Palantir Technologies (NASDAQ:PLTR) Trading Down 9% on Insider Selling

Palantir Technologies Inc. (NASDAQ:PLTR) dropped 9% during trading on Friday following insider selling activity. The stock traded as low as $73.04 and last traded at $76.07. Approximately 51,131,002 shares traded hands during trading, a decline of 26% from the average daily volume of 68,759,451 shares. The stock had previously closed at $83.60.

Specifically, insider Ryan D. Taylor sold 98,177 shares of Palantir Technologies stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $82.80, for a total value of $8,129,055.60. Following the transaction, the insider now owns 403,171 shares of the company’s stock, valued at $33,382,558.80. This trade represents a 19.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Northland Securities raised their target price on shares of Palantir Technologies from $38.00 to $80.00 and gave the company a “market perform” rating in a research note on Tuesday, February 4th. Citigroup raised their price target on Palantir Technologies from $42.00 to $110.00 and gave the company a “neutral” rating in a research report on Wednesday, February 5th. William Blair set a $84.00 price objective on Palantir Technologies in a research note on Wednesday, March 5th. Daiwa Capital Markets assumed coverage on Palantir Technologies in a research note on Tuesday, April 1st. They set a “neutral” rating and a $90.00 target price for the company. Finally, Jefferies Financial Group lifted their price target on Palantir Technologies from $28.00 to $60.00 and gave the stock an “underperform” rating in a research report on Tuesday, February 4th. Five equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Palantir Technologies presently has an average rating of “Hold” and a consensus target price of $75.19.

Palantir Technologies Price Performance

The firm has a market cap of $173.58 billion, a P/E ratio of 389.55, a PEG ratio of 10.84 and a beta of 2.74. The stock’s 50 day moving average is $92.67 and its two-hundred day moving average is $70.93.

Institutional Investors Weigh In On Palantir Technologies

Several large investors have recently modified their holdings of PLTR. Mather Group LLC. grew its position in Palantir Technologies by 101.4% in the fourth quarter. Mather Group LLC. now owns 890 shares of the company’s stock valued at $67,000 after acquiring an additional 448 shares during the period. Diversify Wealth Management LLC bought a new stake in shares of Palantir Technologies in the 4th quarter worth about $876,000. Destiny Wealth Partners LLC acquired a new stake in shares of Palantir Technologies during the 4th quarter worth about $3,233,000. Coldstream Capital Management Inc. acquired a new stake in shares of Palantir Technologies during the 3rd quarter worth about $639,000. Finally, Kieckhefer Group LLC bought a new position in Palantir Technologies during the 4th quarter valued at about $11,769,000. 45.65% of the stock is currently owned by 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.