In a recent deal, Jennifer Newstead, Legal Director of Meta Platforms, Inc., sold… (NASDAQ:), 905 shares of the Company's Class A common stock. The tech giant, currently worth $1.51 trillion, has seen its shares rise 73.71% over the past year. The shares were sold at $591.76 per share, bringing the total transaction value to $535,542. Following the sale, Newstead will retain ownership of 32,915 shares. This sale was made under a Rule 10b5-1 trading plan, which Newsted adopted 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 into META's financial position, which is currently rated as Outstanding.
In other recent news, the Meta platforms have seen important developments. The company has appointed Joel Kaplan as its new Chief Global Officer, replacing Nick Clegg. Kaplan is expected to take on key responsibilities such as content policy and election handling. In financials, JMP Securities raised its price target for Meta to $750, maintaining an Outperform market rating due to advances in artificial intelligence and messaging. RBC Capital also maintained Outperform's rating on Meta, raising its price target to $700, citing AI investments as a key driver of long-term earnings growth. Canaccord Genuity echoed this positive stance, raising its Meta price target from $700 to $730. These latest developments highlight Meta's continued growth and high expectations from various analysts.
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