Citigroup Forecasts Strong Price Appreciation for Palantir Technologies (NASDAQ:PLTR) Stock

Palantir Technologies (NASDAQ:PLTR) had its target price hoisted by Citigroup from $42.00 to $110.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s target price would indicate a potential downside of 1.15% from the stock’s previous close.

PLTR has been the subject of a number of other research reports. Argus lowered Palantir Technologies from a “buy” rating to a “hold” rating in a report on Thursday, November 7th. Cantor Fitzgerald increased their target price on Palantir Technologies from $72.00 to $98.00 and gave the company a “neutral” rating in a report on Tuesday. The Goldman Sachs Group increased their price objective on Palantir Technologies from $16.00 to $41.00 and gave the stock a “neutral” rating in a report on Thursday, November 7th. Bank of America increased their price objective on Palantir Technologies from $90.00 to $125.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Robert W. Baird increased their price objective on Palantir Technologies from $70.00 to $100.00 and gave the stock a “neutral” rating in a report on Tuesday. Six equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $69.44.

Palantir Technologies Stock Up 9.8 %

PLTR opened at $111.28 on Wednesday. The stock has a fifty day moving average of $75.56 and a 200-day moving average of $52.26. The firm has a market capitalization of $253.50 billion, a P/E ratio of 556.43, a PEG ratio of 7.54 and a beta of 2.81. Palantir Technologies has a 12-month low of $20.33 and a 12-month high of $111.55.

Palantir Technologies (NASDAQ:PLTR) last released its earnings results on Monday, November 4th. The company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.09 by $0.01. The company had revenue of $725.52 million during the quarter, compared to analyst estimates of $705.11 million. Palantir Technologies had a return on equity of 9.94% and a net margin of 18.01%. The company’s revenue for the quarter was up 30.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.03 earnings per share. On average, analysts expect that Palantir Technologies will post 0.19 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Palantir Technologies news, insider Alexander C. Karp sold 4,500,000 shares of Palantir Technologies stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $63.10, for a total transaction of $283,950,000.00. Following the sale, the insider now directly owns 6,432,258 shares of the company’s stock, valued at approximately $405,875,479.80. The trade was a 41.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lauren Elaina Friedman Stat sold 11,794 shares of Palantir Technologies stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $102.80, for a total value of $1,212,423.20. Following the sale, the director now directly owns 88,129 shares in the company, valued at $9,059,661.20. The trade was a 11.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 15,656,687 shares of company stock valued at $1,040,105,687 over the last three months. 12.93% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Palantir Technologies

Institutional investors have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. raised its stake in shares of Palantir Technologies by 60.5% in the third quarter. Charles Schwab Investment Management Inc. now owns 12,387,040 shares of the company’s stock valued at $460,798,000 after acquiring an additional 4,667,955 shares during the last quarter. Diversify Wealth Management LLC bought a new position in Palantir Technologies in the 4th quarter worth approximately $876,000. Destiny Wealth Partners LLC bought a new position in Palantir Technologies in the 4th quarter worth approximately $3,233,000. State of Alaska Department of Revenue raised its position in Palantir Technologies by 22.9% in the 3rd quarter. State of Alaska Department of Revenue now owns 370,625 shares of the company’s stock worth $13,786,000 after purchasing an additional 68,945 shares during the last quarter. Finally, Oppenheimer & Co. Inc. raised its position in Palantir Technologies by 19.2% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 541,567 shares of the company’s stock worth $20,146,000 after purchasing an additional 87,062 shares during the last quarter. 45.65% of the stock is owned by institutional investors and hedge funds.

Palantir Technologies Company Profile

Palantir Technologies, Inc engages in the business of building and deploying software platforms that serve as the central operating systems for its customers. It operates under the Commercial and Government segments. The Commercial segment focuses on customers working in non-government industries. The Government segment is involved in providing services to customers that are the United States government and non-United States government agencies.