQ:PLTR) Trading Down 0.5% Following Insider Selling

Palantir Technologies Inc. (NASDAQ:PLTR) was down 0.5% on Monday after an insider sold shares in the company. The company traded as low as $84.84 and last traded at $85.80. Approximately 42,547,807 shares changed hands 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 company’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $85.30, for a total value of $106,625,000.00. Following the completion of the transaction, the insider now directly owns 592 shares in the company, valued at approximately $50,497.60. This represents a 99.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Stephen Andrew Cohen sold 1,250,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $82.75, for a total transaction of $103,437,500.00. Following the transaction, the insider now owns 592 shares of the company’s stock, valued at approximately $48,988. The trade was a 99.95 % decrease in their position. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on PLTR shares. Cantor Fitzgerald upped their target price on Palantir Technologies from $72.00 to $98.00 and gave the company a “neutral” rating in a research report on Tuesday, February 4th. Morgan Stanley raised shares of Palantir Technologies from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $60.00 to $95.00 in a research note on Tuesday, February 4th. William Blair set a $84.00 price objective on Palantir Technologies in a research note on Wednesday, March 5th. DA Davidson raised their price objective on shares of Palantir Technologies from $47.00 to $105.00 and gave the company a “neutral” rating in a research note on Tuesday, February 4th. Finally, Mizuho raised their price objective on Palantir Technologies from $44.00 to $80.00 and gave the company an “underperform” rating in a research note on Tuesday, February 4th. Five equities research 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. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $74.45.

Palantir Technologies Stock Performance

The firm has a fifty day simple moving average of $88.06 and a two-hundred day simple moving average of $65.86. The firm has a market cap of $204.87 billion, a PE ratio of 459.76, a PEG ratio of 10.84 and a beta of 2.81.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in PLTR. Prestige Wealth Management Group LLC increased its position in Palantir Technologies by 747.1% during the third quarter. Prestige Wealth Management Group LLC now owns 737 shares of the company’s stock valued at $27,000 after acquiring an additional 650 shares during the last quarter. Roxbury Financial LLC bought a new position in Palantir Technologies in the fourth quarter worth approximately $27,000. First PREMIER Bank purchased a new position in shares of Palantir Technologies during the fourth quarter valued at $28,000. Wolff Wiese Magana LLC increased its position in Palantir Technologies by 230.4% during the 4th quarter. Wolff Wiese Magana LLC now owns 380 shares of the company’s stock valued at $29,000 after purchasing an additional 265 shares during the period. Finally, HighMark Wealth Management LLC raised its stake in Palantir Technologies by 73.5% in the fourth quarter. HighMark Wealth Management LLC now owns 392 shares of the company’s stock worth $30,000 after buying an additional 166 shares in the last quarter. 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.