Meta Platforms Inc (NASDAQ:META)., formerly known as Facebook Inc ., has reached an unprecedented milestone as its stock price soared to an all-time high of $603.02, pushing its market capitalization to $1.52 trillion. According to InvestingPro analysis, the company maintains impressive gross profit margins of 81.5%. This remarkable peak reflects a significant turnaround for the tech giant, which has seen its value surge by 87.48% over the past year. Investors have rallied behind Meta's innovative strategies and strong financial performance, with revenue growing at 23.06% and trading at a P/E ratio of 27.35. While InvestingPro analysis suggests the stock is slightly overvalued at current levels, their research reveals 15 additional bullish indicators available to subscribers. The all-time high represents not just a 52-week triumph but a historic moment for Meta as it continues to expand its influence in the digital realm.
In other recent news, Meta Platforms Inc. has announced a significant project to construct a $10B global subsea cable, marking a major move to control its internet infrastructure. This initiative is still in the planning phase, with more details expected in early 2025. Meanwhile, Raymond (NS:RYMD) James has reaffirmed its Strong Buy rating on Meta shares, highlighting the company's potential for growth in artificial intelligence (AI) and generative AI (GenAI) monetization by 2025.
In recent developments, the U.S. Supreme Court declined to rule on a securities fraud lawsuit against Meta, leaving the decision to the lower court. Monness Crespi Hardt has raised its price target on Meta from $620 to $650, noting stronger market sentiment for Meta compared to Alphabet (NASDAQ:GOOGL).
Meta also reported a 19% increase in total revenue year-over-year to $40.6 billion for the third quarter of 2024. During the earnings call, the company highlighted strong momentum in product offerings, particularly in AI and user engagement. Despite these developments, the company continues to face legal and regulatory challenges.
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