MENLO PARK, Calif.—Jennifer Newstead, Chief Legal Officer of Meta Platforms, Inc. (NASDAQ:META), recently sold a portion of her holdings in the company. The transaction comes as Meta's stock trades near its 52-week high of $619.90, having delivered an impressive 91.89% return over the past year. According to InvestingPro analysis, Meta appears to be trading above its Fair Value. According to a filing with the Securities and Exchange Commission, Newstead sold 905 shares of Meta's Class A common stock on December 3, 2024, at a price of $595 per share, totaling $538,475.
Following the transaction, Newstead retains ownership of 36,535 shares in the company. The sale was conducted under a pre-arranged Rule 10b5-1 trading plan, which allows company insiders to sell a predetermined number of shares at a specified time.
In other recent news, Meta Platforms has declared a $0.50 quarterly cash dividend, signaling a continuation of its practice of returning value to shareholders. The tech giant also plans to construct a fiber-optic subsea cable encircling the globe, with an expected investment surpassing $10 billion. Raymond (NS:RYMD) James has reaffirmed its Strong Buy rating on Meta shares, highlighting the company's potential for growth in artificial intelligence and generative AI by 2025. Meanwhile, the U.S. Supreme Court declined to rule on a securities fraud lawsuit against Meta, brought forward by Amalgamated Bank (NASDAQ:AMAL) among other plaintiffs.
Microsoft (NASDAQ:MSFT) reported a 16% year-on-year increase in Q1 FY2025 revenue, reaching $65.6 billion, with its cloud unit, Microsoft Cloud, reporting revenues surpassing $38.9 billion. The company has also partnered with Tevogen Bio to expedite the target identification process for their oncology product, TVGN 920, using AI and cloud technologies. Analyst firms, including TD Cowen, Citi, Mizuho (NYSE:MFG), and Goldman Sachs, have maintained their positive ratings on Microsoft's stock.
Piper Sandler analysts, following the 2025 CIO Survey, revealed a strong outlook for IT spending, with notable growth areas in security, IT services, and application software. These recent developments underscore the dynamic landscape of the tech sector and the robust demand for tech solutions, with cloud applications and generative AI poised for significant growth.
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