Palantir Technologies Inc . (NYSE:PLTR) executive Shyam Sankar, who serves as the company's Chief Technology Officer and Executive Vice President, has recently engaged in significant stock transactions, according to the latest SEC filings. Sankar sold a total of 168,993 shares of Class A Common Stock over three days, with the total value of the sales amounting to over $3.6 million.
The sales occurred on May 20, 21, and 22, with prices per share ranging between $21.2405 and $21.4268. Specifically, on May 20, Sankar sold 82,619 shares; on May 21, 68,212 shares; and on May 22, 18,162 shares were sold. These transactions were part of a series of related trades, where Sankar converted Class B Common Stock, acquired through vested restricted stock units (RSUs), into Class A Common Stock and then sold them.
Investors should note that the sales were executed in multiple open market transactions, and the prices reported reflect the weighted average sale price within the specified ranges. The transactions were automatically executed to cover required tax withholding obligations related to the vesting of RSUs and were in compliance with Sankar's Rule 10b5-1 trading plan.
In addition to the sales, Sankar also acquired the same number of Class B shares through the vesting of RSUs, which were then converted to Class A shares. These acquisitions were reported as non-monetary transactions with a price of $0.
The SEC filing also includes a footnote stating that Sankar holds additional shares of record by the Sankar Irrevocable Remainder Trust but disclaims beneficial ownership of these shares, except to the extent of his pecuniary interest.
For investors following Palantir's stock, these transactions provide insight into the trading activities of one of the company's top executives. The filings give a transparent view of the stock dealings within the company, presenting an opportunity to gauge insider sentiment and activity.
InvestingPro Insights
As investors digest the recent stock transactions by Palantir Technologies Inc. (NYSE:PLTR) executive Shyam Sankar, it's crucial to consider the broader financial landscape of the company. Palantir has demonstrated resilience with a robust Gross Profit Margin of 81.16% over the last twelve months as of Q1 2024, underscoring its ability to maintain profitability. Additionally, the company's Revenue Growth over the same period stands at a healthy 17.61%, indicating an expanding business operation.
InvestingPro Tips for Palantir highlight that the company holds more cash than debt on its balance sheet, providing financial stability and flexibility. Moreover, analysts have revised their earnings upwards for the upcoming period, suggesting potential optimism in the company's future performance. With these factors in mind, investors may find it beneficial to explore the depth of analysis available with InvestingPro, which offers 17 additional tips to help evaluate Palantir's investment potential. For a comprehensive understanding of Palantir's financial health and prospects, interested parties can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
Key InvestingPro Data metrics further inform investor decisions. Palantir's Market Cap stands at $47.17 billion, reflecting its significant presence in the market. Despite a high P/E Ratio of 154.31, the company's PEG Ratio of 0.8 suggests that its earnings growth could be undervalued relative to its price. Lastly, the strong Year-To-Date Price Total Return of 23.3% illustrates investor confidence and a potentially bullish outlook for the stock.
These insights, coupled with the executive stock transactions, paint a picture of Palantir's financial environment that shareholders and potential investors should consider when making investment decisions.
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