I just found out that a query on the Local Datastore has the same limitations as a query on the network.
Therefore you can set the maximum limit to 1000 with:
parseQuery.setLimit(1000); // limit to at most 1000 results
If you want to query for more than 1000 ParseObjects, you can follow this answer: https://stackoverflow.com/a/18696377/954811 (it works the same on Local Datastore).