After soaring an incredible 194% in 2023, shares of Meta Platforms (NASDAQ: META) are continuing to rise even higher this year, with the social media stock up another 47% since January. Meta has been one of the hottest tech stocks to own over the past couple of years and its valuation now sits at around record levels, with a market cap of more than $1.3 trillion.

Meta owns some popular social media applications in WhatsApp, Facebook, and Instagram. But is the stock's current valuation justifiable, and can it go even higher, or has it reached a peak?

The bullish case for Meta Platforms is that with an impressive 3.3 billion daily active people, it possesses a lot of value for marketers who are trying to reach a certain target market.

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Source Fool.com