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Meta Platforms (META) closed at $496.16 in the latest trading session, marking a -0.54% move from the prior day. The stock's change was less than the S&P 500's daily gain of 0.28%. Meanwhile, the Dow experienced a rise of 0.53%, and the technology-dominated Nasdaq saw an increase of 0.4%.

Shares of the social media company witnessed a loss of 1.05% over the previous month, trailing the performance of the Computer and Technology sector with its gain of 4.22% and the S&P 500's gain of 3.78%.

The investment community will be paying close attention to the earnings performance of Meta Platforms in its upcoming release. The company is slated to reveal its earnings on July 31, 2024. The company is predicted to post an EPS of $4.68, indicating a 44.89% growth compared to the equivalent quarter last year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $38.19 billion, up 19.36% from the year-ago period.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $20.21 per share and revenue of $159.08 billion. These totals would mark changes of +35.91% and +17.92%, respectively, from last year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Meta Platforms. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Our research shows that these estimate changes are directly correlated with near-term stock prices. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.25% higher. Meta Platforms is currently a Zacks Rank #3 (Hold).

From a valuation perspective, Meta Platforms is currently exchanging hands at a Forward P/E ratio of 24.68. This represents a discount compared to its industry's average Forward P/E of 29.77.

We can also see that META currently has a PEG ratio of 1.29. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Internet - Software industry currently had an average PEG ratio of 1.74 as of yesterday's close.

The Internet - Software industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 89, this industry ranks in the top 36% of all industries, numbering over 250.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.