Meta Platforms (META) stock surges to new 52-week high on strong earnings and positive outlook.

From Nasdaq: 2024-10-02 09:15:06

Shares of Meta Platforms (META) have surged, up 12.7% in the past month, reaching a new 52-week high of $583.04. The company has seen a 62.9% increase since the start of the year, outperforming the Zacks Computer and Technology sector by 39.9% and Zacks Internet – Software industry by 40.5%.

In its last earnings report, Meta Platforms reported EPS of $5.16, beating the consensus estimate of $4.70. For the current fiscal year, the company is expected to post earnings of $21.36 per share on $161.62 billion in revenues, with YoY changes of 43.64% in EPS and 19.8% in revenues.

Meta Platforms has a Zacks Rank of #2 (Buy) with favorable earnings estimate revisions. The company has a Value Score of C, Growth Score of B, Momentum Score of B, and VGM Score of B. The stock trades at 27X current fiscal year EPS estimates.

Upland Software, Inc. (UPLD) is another industry peer worth considering, with a Zacks Rank of #2 (Buy). UPLD has a Value Score of A, Growth Score of F, and Momentum Score of A. It reported strong earnings last quarter, with a 26.67% beat on estimates.

Experts have identified 7 elite stocks to watch, including META and UPLD, for potential early price pops. These stocks selected from the Zacks Rank #1 Strong Buys have historically outperformed the market with an average gain of +23.7% per year since 1988.



Read more at Nasdaq: Meta Platforms, Inc. (META) Soars to 52-Week High, Time to Cash Out?