Meta platforms’ chief legal officer Jennifer Newstead sells $577,513 in stock

Jennifer Newstead, the Chief Legal Officer of Meta Platforms, Inc. (NASDAQ:META), a $1.53 trillion tech giant with an impressive 81.68% gross profit margin and "GREAT" financial health according to InvestingPro, executed a sale of company stock valued at approximately $577,513. The transaction, which took place on March 25, involved the sale of 921 shares of Meta’s Class A Common Stock at an average price of $627.05 per share, with the stock currently trading at $602.58 and maintaining a reasonable P/E ratio of 24.67.

Following this transaction, Newstead retains ownership of 31,182 shares of Meta stock. The sale was conducted under a pre-established Rule 10b5-1 trading plan, which was adopted by Newstead on November 30, 2023. This plan allows executives to set up a predetermined schedule for selling stocks to avoid any potential accusations of insider trading. With analysts maintaining a bullish consensus on Meta, investors can access detailed valuation metrics and 12 additional ProTips through InvestingPro’s comprehensive research reports.

In other recent news, Meta Platforms has introduced changes to its Friends tab on Facebook, aiming to simplify user connections by displaying only content from friends. This update is part of a broader initiative to bring back some of Facebook’s original features. Additionally, Meta Platforms announced new features for its Threads app, including updates to tagged topics and follower-only replies, enhancing user personalization and control over interactions. Meanwhile, Cantor Fitzgerald has maintained its Overweight rating on Meta Platforms with a price target of $790.00, citing potential risks such as a recession and increased competition in AI. These developments reflect Meta’s ongoing efforts to innovate while navigating challenges in the tech industry.

In other news, Tesla (NASDAQ:TSLA) has been leading premarket gains among the Magnificent Seven stocks, with retail investors continuing to invest heavily. The company faced challenges earlier when shares slid after a 25% tariff on auto imports was imposed by the U.S. government. Despite these hurdles, retail investors have remained net buyers, contributing significantly to Tesla’s stock activity. The Bloomberg Magnificent 7 index, which includes companies like Nvidia (NASDAQ:NVDA) and Meta, has experienced fluctuations this year.

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