Palantir Technologies’ chief accounting officer sells $2.3 million in shares

DENVER—Heather A. Planishek, Chief Accounting Officer at Palantir Technologies Inc . (NYSE:NASDAQ:PLTR), recently executed a series of stock sales amounting to approximately $2.3 million, according to a recent SEC filing. The transactions, which took place on February 20 and 21, involved the sale of Class A Common Stock at prices ranging from $96.43 to $108.28 per share. The sales come as Palantir, currently valued at over $204 billion, has seen its stock surge nearly 295% over the past year according to InvestingPro data.

These sales were conducted to cover tax withholding obligations related to the vesting of restricted stock units, as noted in the filing. Following these transactions, Planishek retains ownership of 492,868 shares directly, with additional shares held indirectly under a custodianship for a minor child. InvestingPro analysis indicates the company maintains impressive gross profit margins of 80% and operates with moderate debt levels.

The transactions were executed under Planishek’s Rule 10b5-1 trading plan, ensuring they were carried out in compliance with pre-established trading parameters. The stock has recently experienced significant volatility, with a 27% decline over the past week despite maintaining strong momentum over the longer term, trading well above its 52-week low of $20.33.

In other recent news, Palantir Technologies Inc. has been in the spotlight due to various developments. The company is facing potential challenges as the US Defense Secretary plans to cut military spending by 8% over the next five years, which could affect Palantir’s earnings given its significant revenue from government contracts. Despite these concerns, Wedbush analysts have maintained an Outperform rating on Palantir, emphasizing the company’s strong position in the AI sector and setting a price target of $120. Similarly, Loop Capital initiated coverage with a Buy rating and a $141 price target, highlighting Palantir’s leverage in the AI and GenAI markets.

In addition to these analyst perspectives, Palantir announced a strategic partnership with SAUR Group to enhance contract management using its Generative AI capabilities. This collaboration aims to improve the management of complex contracts in the water and environmental services sector. The partnership is expected to provide SAUR with real-time visibility and more efficient contract management processes. Analysts and investors are closely monitoring these developments, as Palantir’s partnerships and technological advancements may offset potential revenue impacts from defense budget cuts.

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