Zoom Video Communications (NASDAQ:ZM) Issues Earnings Results

Zoom Video Communications (NASDAQ:ZMGet Rating) released its earnings results on Monday. The company reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.23, MarketWatch Earnings reports. Zoom Video Communications had a net margin of 23.05% and a return on equity of 11.87%. The company had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.10 billion. During the same quarter last year, the business earned $0.72 EPS. The firm’s revenue was up 4.9% compared to the same quarter last year. Zoom Video Communications updated its Q4 guidance to $0.75-0.78 EPS.

Zoom Video Communications Stock Performance

Shares of ZM stock opened at $80.26 on Tuesday. The stock’s 50-day simple moving average is $78.62 and its 200-day simple moving average is $93.79. The firm has a market capitalization of $23.89 billion, a price-to-earnings ratio of 24.85, a PEG ratio of 3.19 and a beta of -0.29. Zoom Video Communications has a fifty-two week low of $70.43 and a fifty-two week high of $251.70.

Insider Activity at Zoom Video Communications

In related news, insider Velchamy Sankarlingam sold 2,374 shares of the company’s stock in a transaction that occurred on Saturday, October 8th. The stock was sold at an average price of $71.59, for a total value of $169,954.66. Following the sale, the insider now owns 15,869 shares in the company, valued at $1,136,061.71. The sale was disclosed in a legal filing with the SEC, which is available through this link. 11.24% of the stock is owned by insiders.

Institutional Investors Weigh In On Zoom Video Communications

Large investors have recently bought and sold shares of the company. Bridgefront Capital LLC lifted its holdings in Zoom Video Communications by 111.6% in the first quarter. Bridgefront Capital LLC now owns 2,772 shares of the company’s stock valued at $325,000 after acquiring an additional 1,462 shares during the period. Pathstone Family Office LLC lifted its holdings in Zoom Video Communications by 52.8% in the third quarter. Pathstone Family Office LLC now owns 3,991 shares of the company’s stock valued at $309,000 after acquiring an additional 1,379 shares during the period. Walleye Capital LLC acquired a new position in Zoom Video Communications in the second quarter valued at approximately $307,000. NewEdge Advisors LLC acquired a new position in shares of Zoom Video Communications during the 2nd quarter worth approximately $295,000. Finally, Prudential PLC acquired a new position in shares of Zoom Video Communications during the 1st quarter worth approximately $263,000. Hedge funds and other institutional investors own 52.86% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on ZM shares. The Goldman Sachs Group cut their target price on shares of Zoom Video Communications from $142.00 to $122.00 and set a “neutral” rating for the company in a report on Tuesday, August 23rd. JPMorgan Chase & Co. lowered shares of Zoom Video Communications from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $295.00 to $85.00 in a research note on Friday, October 7th. BTIG Research lowered shares of Zoom Video Communications from a “buy” rating to a “neutral” rating in a research note on Tuesday, August 23rd. Morgan Stanley downgraded Zoom Video Communications from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $130.00 to $90.00 in a research report on Tuesday, October 11th. Finally, Evercore ISI decreased their target price on Zoom Video Communications to $95.00 in a research report on Tuesday, August 23rd. Two research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $125.67.

Zoom Video Communications Company Profile

(Get Rating)

Zoom Video Communications, Inc provides unified communications platform in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. The company offers Zoom Meetings that offers HD video, voice, chat, and content sharing through mobile devices, desktops, laptops, telephones, and conference room systems; Zoom Phone, an enterprise cloud phone system; and Zoom Chat enables users to share messages, images, audio files, and content in desktop, laptop, tablet, and mobile devices.

See Also

Earnings History for Zoom Video Communications (NASDAQ:ZM)

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