MENLO PARK, Calif.—Jennifer Newstead, the Chief Legal Officer of Meta Platforms, Inc. (NASDAQ:META), recently sold shares of the company’s Class A Common Stock. According to a filing with the Securities and Exchange Commission, Newstead sold 905 shares on December 17 at a price of $626.66 per share, totaling approximately $567,127. The transaction comes as Meta, now valued at $1.51 trillion, has delivered an impressive 70% return over the past year, according to InvestingPro data.
This transaction was conducted under a pre-arranged Rule 10b5-1 trading plan, which Newstead adopted on November 30, 2023. Following this sale, she still holds 34,725 shares directly.
Meta Platforms, the parent company of Facebook, continues to be a focal point in the tech industry, and insider transactions such as these are closely monitored by investors for potential insights into the company’s future performance.
In other recent news, Meta Platforms Inc (NASDAQ:META). has seen its stock target raised by Canaccord Genuity, citing growth prospects. The firm maintained a positive stance on the company, raising the price target from $700 to $730. The company’s commitment to efficiency and cost discipline, along with its initiatives in AI-driven improvements and business messaging, were highlighted as potential growth drivers. Meta’s Instagram platform is projected to constitute half of the company’s advertising revenue in the U.S. by 2025, according to Emarketer’s estimates.
Truist Securities also expressed a positive stance on Meta’s prospects, anticipating that larger companies like Meta will outperform smaller firms in the coming years. However, Meta’s Irish subsidiary was fined $264 million over a data breach affecting 29 million users worldwide, imposed by the Irish data protection commission. These recent developments underscore the dynamic environment in which Meta operates.
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