Palantir Technologies Inc. (NASDAQ: PLTR) saw a sizable insider sale on February 20, 2026 when director Stephen Andrew Cohen sold a total of $43.7 million worth of Class A Common Stock. The dispositions were executed in multiple blocks with transaction-level weighted average prices ranging from $132.0346 to $135.7252.
Transaction detail disclosed for the day shows the following: 32,376 shares sold at a weighted average price of $132.0346; 100,910 shares at $132.862; 85,051 shares at $133.7565; 89,924 shares at $134.8296; and 18,827 shares at $135.7252.
On the same date Mr. Cohen converted 327,088 shares of Class B Common Stock into Class A Common Stock. In addition, 675,000 Restricted Stock Units were exercised into Class B Common Stock, and the 327,088 Class B Common shares were converted to Class A Common Stock as noted above.
Market context included in the disclosure highlights a 27.5% decline in Palantir shares year-to-date, with the stock trading at $128.82 and a market capitalization reported at $308.7 billion. An InvestingPro assessment cited in the filings describes the equity as appearing overvalued versus its Fair Value assessment and notes a high trailing price-to-earnings ratio of 203.8.
Corporate developments referenced alongside the insider activity emphasize continued commercial momentum. Rackspace Technology announced a strategic partnership with Palantir to accelerate deployment of Palantir’s AI platforms, with the partnership positioned to compress deployment timelines from months or years down to weeks. Separately, Palantir received recognition across 15 categories in the Dresner Advisory Services 2025 Technology Innovation Awards for achievements in areas including Data Engineering, Cloud Computing, and AI/Data Science/Machine Learning.
Analyst and broker activity immediately following Palantir’s Q4 2025 results is also noted. Mizuho upgraded Palantir’s rating to Outperform, citing revenue growth and margin expansion within the software sector. Freedom Capital Markets upgraded the stock to Buy, pointing to growth of Palantir’s Artificial Intelligence Platform as a central factor. Those upgrades followed Q4 2025 results that exceeded both management guidance and analysts’ estimates, with the company’s performance in U.S. commercial and government segments called out as a key contributor.
The filings combine equity dispositions, conversions, and exercised awards with contemporaneous market metrics and corporate news. The disclosure leaves the factual record of the transactions and corporate milestones intact without ascribing motive or projecting specific market implications beyond the reported figures and external assessments.
Summary
Director Stephen Andrew Cohen sold $43.7 million of Palantir Class A stock on February 20, 2026 in several transactions at prices between $132.0346 and $135.7252. That same day included conversions of Class B to Class A shares and exercise of restricted stock units into Class B stock. The company’s shares have fallen 27.5% year-to-date and trade at a high P/E of 203.8 according to InvestingPro, while Palantir pursued partnerships and received industry recognition alongside broker upgrades after strong quarterly results.
Key points
- Insider transactions: Stephen Andrew Cohen sold $43.7 million in Class A shares on February 20, 2026, executed across five reported blocks at weighted average prices from $132.0346 to $135.7252.
- Capital structure moves: On the same day, 327,088 Class B shares were converted to Class A and 675,000 Restricted Stock Units were exercised into Class B Common Stock, reflecting multiple contemporaneous equity actions.
- Market and corporate context: Shares are down 27.5% year-to-date, trading at $128.82 with a $308.7 billion market capitalization; InvestingPro flags the stock as overvalued against Fair Value and records a P/E of 203.8. Recent partnership, award recognitions, and broker upgrades followed stronger-than-expected Q4 2025 results.
Risks and uncertainties
- Valuation pressure: The reported P/E of 203.8 and the InvestingPro Fair Value assessment signal valuation-related uncertainty for investors and market participants in the software and AI platforms sector.
- Share-price volatility: A 27.5% year-to-date decline indicates notable short-term price movement, relevant to holders and prospective buyers in both the public markets and enterprise software segments.
- Insider activity: The sizable sale and simultaneous conversions and exercises introduce near-term changes to share composition and insider holdings that market participants may factor into liquidity and ownership analyses.