Palantir Technologies Inc. (NASDAQ:PLTR) Receives Average Rating of “Reduce” from Analysts

Palantir Technologies Inc. (NASDAQ:PLTR) has been assigned an average recommendation of “Reduce” from the twenty-four research firms that are presently covering the firm, Marketbeat reports. Five research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and three have issued a buy rating on the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $74.71.

Several research analysts have commented on the company. Bank of America raised their price objective on Palantir Technologies from $90.00 to $125.00 and gave the stock a “buy” rating in a report on Tuesday, February 4th. Jefferies Financial Group lifted their price objective on Palantir Technologies from $28.00 to $60.00 and gave the company an “underperform” rating in a report on Tuesday, February 4th. Wedbush reissued an “outperform” rating and set a $120.00 target price on shares of Palantir Technologies in a research report on Monday, March 3rd. DA Davidson reduced their price target on shares of Palantir Technologies from $105.00 to $100.00 and set a “neutral” rating for the company in a report on Monday, April 14th. Finally, Royal Bank of Canada reissued an “underperform” rating and set a $40.00 price objective on shares of Palantir Technologies in a report on Tuesday, April 29th.

Palantir Technologies Stock Performance

Shares of NASDAQ:PLTR opened at $124.28 on Friday. The firm’s 50 day simple moving average is $91.17 and its 200-day simple moving average is $79.72. Palantir Technologies has a one year low of $20.50 and a one year high of $125.41. The firm has a market cap of $291.48 billion, a PE ratio of 654.14, a price-to-earnings-growth ratio of 10.84 and a beta of 2.74.

Insiders Place Their Bets

In related news, Director Lauren Elaina Friedman Stat sold 800 shares of Palantir Technologies stock in a transaction dated Thursday, April 3rd. The stock was sold at an average price of $81.25, for a total transaction of $65,000.00. Following the completion of the sale, the director now owns 61,339 shares of the company’s stock, valued at $4,983,793.75. The trade was a 1.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Stephen Andrew Cohen sold 1,250,000 shares of the 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 completion of the transaction, the insider now owns 592 shares in the company, valued at approximately $48,988. This trade represents a 99.95 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,989,975 shares of company stock valued at $253,328,090. Insiders own 12.93% of the company’s stock.

Institutional Investors Weigh In On Palantir Technologies

Several hedge funds have recently added to or reduced their stakes in the business. Norges Bank acquired a new stake in Palantir Technologies during the fourth quarter worth about $1,360,191,000. Geode Capital Management LLC grew its stake in shares of Palantir Technologies by 8.6% during the 4th quarter. Geode Capital Management LLC now owns 52,074,232 shares of the company’s stock worth $3,929,401,000 after purchasing an additional 4,127,306 shares during the period. Wellington Management Group LLP increased its holdings in shares of Palantir Technologies by 504.0% during the 4th quarter. Wellington Management Group LLP now owns 4,682,230 shares of the company’s stock valued at $354,117,000 after purchasing an additional 3,907,022 shares in the last quarter. Invesco Ltd. lifted its stake in shares of Palantir Technologies by 31.2% in the 4th quarter. Invesco Ltd. now owns 14,748,240 shares of the company’s stock valued at $1,115,409,000 after purchasing an additional 3,509,311 shares during the period. Finally, Capital World Investors purchased a new stake in Palantir Technologies during the fourth quarter worth $253,816,000. 45.65% of the stock is owned by hedge funds and other institutional investors.

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.