Jennifer Newstead, Chief Legal Officer at Meta Platforms, Inc. (NASDAQ:META), recently sold 905 shares of the company's Class A common stock. The shares were sold at a price of $618 each, totaling approximately $559,290. Following this transaction, Newstead holds 30,200 shares in the company. The sale comes as META trades near its 52-week high of $638.40, with the stock delivering an impressive 65.86% return over the past year. The company maintains strong fundamentals with an 81.5% gross profit margin and has received a "GREAT" financial health rating from InvestingPro. The sale was conducted under a Rule 10b5-1 trading plan, which was adopted by Newstead on November 30, 2023. For comprehensive insider trading analysis and 14 additional ProTips about META's valuation and growth prospects, visit InvestingPro, where you'll find detailed research reports covering 1,400+ top US stocks.
In other recent news, Meta Platforms has been the subject of multiple analyst updates. BofA Securities has raised Meta's price target to $710 while maintaining a Buy rating. Meanwhile, Cantor Fitzgerald has slightly lowered its price target to $720 but continues to endorse the stock with an Overweight rating. Jefferies has also maintained a Buy rating on Meta, highlighting the company's long-term potential despite the stock being slightly overvalued.
In recent developments, Meta has joined as a new strategic investor in Databricks' Series J funding round, which has valued the company at $62 billion. The funds raised will be utilized for the development of new AI products, potential acquisitions, and expansion of Databricks' international operations.
Furthermore, Meta is actively developing its line of smart glasses and exploring the creation of new wearable devices. The company's Reality Labs plans to introduce Oakley-branded smart glasses designed for athletes within this year, and a more advanced "Hypernova" model of Meta's smart glasses is anticipated for launch. These developments underscore Meta's strong market position and potential for continued growth.
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