Artificial intelligence (AI) software stock Palantir Technologies (NYSE: PLTR) is on fire. Shares have risen over 80% during the past year, including a 20% gain over the past month. Wall Street is excited about the company's future. Its custom software proves valuable in real-world situations, and its robust business performance backs that up.

No matter how good the story sounds, however, it's only fair to question the stock's investment prospects after such a staggering run-up. Investors should always look for quality companies, but price matters too. So, is Palantir stock still a buy now?

Palantir specializes in building custom data analytics software on its three development platforms: Gotham, Foundry, and its Artificial Intelligence Platform (AIP). The company cut its teeth working with the U.S. government, and it still gets more than half its revenue from government contracts, especially from the U.S. Department of Defense. Since the company went public, it has pushed more energetically into the corporate sector, and it's finding success there. In Q1, its U.S. commercial customer count rose 69% year over year to 262.

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Source Fool.com