Palantir Technologies (NYSE:PLTR) Shares Down 1.2% on Insider Selling

Palantir Technologies Inc. (NYSE:PLTR) dropped 1.2% during trading on Tuesday following insider selling activity. The company traded as low as $30.83 and last traded at $31.09. Approximately 11,137,635 shares changed hands during mid-day trading, a decline of 80% from the average daily volume of 54,399,305 shares. The stock had previously closed at $31.48.

Specifically, insider Heather A. Planishek sold 14,016 shares of the business’s stock in a transaction on Thursday, August 29th. The shares were sold at an average price of $30.67, for a total transaction of $429,870.72. Following the sale, the insider now directly owns 576,023 shares of the company’s stock, valued at approximately $17,666,625.41. The sale was disclosed in a document filed with the SEC, which is available through the SEC website.

Wall Street Analyst Weigh In

PLTR has been the topic of a number of research analyst reports. The Goldman Sachs Group lifted their price target on Palantir Technologies from $14.00 to $16.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Monness Crespi & Hardt dropped their target price on Palantir Technologies from $20.00 to $18.00 and set a “sell” rating on the stock in a report on Tuesday, August 6th. Royal Bank of Canada reissued an “underperform” rating and issued a $9.00 price target on shares of Palantir Technologies in a research report on Tuesday, August 6th. Mizuho downgraded shares of Palantir Technologies from a “neutral” rating to an “underperform” rating and boosted their price objective for the company from $21.00 to $22.00 in a research report on Tuesday, July 16th. Finally, Argus initiated coverage on shares of Palantir Technologies in a research report on Monday, June 17th. They issued a “buy” rating and a $29.00 target price for the company. Five analysts have rated the stock with a sell rating, seven have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Palantir Technologies currently has a consensus rating of “Hold” and a consensus target price of $25.00.

Palantir Technologies Trading Down 1.4 %

The stock has a market capitalization of $67.19 billion, a price-to-earnings ratio of 251.42, a price-to-earnings-growth ratio of 5.55 and a beta of 2.72. The company has a fifty day moving average of $28.61 and a two-hundred day moving average of $25.00.

Palantir Technologies (NYSE:PLTR) last issued its quarterly earnings data on Monday, August 5th. The company reported $0.03 earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.01). Palantir Technologies had a return on equity of 8.88% and a net margin of 16.32%. The firm had revenue of $678.13 million during the quarter, compared to analyst estimates of $653.23 million. During the same quarter in the previous year, the firm posted $0.01 earnings per share. Palantir Technologies’s quarterly revenue was up 27.2% compared to the same quarter last year. As a group, sell-side analysts predict that Palantir Technologies Inc. will post 0.19 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Palantir Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Summit Securities Group LLC acquired a new position in shares of Palantir Technologies during the 2nd quarter worth about $25,000. Farmers & Merchants Investments Inc. acquired a new position in shares of Palantir Technologies during the second quarter worth approximately $25,000. First United Bank & Trust bought a new stake in shares of Palantir Technologies in the fourth quarter valued at approximately $26,000. West Paces Advisors Inc. grew its stake in shares of Palantir Technologies by 110.7% in the first quarter. West Paces Advisors Inc. now owns 1,180 shares of the company’s stock worth $27,000 after acquiring an additional 620 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV grew its stake in shares of Palantir Technologies by 105.3% in the first quarter. Massmutual Trust Co. FSB ADV now owns 1,347 shares of the company’s stock worth $31,000 after acquiring an additional 691 shares during the last quarter. 45.65% of the stock is owned by institutional investors and hedge funds.

About Palantir Technologies

Palantir Technologies Inc builds and deploys software platforms for the intelligence community to assist in counterterrorism investigations and operations in the United States, the United Kingdom, and internationally. The company provides Palantir Gotham, a software platform which enables users to identify patterns hidden deep within datasets, ranging from signals intelligence sources to reports from confidential informants, as well as facilitates the handoff between analysts and operational users, helping operators plan and execute real-world responses to threats that have been identified within the platform.