Palantir Technologies (NYSE:PLTR) Stock Price Down 0.1% Following Insider Selling

Palantir Technologies Inc. (NYSE:PLTR) shares were down 0.1% during trading on Wednesday after an insider sold shares in the company. The stock traded as low as $32.03 and last traded at $32.28. Approximately 13,118,623 shares traded hands during trading, a decline of 76% from the average daily volume of 55,299,895 shares. The stock had previously closed at $32.32.

Specifically, insider Ryan D. Taylor sold 160,000 shares of the stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $32.00, for a total transaction of $5,120,000.00. Following the transaction, the insider now owns 372,565 shares of the company’s stock, valued at approximately $11,922,080. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Wall Street Analysts Forecast Growth

PLTR has been the topic of a number of analyst reports. Jefferies Financial Group increased their price target on Palantir Technologies from $24.00 to $28.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Mizuho lowered Palantir Technologies from a “neutral” rating to an “underperform” rating and increased their target price for the company from $21.00 to $22.00 in a report on Tuesday, July 16th. HSBC boosted their price target on Palantir Technologies from $22.00 to $23.00 and gave the company a “hold” rating in a research report on Tuesday, May 7th. Citigroup lifted their target price on Palantir Technologies from $25.00 to $28.00 and gave the company a “neutral” rating in a research note on Tuesday, July 30th. Finally, Wedbush restated an “outperform” rating and set a $35.00 price target on shares of Palantir Technologies in a research note on Friday, August 2nd. Six research analysts have rated the stock with a sell rating, five have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $23.14.

Palantir Technologies Price Performance

The firm’s 50-day moving average price is $27.13 and its 200 day moving average price is $24.42. The firm has a market capitalization of $72.22 billion, a price-to-earnings ratio of 269.02, a price-to-earnings-growth ratio of 5.47 and a beta of 2.71.

Palantir Technologies (NYSE:PLTR) last posted its earnings results on Monday, August 5th. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.01. The firm had revenue of $678.13 million for the quarter, compared to analyst estimates of $653.23 million. Palantir Technologies had a return on equity of 8.88% and a net margin of 16.32%. Palantir Technologies’s revenue was up 27.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.01 EPS. On average, analysts predict that Palantir Technologies Inc. will post 0.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Palantir Technologies

Several institutional investors have recently added to or reduced their stakes in PLTR. Vanguard Group Inc. grew its stake in shares of Palantir Technologies by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 196,834,580 shares of the company’s stock valued at $4,529,164,000 after buying an additional 3,029,317 shares during the period. Sumitomo Mitsui Trust Holdings Inc. grew its position in Palantir Technologies by 15.7% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 14,571,224 shares of the company’s stock valued at $335,284,000 after acquiring an additional 1,980,495 shares during the period. ARK Investment Management LLC grew its position in Palantir Technologies by 2.2% during the second quarter. ARK Investment Management LLC now owns 13,023,099 shares of the company’s stock valued at $329,875,000 after acquiring an additional 277,623 shares during the period. Legal & General Group Plc increased its stake in Palantir Technologies by 1.4% during the second quarter. Legal & General Group Plc now owns 11,917,200 shares of the company’s stock worth $301,871,000 after acquiring an additional 167,030 shares during the last quarter. Finally, Nikko Asset Management Americas Inc. raised its holdings in shares of Palantir Technologies by 19.2% in the 1st quarter. Nikko Asset Management Americas Inc. now owns 9,829,631 shares of the company’s stock worth $226,180,000 after purchasing an additional 1,580,548 shares during the period. 45.65% of the stock is currently 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.