What happened Shares of Palantir Technologies (NYSE: PLTR) surged on Friday after a star investor reportedly bought more of the data analytics company's stock. As of 2:25 p.m. EST, Palantir's share price was up more than 15%. So what On Wednesday, Goldman Sachs analyst Christopher Merwin lifted his rating on Palantir's stock from neutral to buy and boosted his price forecast from $13 to $34. Merwin applauded Palantir's fourth-quarter results, which included revenue growth of 47%, to $1.1 billion. Merwin was also pleased by management's projection of greater than 30% revenue growth in fiscal 2021, as well as its long-term goal of $4 billion in revenue by fiscal 2025. He argued that Palantir's $2.8 billion backlog of total deal value at the end of 2020 suggests that the company is well on its way to hitting its expansion targets. Analysts see plenty of upside for Palantir Technologies' shareholders. Image source: Getty Images. Ark Invest's Cathie Wood apparently agrees with Merwin's optimistic view of Palantir's future. On Friday, CNBC reported that the respected fund manager increased her firm's stake in Palantir in recent days. Now what Investors may also be breathing sighs of relief that Palantir's lock-up period expired on Thursday. Company insiders were restricted from selling a significant portion of Palantir's shares following its direct listing in September. Those shares are now freely available to trade. And with Palantir's stock price rising sharply today, rather than falling, investors are likely less concerned that insiders will rush to cash out any time soon. 10 stocks we like better than Palantir Technologies Inc.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Palantir Technologies Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of November 20, 2020 Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool owns shares of Palantir Technologies Inc. The Motley Fool has a disclosure policy.Source