Palantir Technologies Inc . (NYSE:PLTR) executive Stephen Andrew Cohen has sold a total of $7.45 million worth of the company's stock, according to recent SEC filings. Cohen, who serves as President and Secretary of Palantir, engaged in multiple transactions over the course of three days.
On May 20, 2024, Cohen sold 170,584 shares at a weighted average price of $21.4268. The following day, he disposed of another 140,838 shares, this time at a slightly lower average price of $21.2405. The final sale took place on May 22, with 37,501 shares sold at an average of $21.2952. The sales were executed in multiple transactions at prices that ranged from $21.14 to $21.75, and were part of a series of related transactions involving automatic sales to cover tax withholding obligations tied to the vesting of restricted stock units (RSUs).
These transactions represent a significant movement in Palantir's stock by a key executive, and the details of the sales are publicly available through the SEC's filing system. It is important to note that these sales were automatic and related to previously scheduled vesting events.
Investors and followers of Palantir Technologies Inc. can stay informed of such transactions, which are indicative of executives' stock-based compensation arrangements and their tax implications. While the sales are noteworthy in terms of their size, they are also a routine part of executive compensation practices at many publicly traded companies.
InvestingPro Insights
Amid the recent stock transactions by Palantir Technologies Inc. (NYSE:PLTR) executive Stephen Andrew Cohen, investors may find additional context in the company's current financial health and market performance. Palantir holds a market capitalization of $47.17 billion, reflecting the company's substantial presence in the technology sector. Despite a high P/E ratio of 154.31, an InvestingPro Tip suggests that Palantir is trading at a low P/E ratio relative to its near-term earnings growth, indicating potential for investors looking at growth-adjusted valuation metrics.
Moreover, Palantir's gross profit margin stands impressively at 81.16% for the last twelve months as of Q1 2024, underscoring the company's ability to manage costs effectively relative to its revenue. This aligns with another InvestingPro Tip highlighting Palantir's impressive gross profit margins, which may reassure investors of the company's operational efficiency.
Looking at the company's stock performance, Palantir has seen a significant return over the last year, with a 67.48% increase in price total return. This robust performance could be indicative of investor confidence and market recognition of Palantir's strategic position and growth prospects. For those considering an investment in Palantir, it's worth noting that there are 17 additional InvestingPro Tips available on https://www.investing.com/pro/PLTR, which could provide further insights into the company's financials and market potential. Don't forget to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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