Jennifer Newstead, Chief Legal Officer at Meta Platforms Inc. (NASDAQ:META), has recently sold 905 shares of the company's Class A common stock. The shares were sold at a price of $602.47 each, resulting in a total transaction value of $545,235. The transaction comes as Meta, now valued at $1.52 trillion, trades near its 52-week high of $638.40, having delivered an impressive 71% return over the past year. Following this sale, Newstead retains ownership of 33,820 shares in the company. This transaction was conducted under a Rule 10b5-1 trading plan, which was established on November 30, 2023. According to InvestingPro, analysts maintain a strong bullish consensus on Meta, with a median price target suggesting further upside potential. For deeper insights into insider trading patterns and 13 additional key metrics, investors can access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Meta Platforms Inc. has seen its stock target raised by both RBC Capital and Canaccord Genuity, due to its strong earnings growth potential and positive growth prospects. RBC Capital maintained an Outperform rating on Meta and increased its price target to $700, reflecting a potential for 15-20%+ earnings growth. Canaccord Genuity also maintained a positive stance on Meta, raising the company's price target from $700 to $730.
These developments come as Meta continues to invest heavily in artificial intelligence (AI), which is expected to enhance user engagement and solidify its market presence. In addition, the company's Instagram platform is projected to constitute half of Meta's advertising revenue in the U.S. by 2025, according to Emarketer's estimates.
However, Meta has faced legal challenges, with its Irish subsidiary fined $264 million over a data breach affecting 29 million users worldwide. Despite these developments, analysts from Truist Securities expressed a positive outlook on Meta's prospects for 2025. These are recent developments, providing insight into the dynamic environment in which Meta operates.
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