In a recent transaction, a top executive at Palantir Technologies Inc . (NYSE:PLTR) has sold a significant amount of company stock, according to a Form 4 filing with the Securities and Exchange Commission. The executive, whose title includes Chief Revenue Officer and Chief Legal Officer, engaged in multiple sales of Class A Common Stock over a three-day period.
The transactions, which occurred on May 20, 21, and 22, resulted in the sale of a total of 89,851 shares, netting the executive a total of $1,917,192. The sales took place at varying prices, with a range between $21.2405 and $21.4268 per share. These sales were executed in the open market and represent an automatic sale of shares to cover required tax withholding obligations in connection with the vesting of restricted stock units. It is noted that these sales were conducted in compliance with the Reporting Person's Rule 10b5-1 trading plan.
On May 20, the executive sold 43,927 shares at a weighted average price of $21.4268. The following day, an additional 36,267 shares were sold at an average price of $21.2405. The final sale on May 22 comprised 9,657 shares at a weighted average price of $21.2952. The weighted average sale prices were calculated from trades within the stated price ranges for each respective day.
After these transactions, the executive's ownership in Palantir Technologies Inc. stands at 265,447 shares of Class A Common Stock. The exact details of the sales, including the number of shares sold at each separate price within the range, have been made available upon request for the staff of the Securities and Exchange Commission, the issuer, or any security holder of the issuer.
These filings provide transparency into the stock transactions of company insiders and are closely watched by investors for insights into executive sentiment on the company's performance and stock value.
InvestingPro Insights
As investors digest the news of the recent insider stock sales at Palantir Technologies Inc. (NYSE:PLTR), a look at the company's financial health and market performance can offer additional context. Palantir's current market capitalization stands at a robust $47.17 billion, reflecting investor confidence in the company's market position and future growth prospects.
Palantir's fundamentals reveal a company with a strong balance sheet, as indicated by one of the InvestingPro Tips, which highlights that Palantir holds more cash than debt. This financial stability is a positive sign for investors, especially in an environment where market conditions can change rapidly. Additionally, another InvestingPro Tip suggests that Palantir's net income is expected to grow this year, providing a potential upside for investors seeking growth in their portfolios.
From a valuation standpoint, Palantir's Price to Earnings (P/E) ratio is currently high at 154.31, suggesting that investors are willing to pay a premium for the company's earnings potential. This is further supported by a Gross Profit Margin of 81.16% for the last twelve months as of Q1 2024, indicating that Palantir is able to retain a significant portion of its revenue as profit after accounting for the cost of goods sold.
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