Javier Olivan, Chief Operating Officer of Meta Platforms, Inc. (NASDAQ:META), recently sold 413 shares of the company's Class A Common Stock. This transaction, executed on October 11, 2024, was completed at a price of $584.83 per share, amounting to a total of $241,534.
Following this sale, Olivan holds 11,533 shares directly. Additionally, he maintains indirect ownership of shares through various entities, including Olivan D LLC, Olivan Reinhold D LLC, and the Olivan Reinhold Family Revocable Trust. The stock sale was made under a Rule 10b5-1 trading plan, which allows company insiders to set up a predetermined plan to sell stocks.
In other recent news, Meta Platforms Inc (NASDAQ:META). is facing lawsuits from several U.S. states alleging that the company's social media platforms contribute to addiction among teenagers. The court has allowed the case to proceed, rejecting Meta's attempt to dismiss the claims. Meanwhile, Stifel has raised its price target for Meta to $663, maintaining a Buy rating on the company's stock. This follows a positive assessment of Meta's advertising momentum and projected revenue growth. In addition, Meta has dismantled a network of fake accounts in Moldova, a crucial move ahead of the country's upcoming presidential election and EU membership referendum. On another front, Meta along with other tech giants, has proposed an alternative power payment plan for data centers in Ohio in response to a dispute with utility company AEP Ohio over energy usage. These are the recent developments involving Meta Platforms.
InvestingPro Insights
Meta Platforms continues to demonstrate strong financial performance, as evidenced by recent InvestingPro data. The company's market capitalization stands at an impressive $1.48 trillion, reflecting its dominant position in the tech sector. Meta's revenue for the last twelve months as of Q2 2024 reached $149.78 billion, with a notable year-over-year growth of 24.28%.
The company's profitability remains robust, with a gross profit margin of 81.49% for the same period. This aligns with one of the InvestingPro Tips, which highlights Meta's impressive gross profit margins. Additionally, Meta's P/E ratio of 27.7 (adjusted for the last twelve months as of Q2 2024) suggests that the stock may be reasonably valued considering its growth prospects.
Another InvestingPro Tip notes that Meta holds more cash than debt on its balance sheet, indicating a strong financial position. This financial strength is particularly relevant in light of Javier Olivan's recent stock sale, as it suggests the transaction is likely part of a planned diversification strategy rather than a reflection of concerns about the company's financial health.
Investors may find it interesting that Meta is trading near its 52-week high, with the current price at 97.23% of that peak. This performance is underscored by the stock's impressive 86.86% total return over the past year.
For those seeking a more comprehensive analysis, InvestingPro offers 16 additional tips on Meta Platforms, providing deeper insights into the company's financial health and market position.
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