In a recent transaction, Jennifer Newstead, Chief Legal Officer of Meta Platforms, Inc. (NASDAQ:META), sold 905 shares of the company’s Class A Common Stock. The technology giant, currently valued at $1.51 trillion, has seen its stock surge 73.71% over the past year. The shares were sold at a price of $591.76 each, amounting to a total transaction value of $535,542. Following the sale, Newstead retains ownership of 32,915 shares. This sale was conducted under a Rule 10b5-1 trading plan, which was adopted by Newstead on November 30, 2023. With META trading near its 52-week high and analysts maintaining a bullish outlook, InvestingPro subscribers can access comprehensive insider trading analysis and 13 additional key insights about META’s financial health, which is currently rated as GREAT.
In other recent news, Meta Platforms has seen significant developments. The company appointed Joel Kaplan as its new Chief Global Affairs Officer, replacing Nick Clegg. Kaplan is expected to take over key responsibilities such as content policy and election handling. In the financial realm, JMP Securities increased Meta’s price target to $750, maintaining a Market Outperform rating due to advancements in artificial intelligence and messaging. RBC Capital also maintained an Outperform rating on Meta, raising its price target to $700, citing AI investments as a key driver for long-term earnings growth. Canaccord Genuity echoed this positive stance, raising Meta’s price target from $700 to $730. These recent developments highlight Meta’s continuous growth and the high expectations from various analysts.
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