Citigroup Boosts Palantir Technologies (NYSE:PLTR) Price Target to $28.00

Palantir Technologies (NYSE:PLTR) had its price objective raised by Citigroup from $25.00 to $28.00 in a research note published on Tuesday morning, Benzinga reports. The firm currently has a neutral rating on the stock.

Several other brokerages have also issued reports on PLTR. Royal Bank of Canada increased their price target on shares of Palantir Technologies from $5.00 to $9.00 and gave the stock an underperform rating in a research note on Tuesday, May 7th. Wedbush reaffirmed an outperform rating and set a $35.00 target price on shares of Palantir Technologies in a research note on Monday, May 6th. Jefferies Financial Group boosted their price target on Palantir Technologies from $24.00 to $28.00 and gave the stock a hold rating in a research report on Monday. HSBC raised their price objective on Palantir Technologies from $22.00 to $23.00 and gave the company a hold rating in a research report on Tuesday, May 7th. Finally, Argus initiated coverage on Palantir Technologies in a report on Monday, June 17th. They issued a buy rating and a $29.00 target price on the stock. Seven investment analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of $21.96.

Palantir Technologies Stock Performance

Palantir Technologies stock opened at $26.08 on Tuesday. Palantir Technologies has a fifty-two week low of $13.68 and a fifty-two week high of $29.83. The stock has a market cap of $58.08 billion, a price-to-earnings ratio of 217.35, a PEG ratio of 6.21 and a beta of 2.71. The stock’s 50 day simple moving average is $25.29 and its two-hundred day simple moving average is $23.18.

Palantir Technologies (NYSE:PLTR) last issued its quarterly earnings results on Monday, May 6th. The company reported $0.04 earnings per share for the quarter, hitting the consensus estimate of $0.04. The company had revenue of $634.34 million for the quarter, compared to analysts’ expectations of $614.88 million. Palantir Technologies had a return on equity of 8.28% and a net margin of 12.79%. On average, analysts predict that Palantir Technologies will post 0.16 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Peter Thiel sold 5,000,000 shares of the stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $20.78, for a total transaction of $103,900,000.00. Following the transaction, the director now owns 15,733,625 shares in the company, valued at $326,944,727.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, Director Peter Thiel sold 5,000,000 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $20.78, for a total value of $103,900,000.00. Following the transaction, the director now directly owns 15,733,625 shares in the company, valued at approximately $326,944,727.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Heather A. Planishek sold 2,398 shares of the company’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $21.30, for a total value of $51,077.40. Following the sale, the insider now owns 639,696 shares of the company’s stock, valued at approximately $13,625,524.80. The disclosure for this sale can be found here. In the last 90 days, insiders sold 11,447,179 shares of company stock valued at $242,285,913. 12.93% of the stock is owned by insiders.

Hedge Funds Weigh In On Palantir Technologies

A number of institutional investors and hedge funds have recently made changes to their positions in PLTR. Summit Securities Group LLC bought a new stake in Palantir Technologies during the second quarter valued at about $25,000. First United Bank & Trust purchased a new position in Palantir Technologies during the 4th quarter valued at approximately $26,000. West Paces Advisors Inc. increased its stake in Palantir Technologies by 110.7% in the 1st 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. Massmutual Trust Co. FSB ADV boosted its position in shares of Palantir Technologies by 105.3% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 1,347 shares of the company’s stock valued at $31,000 after acquiring an additional 691 shares during the last quarter. Finally, Bogart Wealth LLC boosted its position in shares of Palantir Technologies by 332.8% during the 1st quarter. Bogart Wealth LLC now owns 1,385 shares of the company’s stock valued at $32,000 after acquiring an additional 1,065 shares during the last quarter. Hedge funds and other institutional investors own 45.65% of the company’s stock.

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.