Alexander D. Moore, a director at Palantir Technologies Inc . (NYSE:NASDAQ:PLTR), recently sold a significant portion of his holdings in the company. According to a filing with the Securities and Exchange Commission, Moore sold a total of 20,000 shares of Palantir's Class A common stock on December 2, 2024. The transactions were executed at prices ranging from $66.06 to $67.80, resulting in total proceeds of approximately $1.33 million. The stock has seen remarkable performance, with a YTD return of over 300% and currently trades near its 52-week high of $71.37. InvestingPro analysis indicates the stock is trading above its Fair Value.
The sales were conducted under a Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined schedule for selling stocks. This plan was established on November 30, 2023, providing a structured approach to Moore's stock transactions.
Following these sales, Moore retains ownership of 1,450,630 shares of Palantir. The transactions reflect a strategic move by Moore, aligning with his previously disclosed trading plan. Investors often watch such insider transactions closely as they can provide insights into the executive's perspective on the company's future.
In other recent news, Palantir Technologies Inc. has been in the spotlight due to a series of recent developments. The company missed its revenue target, leading William Blair to maintain an Underperform rating on its shares. Despite a robust revenue growth of 24.52% and gross profit margins of 81.1%, Palantir is projected to fall short of its $4.5 billion revenue goal by over $700 million.
In addition, Palantir received FedRAMP High Authorization for its cloud services, allowing it to offer its full suite of products to the U.S. Government. The company also reported a 30% year-over-year increase in revenue, primarily driven by a surge in AI demand, and raised its full-year revenue guidance to $2.807 billion.
Furthermore, Palantir has been the focus of multiple analyst rating changes. BofA Securities and Wedbush increased their price targets for Palantir, whereas Argus and Jefferies downgraded Palantir due to valuation concerns. Lastly, Palantir introduced new developer tools at its inaugural Developer Conference, DevCon, and announced its decision to transfer its Class A Common Stock listing from the New York Stock Exchange to the Nasdaq Global Select Market.
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