Top Palantir Execs Sell More Than 2.2 Million Net Shares; Stock Falls

Palantir co-founder Stephen Cohen dumped 3.8 million shares at average prices between $25.07-$30.03, but also received 2.2 million shares at no cost.
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Palantir Technologies  (PLTR) - Get Report shares fell Tuesday, after SEC filings showed that top executives sold more than 2.2 million shares of the data analytics company starting Feb. 18.

The stock recently traded at $25.84, down 7.82% in pre-market trading Tuesday. But it has jumped 195% from its Sept. 30 initial public offering through Monday amid investor enthusiasm for companies in its space.

As for the stock sales, co-founder Stephen Cohen dumped 3.8 million shares at average weighted prices between $25.07 and $30.03, according to the filings. He also received 2.2 million shares at no cost.

General Counsel Matt Long sold 469,000 shares at $25.04 and 35,102 at $25.86. And Chief Legal and Business Affairs Officer Ryan Taylor unloaded 190,991 shares at $25.07 and 27,264 at $25.85.

In other Palantir news Tuesday, the company announced a multi-million dollar expansion of its relationship with 3M  (MMM) - Get Report. The diversified manufacturer has agreed to expand its use of Palantir's Foundry platform to support its digital transformation, which will help improve its supply chain, the companies said.

Palantir already supports 3M’s activity in supply chain alerting, demand forecasting and business planning. “Palantir has played an important role for our enterprise operations digital migration strategy,” Shaun Braun, 3M’s vice president of digital transformation, said in a statement. “We’re eager to keep pushing the boundaries.”

Many analysts are bullish on Palantir. Last week, Goldman Sachs upgraded the stock to buy from neutral and lifted its share price target to $34 from $13.

Goldman was pleased with Palantir’s fourth-quarter earnings report. Revenue totaled $322 million in the quarter, up 40% from a year ago and ahead of analysts’ forecasts of $300 million.