Mark Zuckerberg, Chairman and CEO of Meta Platforms, Inc. (NASDAQ:META), recently sold a significant portion of the company's Class A common stock, according to a recent filing with the Securities and Exchange Commission. The transactions, executed on December 9, 2024, involved the sale of 22,946 shares, generating a total of approximately $14.1 million. The shares were sold at prices ranging from $606.80 to $625.46 per share. Meta's stock has shown remarkable strength, with a nearly 90% return over the past year and currently trades near its 52-week high of $638.40.
These sales were conducted by CZI Holdings, LLC, an entity through which Zuckerberg holds shares, as part of a pre-established trading plan. Following these transactions, Zuckerberg, through CZI Holdings, LLC, no longer holds any Class A common stock directly under this entity.
The filing also detailed a conversion of Class B common stock into Class A common stock, although this did not involve any monetary transaction.
Zuckerberg's sales are part of routine financial management and portfolio adjustments, as he continues to hold significant shares in Meta through various trusts and holding companies. The company's strong fundamentals are reflected in its robust gross profit margin of 81.5% and solid return on equity of 36%. InvestingPro analysis indicates Meta is currently trading near its Fair Value, with 14 additional key insights available to subscribers.
In other recent news, Meta Platforms and Alphabet (NASDAQ:GOOGL) Inc's Google have seen optimistic growth projections following a recent Piper Sandler survey. The survey, which involved respondents managing over $8 billion in digital ad spending, indicated increased economic confidence and growth expectations in the digital advertising industry. This aligns with Meta's recent performance, demonstrating a 23% revenue growth over the last twelve months. Respondents also projected a growth acceleration in both digital and total ad spend for 2025.
Additionally, Piper Sandler has raised the target for Meta shares, recognizing the company's impressive earnings results for 2024 and advancements in artificial intelligence. Meta's current P/E ratio of 28x reflects market confidence.
In other recent developments, Truist Securities maintains a Buy rating on Amazon (NASDAQ:AMZN) shares, forecasting record highs in U.S. e-commerce and digital advertising spending. Amazon is poised to capture approximately 49% of U.S. e-commerce market share.
On the legal front, a U.S. appeals court upheld legislation mandating ByteDance to sell TikTok, a ruling that may impact Meta's competitors. Lastly, Meta Platforms announced a $0.50 quarterly dividend and plans to construct a fiber-optic subsea cable encircling the globe.
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