Palantir’s stock has outperformed the S&P 500 by a wide margin in recent years, but Raymond James has concerns about the stock’s valuation.

Palantir Technologies and Dell Technologies, along with Erie Indemnity, became members of the S&P 500 Index as of today. Etsy, Bio-Rad and American Airlines moved out of the index.

Palantir’s long-term outlook remains bullish with a $45 target. Dell Technologies ( DELL) added almost 4% to its stock value today after it was announced that the S&P 500 would be swapping the company out for Etsy.

Shares of Palantir Technologies Inc. PLTR rose 1.00% to $37.20 Friday, on what proved to be an all-around mixed trading session for the stock market, with the Dow Jones Industrial Average DJIA rising 0.09% to 42,063.36 and the S&P 500 Index SPX falling 0.19% to 5,702.55.

S&P Dow Jones will make changes to the S&P 500 before trading commences o. (Reuters) Palantir Technologies, Dell Technologies, and Erie Indemnity will begin trading on the S&P 500 today, Monday, September 23.