Palantir Technologies (NASDAQ:PLTR) Trading 2.9% Higher - Should You Buy?

Key Points

• Palantir Technologies' stock price increased by 2.9% to $159.35, despite trading volume dropping by 71% from the average.
• Several brokerages, including UBS Group and Citigroup, have revised their price targets for Palantir, with a consensus rating of "Hold" and an average price target of $95.30.
• The company reported earnings of $0.13 per share, with revenue of $883.86 million for the quarter, a 39.4% increase year-over-year.
• Insider selling was notable, with significant shares sold by executives, totaling over $191 million in the last three months.

Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report)'s stock price shot up 2.9% on Friday . The stock traded as high as $160.06 and last traded at $159.35. 27,342,181 shares were traded during trading, a decline of 71% from the average session volume of 93,806,734 shares. The stock had previously closed at $154.86.

Analysts Set New Price Targets

Several brokerages have weighed in on PLTR. Morgan Stanley lifted their price target on shares of Palantir Technologies from $90.00 to $98.00 and gave the company an "equal weight" rating in a report on Tuesday, May 6th. Loop Capital set a $155.00 target price on shares of Palantir Technologies and gave the stock a "buy" rating in a report on Thursday, June 12th. Citigroup boosted their target price on shares of Palantir Technologies from $110.00 to $115.00 and gave the stock a "neutral" rating in a report on Thursday, May 8th. Cantor Fitzgerald boosted their target price on shares of Palantir Technologies from $98.00 to $110.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Finally, UBS Group reissued a "positive" rating on shares of Palantir Technologies in a report on Wednesday, June 25th. Four investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $95.30.

Palantir Technologies Stock Performance

The company's fifty day simple moving average is $137.03 and its 200-day simple moving average is $109.42. The company has a market capitalization of $372.58 billion, a P/E ratio of 686.43, a PEG ratio of 13.54 and a beta of 2.59.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported $0.13 EPS for the quarter, meeting the consensus estimate of $0.13. The business had revenue of $883.86 million during the quarter, compared to analyst estimates of $863.89 million. Palantir Technologies had a net margin of 18.32% and a return on equity of 6.55%. The company's quarterly revenue was up 39.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.08 earnings per share. On average, sell-side analysts predict that Palantir Technologies Inc. will post 0.31 EPS for the current year.

Insider Buying and Selling at Palantir Technologies

In other Palantir Technologies news, insider David A. Glazer sold 3,418 shares of the stock in a transaction dated Wednesday, May 21st. The shares were sold at an average price of $125.97, for a total transaction of $430,565.46. Following the completion of the sale, the insider directly owned 492,079 shares of the company's stock, valued at approximately $61,987,191.63. This represents a 0.69% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Eric H. Woersching sold 10,214 shares of the stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $130.95, for a total transaction of $1,337,523.30. Following the sale, the director directly owned 2,348 shares of the company's stock, valued at approximately $307,470.60. The trade was a 81.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 1,485,632 shares of company stock valued at $191,222,623. 12.93% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Palantir Technologies

Several hedge funds and other institutional investors have recently modified their holdings of PLTR. Kingstone Capital Partners Texas LLC acquired a new position in Palantir Technologies in the 2nd quarter worth approximately $2,543,888,000. Nuveen LLC acquired a new position in Palantir Technologies in the 1st quarter worth approximately $520,232,000. Price T Rowe Associates Inc. MD increased its holdings in Palantir Technologies by 55.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 13,346,061 shares of the company's stock worth $1,126,408,000 after buying an additional 4,748,513 shares during the period. Goldman Sachs Group Inc. increased its holdings in Palantir Technologies by 38.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 15,180,154 shares of the company's stock worth $1,281,205,000 after buying an additional 4,221,392 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Palantir Technologies by 8.6% in the 4th quarter. Geode Capital Management LLC now owns 52,074,232 shares of the company's stock worth $3,929,401,000 after buying an additional 4,127,306 shares during the period. 45.65% of the stock is 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.