Palantir Technologies (NYSE:PLTR) Shares Down 2% Following Insider Selling

Shares of Palantir Technologies Inc. (NYSE:PLTR) were down 2% during trading on Thursday following insider selling activity. The stock traded as low as $20.66 and last traded at $20.74. Approximately 15,570,425 shares were traded during trading, a decline of 74% from the average daily volume of 60,756,953 shares. The stock had previously closed at $21.17.

Specifically, Director Alexandra W. Schiff sold 5,000 shares of Palantir Technologies stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $24.91, for a total transaction of $124,550.00. Following the completion of the sale, the director now owns 191,783 shares of the company’s stock, valued at approximately $4,777,314.53. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Heather A. Planishek sold 2,398 shares of the firm’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $21.30, for a total transaction of $51,077.40. Following the completion of the transaction, the insider now owns 639,696 shares of the company’s stock, valued at $13,625,524.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Alexandra W. Schiff sold 5,000 shares of the business’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $24.91, for a total transaction of $124,550.00. Following the transaction, the director now owns 191,783 shares of the company’s stock, valued at $4,777,314.53. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,412,722 shares of company stock worth $414,573,750. 12.93% of the stock is owned by corporate insiders.

Analyst Ratings Changes

PLTR has been the subject of several analyst reports. Raymond James boosted their target price on shares of Palantir Technologies from $22.00 to $25.00 and gave the company an “outperform” rating in a research note on Tuesday, February 6th. Mizuho increased their target price on shares of Palantir Technologies from $18.00 to $21.00 and gave the stock a “neutral” rating in a research note on Thursday, March 7th. Citigroup raised their target price on Palantir Technologies from $23.00 to $25.00 and gave the company a “neutral” rating in a research report on Tuesday, May 7th. Jefferies Financial Group raised Palantir Technologies from an “underperform” rating to a “hold” rating and upped their price target for the stock from $13.00 to $22.00 in a report on Tuesday, February 6th. Finally, DA Davidson raised their price objective on Palantir Technologies from $19.00 to $24.00 and gave the company a “neutral” rating in a report on Tuesday, May 7th. Five research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $20.65.

Palantir Technologies Stock Up 1.4 %

The stock’s 50-day moving average price is $22.39 and its 200 day moving average price is $20.75. The firm has a market capitalization of $46.80 billion, a price-to-earnings ratio of 175.14, a PEG ratio of 4.89 and a beta of 2.76.

Institutional Trading of Palantir Technologies

A number of hedge funds have recently bought and sold shares of PLTR. Vanguard Group Inc. increased its holdings in shares of Palantir Technologies by 1.6% in the first quarter. Vanguard Group Inc. now owns 196,834,580 shares of the company’s stock valued at $4,529,164,000 after purchasing an additional 3,029,317 shares during the last quarter. Morgan Stanley increased its stake in shares of Palantir Technologies by 26.1% in the 3rd quarter. Morgan Stanley now owns 22,614,555 shares of the company’s stock worth $361,833,000 after acquiring an additional 4,675,824 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of Palantir Technologies by 15.7% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 14,571,224 shares of the company’s stock worth $335,284,000 after acquiring an additional 1,980,495 shares during the period. Northern Trust Corp boosted its position in shares of Palantir Technologies by 5.5% during the 3rd quarter. Northern Trust Corp now owns 11,498,685 shares of the company’s stock valued at $183,979,000 after acquiring an additional 601,012 shares during the last quarter. Finally, ARK Investment Management LLC grew its holdings in shares of Palantir Technologies by 16.1% in the fourth quarter. ARK Investment Management LLC now owns 10,937,859 shares of the company’s stock valued at $187,803,000 after purchasing an additional 1,514,232 shares during the period. Institutional investors and hedge funds own 45.65% of the company’s stock.

About Palantir Technologies

Palantir Technologies Inc builds and deploys software platforms for the intelligence community to assist in counterterrorism investigations and operations in the United States, the United Kingdom, and internationally. The company provides Palantir Gotham, a software platform which enables users to identify patterns hidden deep within datasets, ranging from signals intelligence sources to reports from confidential informants, as well as facilitates the handoff between analysts and operational users, helping operators plan and execute real-world responses to threats that have been identified within the platform.