Palantir Technologies (NASDAQ:PLTR) Trading Up 1.3% - Should You Buy?

Shares of Palantir Technologies Inc. (NASDAQ:PLTR - Get Free Report) traded up 1.3% during trading on Wednesday . The company traded as high as $133.60 and last traded at $132.40. 23,631,435 shares changed hands during trading, a decline of 71% from the average session volume of 82,474,834 shares. The stock had previously closed at $130.68.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on PLTR. Citigroup lifted their price target on shares of Palantir Technologies from $110.00 to $115.00 and gave the stock a "neutral" rating in a research note on Thursday, May 8th. DA Davidson raised their target price on Palantir Technologies from $100.00 to $115.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Daiwa Capital Markets initiated coverage on Palantir Technologies in a report on Tuesday, April 1st. They set a "neutral" rating and a $90.00 price target for the company. Royal Bank Of Canada reaffirmed an "underperform" rating on shares of Palantir Technologies in a research note on Tuesday, May 6th. Finally, Morgan Stanley boosted their price objective on Palantir Technologies from $90.00 to $98.00 and gave the company an "equal weight" rating in a research note on Tuesday, May 6th. Five analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $89.32.

Palantir Technologies Trading Up 1.6%

The firm has a market cap of $316.85 billion, a P/E ratio of 583.76, a P/E/G ratio of 11.16 and a beta of 2.59. The stock has a 50 day simple moving average of $127.51 and a 200-day simple moving average of $100.66.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported $0.13 earnings per share for the quarter, hitting the consensus estimate of $0.13. Palantir Technologies had a net margin of 18.32% and a return on equity of 6.55%. The company had revenue of $883.86 million for the quarter, compared to analysts' expectations of $863.89 million. During the same quarter in the previous year, the business posted $0.08 earnings per share. Palantir Technologies's quarterly revenue was up 39.4% on a year-over-year basis. As a group, equities analysts forecast that Palantir Technologies Inc. will post 0.31 earnings per share for the current fiscal year.

Insider Transactions at Palantir Technologies

In other Palantir Technologies news, insider David A. Glazer sold 30,812 shares of the business's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $126.39, for a total transaction of $3,894,328.68. Following the sale, the insider directly owned 495,497 shares of the company's stock, valued at $62,625,865.83. The trade was a 5.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Alexander C. Karp sold 358,982 shares of the company's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $126.39, for a total value of $45,371,734.98. Following the sale, the insider owned 6,432,258 shares in the company, valued at approximately $812,973,088.62. This trade represents a 5.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,407,948 shares of company stock worth $180,262,603 in the last quarter. Company insiders own 9.23% of the company's stock.

Hedge Funds Weigh In On Palantir Technologies

A number of large investors have recently made changes to their positions in the company. Mechanics Financial Corp purchased a new position in shares of Palantir Technologies during the first quarter valued at approximately $25,000. Wealth Preservation Advisors LLC purchased a new position in Palantir Technologies during the 1st quarter valued at $27,000. 1248 Management LLC bought a new position in Palantir Technologies in the 1st quarter valued at $27,000. Cornerstone Planning Group LLC increased its stake in Palantir Technologies by 90.2% in the first quarter. Cornerstone Planning Group LLC now owns 390 shares of the company's stock worth $33,000 after purchasing an additional 185 shares during the period. Finally, Richardson Capital Management LLC purchased a new stake in Palantir Technologies in the first quarter worth $33,000. 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.