Meta Platforms Inc (NASDAQ:FB) shares are trading higher Thursday morning, bouncing back after the stock turned sharply lower Wednesday following the resignation of the company's COO Sheryl Sandberg.
"When I took this job in 2008, I hoped I would be in this role for five years. Fourteen years later, it is time for me to write the next chapter of my life," Sandberg said in a Facebook post.
Sandberg will continue to serve as a member of Meta's board. Meta's chief growth officer Javier Olivan is set to take over as COO following Sandberg's departure.
Related Link: Facebook COO Sheryl Sandberg Is Leaving The Company After 14 Years: What Investors Need To Know
Following the announcement, Piper Sandler analyst Thomas Champion maintained Meta with a Neutral rating and lowered the price target from $230 to $220.
FB Price Action: Meta shares have traded between $169 and $384.33 over a 52-week period.
The stock was up 1.93% at $192.24 at press time, according to data from Benzinga Pro.
Photo: geralt from Pixabay.
