Citigroup Cuts Palantir Technologies (NYSE:PLTR) Price Target to $7.00

Palantir Technologies (NYSE:PLTR – Get Rating) had its target price trimmed by Citigroup from $10.00 to $7.00 in a research report released on Tuesday morning, The Fly reports.

PLTR has been the topic of a number of other reports. Morgan Stanley upgraded shares of Palantir Technologies from an underweight rating to an equal weight rating and reduced their target price for the stock from $24.00 to $16.00 in a report on Monday, March 7th. Piper Sandler increased their target price on shares of Palantir Technologies from $15.00 to $16.00 and gave the stock an overweight rating in a report on Friday, April 22nd. Zacks Investment Research lowered shares of Palantir Technologies from a strong-buy rating to a hold rating in a report on Tuesday, February 22nd. Royal Bank of Canada cut shares of Palantir Technologies from a sector perform rating to an underperform rating and decreased their price objective for the stock from $12.00 to $6.00 in a research report on Monday, May 9th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on Palantir Technologies from $18.00 to $15.00 and set a hold rating on the stock in a report on Friday, February 18th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Palantir Technologies presently has a consensus rating of Hold and a consensus price target of $15.20.

Shares of PLTR stock opened at $8.34 on Tuesday. The firm’s 50 day moving average price is $11.75 and its 200-day moving average price is $15.53. Palantir Technologies has a one year low of $6.44 and a one year high of $29.29. The firm has a market cap of $16.93 billion, a P/E ratio of -33.36 and a beta of 5.00.

Palantir Technologies (NYSE:PLTR – Get Rating) last released its earnings results on Monday, May 9th. The company reported $0.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.02). The business had revenue of $446.36 million for the quarter, compared to analyst estimates of $443.51 million. Palantir Technologies had a positive return on equity of 12.04% and a negative net margin of 30.25%. Palantir Technologies’s quarterly revenue was up 30.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.04 earnings per share. Analysts forecast that Palantir Technologies will post 0.18 EPS for the current fiscal year.

In other Palantir Technologies news, insider Shyam Sankar sold 194,817 shares of the business’s stock in a transaction on Tuesday, February 22nd. The shares were sold at an average price of $10.62, for a total value of $2,068,956.54. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Alexander D. Moore sold 36,500 shares of the business’s stock in a transaction on Friday, April 1st. The shares were sold at an average price of $13.75, for a total transaction of $501,875.00. Following the completion of the transaction, the director now directly owns 1,939,626 shares in the company, valued at $26,669,857.50. The disclosure for this sale can be found here. Insiders sold a total of 347,256 shares of company stock worth $3,900,073 over the last ninety days. Corporate insiders own 17.00% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in shares of Palantir Technologies by 22.4% during the 1st quarter. Vanguard Group Inc. now owns 156,003,743 shares of the company’s stock worth $2,141,931,000 after purchasing an additional 28,563,749 shares in the last quarter. BlackRock Inc. boosted its position in shares of Palantir Technologies by 2.3% during the 1st quarter. BlackRock Inc. now owns 86,955,785 shares of the company’s stock worth $1,193,904,000 after purchasing an additional 1,990,354 shares in the last quarter. State Street Corp boosted its position in shares of Palantir Technologies by 4.3% during the 4th quarter. State Street Corp now owns 33,369,876 shares of the company’s stock worth $607,665,000 after purchasing an additional 1,377,707 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Palantir Technologies by 9.6% in the 4th quarter. Geode Capital Management LLC now owns 19,873,634 shares of the company’s stock worth $361,379,000 after buying an additional 1,741,909 shares in the last quarter. Finally, Morgan Stanley boosted its position in shares of Palantir Technologies by 24.3% in the 3rd quarter. Morgan Stanley now owns 17,374,532 shares of the company’s stock worth $417,684,000 after buying an additional 3,393,296 shares in the last quarter. Institutional investors own 40.02% of the company’s stock.

Palantir Technologies Company Profile (Get Rating)

Palantir Technologies Inc builds and deploys software platforms for the intelligence community in the United States to assist in counterterrorism investigations and operations. 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.

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