Meta Platforms (META) closed at $318.36 in the latest trading session, marking a 0.93% increase from the previous day. This outperformance compared to the S&P 500's daily gain of 0.63%, the Dow's 0.59% increase, and the Nasdaq's 0.39% rise.Over the past month, Meta Platforms' stock has climbed by 5.89%, surpassing the Computer and Technology sector's 2.3% loss and the S&P 500's 3.39% decline.Investors are eagerly awaiting Meta Platforms' upcoming earnings release scheduled for October 25, 2023. Analysts anticipate an EPS of $3.57, reflecting a substantial 117.68% increase from the same quarter last year. The consensus estimate for quarterly revenue stands at $33.41 billion, up 20.55% year-over-year.For the full year, Zacks Consensus Estimates indicate expectations of earnings per share of $13.34 and revenue of $132.79 billion. These projections represent changes of +35.71% and +13.87%, respectively, from the previous year.It's important to monitor analyst estimate revisions for Meta Platforms, as they often reflect short-term business trends. Positive estimate revisions can signify optimism about the company's outlook.Zacks Research has shown that estimate changes are closely linked to short-term stock price movements. To harness this insight, the proprietary Zacks Rank model was developed. With rankings ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven track record of strong performance, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has risen by 1.58%. Currently, Meta Platforms holds a Zacks Rank of #3 (Hold).Additionally, investors should consider Meta Platforms' current valuation metrics, such as its Forward P/E ratio of 23.65. This indicates a discount compared to the industry's average Forward P/E of 37.56.Meta Platforms' PEG ratio, currently at 1.1, is also noteworthy. This metric, akin to the P/E ratio, factors in expected earnings growth. In comparison, the Internet - Software industry, as of the last trading session, had an average PEG ratio of 1.52.The Internet - Software industry falls within the Computer and Technology sector and boasts a Zacks Industry Rank of 63, positioning it in the top 25% of over 250 industries.The Zacks Industry Rank evaluates the strength of individual industry groups by measuring the average Zacks Rank of constituent stocks. Research has shown that industries in the top 50% of rankings tend to outperform those in the bottom half by a factor of 2 to 1.Stay tuned to Zacks.com for further updates on these and other stock-moving metrics throughout upcoming trading sessions.