Palantir Technologies (NASDAQ:PLTR) Reaches New 1-Year High – Still a Buy?

Palantir Technologies Inc. (NASDAQ:PLTR)’s share price hit a new 52-week high during trading on Wednesday . The company traded as high as $118.66 and last traded at $112.62, with a volume of 93907953 shares traded. The stock had previously closed at $116.65.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Argus downgraded shares of Palantir Technologies from a “buy” rating to a “hold” rating in a research note on Thursday, November 7th. Morgan Stanley raised shares of Palantir Technologies from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $60.00 to $95.00 in a research note on Tuesday, February 4th. DA Davidson increased their target price on shares of Palantir Technologies from $47.00 to $105.00 and gave the stock a “neutral” rating in a report on Tuesday, February 4th. Baird R W upgraded Palantir Technologies to a “hold” rating in a report on Thursday, December 12th. Finally, Wedbush lifted their price objective on Palantir Technologies from $75.00 to $90.00 and gave the stock an “outperform” rating in a research report on Thursday, January 23rd. Six equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $69.44.

Palantir Technologies Price Performance

The firm has a market cap of $268.60 billion, a P/E ratio of 620.61, a price-to-earnings-growth ratio of 11.44 and a beta of 2.81. The firm’s 50 day moving average is $80.12 and its 200 day moving average is $55.28.

Insider Transactions at Palantir Technologies

In other news, insider Alexander C. Karp sold 38,093 shares of Palantir Technologies stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $63.01, for a total value of $2,400,239.93. Following the completion of the transaction, the insider now owns 6,432,258 shares of the company’s stock, valued at $405,296,576.58. The trade was a 0.59 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Heather A. Planishek sold 13,891 shares of the company’s stock in a transaction dated Tuesday, February 11th. The stock was sold at an average price of $115.96, for a total transaction of $1,610,800.36. Following the completion of the transaction, the insider now owns 512,006 shares in the company, valued at approximately $59,372,215.76. The trade was a 2.64 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 9,346,976 shares of company stock valued at $642,660,729 in the last ninety days. 12.93% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Palantir Technologies

A number of hedge funds have recently added to or reduced their stakes in PLTR. SeaCrest Wealth Management LLC raised its stake in shares of Palantir Technologies by 8.2% in the third quarter. SeaCrest Wealth Management LLC now owns 31,843 shares of the company’s stock worth $1,185,000 after purchasing an additional 2,400 shares during the last quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd increased its holdings in Palantir Technologies by 63.4% in the 3rd quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 37,631 shares of the company’s stock worth $1,400,000 after buying an additional 14,600 shares in the last quarter. Firethorn Wealth Partners LLC purchased a new position in Palantir Technologies in the 3rd quarter worth about $206,000. Seven Grand Managers LLC bought a new position in Palantir Technologies during the 3rd quarter valued at about $930,000. Finally, Tamar Securities LLC purchased a new stake in shares of Palantir Technologies during the 3rd quarter valued at about $331,000. 45.65% of the stock is currently owned by hedge funds and other institutional investors.

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.