Palantir Technologies (NASDAQ:PLTR) Given New $177.00 Price Target at Citigroup

Key Points

• Citigroup has raised Palantir Technologies' price target from $158.00 to $177.00, maintaining a "neutral" rating, indicating a potential upside of 3.45% from its previous closing price.
• Palantir's stock saw a 6.5% increase in trading, reaching $171.09, following the company's strong earnings report showing a profit of $0.16 per share and a revenue of $1 billion, exceeding analysts' expectations.
• Multiple brokerages have given varying price targets and ratings on Palantir, with overall analyst sentiment indicating an average "Hold" rating and a price target significantly lower than recent targets at $122.20.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) had its price objective increased by equities research analysts at Citigroup from $158.00 to $177.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. Citigroup's target price would suggest a potential upside of 3.45% from the stock's previous close.

Several other brokerages have also recently commented on PLTR. Piper Sandler reiterated an "overweight" rating and issued a $170.00 target price on shares of Palantir Technologies in a report on Monday. Loop Capital increased their price target on shares of Palantir Technologies from $178.00 to $180.00 and gave the stock a "buy" rating in a research report on Tuesday. DA Davidson raised their price objective on shares of Palantir Technologies from $115.00 to $170.00 and gave the company a "neutral" rating in a research report on Tuesday. UBS Group increased their price target on Palantir Technologies from $110.00 to $165.00 and gave the company a "neutral" rating in a report on Tuesday. Finally, Royal Bank Of Canada increased their price target on Palantir Technologies from $40.00 to $45.00 and gave the company an "underperform" rating in a report on Tuesday. Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $122.20.

Palantir Technologies Trading Up 6.5%

NASDAQ PLTR traded up $10.43 during trading hours on Tuesday, reaching $171.09. 111,142,836 shares of the company traded hands, compared to its average volume of 92,589,914. Palantir Technologies has a 12 month low of $25.57 and a 12 month high of $176.33. The stock has a market capitalization of $403.77 billion, a PE ratio of 747.17, a PEG ratio of 13.15 and a beta of 2.60. The company has a 50 day moving average of $141.12 and a two-hundred day moving average of $113.19.

Palantir Technologies (NASDAQ:PLTR - Get Free Report) last issued its earnings results on Monday, August 4th. The company reported $0.16 earnings per share for the quarter, topping analysts' consensus estimates of $0.14 by $0.02. The company had revenue of $1 billion for the quarter, compared to analysts' expectations of $939.29 million. Palantir Technologies had a net margin of 18.32% and a return on equity of 6.55%. The firm's revenue was up 48.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.09 earnings per share. On average, equities research analysts anticipate that Palantir Technologies will post 0.31 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Stephen Andrew Cohen sold 309,696 shares of the business's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $126.39, for a total transaction of $39,142,477.44. Following the completion of the transaction, the insider directly owned 592 shares in the company, valued at approximately $74,822.88. The trade was a 99.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider David A. Glazer sold 30,812 shares of the business's stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $126.39, for a total value of $3,894,328.68. Following the completion of the transaction, the insider owned 495,497 shares of the company's stock, valued at $62,625,865.83. This represents a 5.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,485,632 shares of company stock valued at $191,222,623 over the last three months. Company insiders own 12.93% of the company's stock.

Hedge Funds Weigh In On Palantir Technologies

Institutional investors and hedge funds have recently modified their holdings of the business. Assenagon Asset Management S.A. grew its position in shares of Palantir Technologies by 15.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 49,651 shares of the company's stock valued at $4,191,000 after purchasing an additional 6,479 shares during the period. Garrison Bradford & Associates Inc. bought a new stake in Palantir Technologies in the 1st quarter valued at approximately $45,000. Menard Financial Group LLC lifted its stake in Palantir Technologies by 8.2% in the 1st quarter. Menard Financial Group LLC now owns 25,938 shares of the company's stock valued at $2,189,000 after acquiring an additional 1,964 shares in the last quarter. TCW Group Inc. lifted its stake in Palantir Technologies by 14.5% in the 1st quarter. TCW Group Inc. now owns 32,031 shares of the company's stock valued at $2,703,000 after acquiring an additional 4,068 shares in the last quarter. Finally, Sagespring Wealth Partners LLC lifted its stake in Palantir Technologies by 36.3% in the 1st quarter. Sagespring Wealth Partners LLC now owns 24,054 shares of the company's stock valued at $2,030,000 after acquiring an additional 6,405 shares in the last quarter. 45.65% of the stock is currently owned by institutional investors and hedge funds.

About Palantir Technologies

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.

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