Palantir Heavy Insider Sales; CEO and Co-Founders Cash Out Big
May 28 - Last week, Palantir Technologies (NASDAQ:PLTR) CEO Alex Karp sold over $50 million of company stock, according to a recent filing with the SEC.
The shares changed hands between $125.26 and $127.70 each in automated transactions designed to cover the tax withholding on vested restricted stock units. After the sale, Karp still holds roughly 6.43 million Palantir shares, valued at about $787 million based.
Other senior executives also reduced their stakes. Chief Technology Officer Shyam Sankar sold approximately $21 million of Palantir stock, while co-founder and President Stephen Cohen disposed of about $43.5 million in shares, per separate filings.
These automatic sales are tied to tax obligations rather than a change in leadership or strategy, analysts note. Palantir, known for its data analytics and artificial intelligence software, continues to invest heavily in research and government contracts.
Investors will watch for any shifts in insider sentiment as the company prepares to report second-quarter results this summer.
Based on the one year price targets offered by 20 analysts, the average target price for Palantir Technologies Inc is $99.81 with a high estimate of $150.00 and a low estimate of $40.00. The average target implies a downside of -19.11% from the current price of $123.39.
This article first appeared on GuruFocus.
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