Zoom Video Communications (NASDAQ:ZM) Issues FY 2023 Earnings Guidance

Zoom Video Communications (NASDAQ:ZMGet Rating) updated its FY 2023 earnings guidance on Tuesday. The company provided EPS guidance of $3.91-$3.94 for the period, compared to the consensus EPS estimate of $3.70. The company issued revenue guidance of $4.37 billion-$4.38 billion, compared to the consensus revenue estimate of $4.40 billion. Zoom Video Communications also updated its Q4 2023 guidance to $0.75-$0.78 EPS.

Analysts Set New Price Targets

Several research firms have recently weighed in on ZM. The Goldman Sachs Group cut their price target on Zoom Video Communications from $142.00 to $122.00 and set a neutral rating for the company in a research note on Tuesday, August 23rd. Benchmark cut their price target on Zoom Video Communications from $128.00 to $118.00 and set a buy rating for the company in a research note on Tuesday, August 23rd. Royal Bank of Canada cut their price target on Zoom Video Communications from $150.00 to $130.00 in a research note on Tuesday, August 23rd. KeyCorp started coverage on Zoom Video Communications in a research note on Monday, September 12th. They issued a sector weight rating for the company. Finally, Credit Suisse Group started coverage on Zoom Video Communications in a research note on Friday, September 23rd. They issued a neutral rating and a $83.00 target price for the company. Two research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $125.67.

Zoom Video Communications Trading Down 1.7 %

Shares of NASDAQ ZM opened at $80.26 on Tuesday. The stock has a market cap of $23.89 billion, a price-to-earnings ratio of 24.85, a P/E/G ratio of 3.19 and a beta of -0.29. Zoom Video Communications has a 1-year low of $70.43 and a 1-year high of $251.70. The stock’s 50-day moving average is $78.62 and its 200 day moving average is $93.79.

Zoom Video Communications (NASDAQ:ZMGet Rating) last announced its quarterly earnings data on Monday, November 21st. The company reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.23. The company had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.10 billion. Zoom Video Communications had a return on equity of 11.87% and a net margin of 23.05%. Zoom Video Communications’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same period last year, the firm posted $0.72 EPS. On average, analysts forecast that Zoom Video Communications will post 1.32 EPS for the current fiscal year.

Insiders Place Their Bets

In other Zoom Video Communications news, insider Velchamy Sankarlingam sold 2,374 shares of Zoom Video Communications 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 transaction, the insider now directly owns 15,869 shares of the company’s stock, valued at approximately $1,136,061.71. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 11.24% of the company’s stock.

Hedge Funds Weigh In On Zoom Video Communications

Large investors have recently bought and sold shares of the stock. Global Wealth Management Investment Advisory Inc. grew its position in shares of Zoom Video Communications by 63.3% in the 1st quarter. Global Wealth Management Investment Advisory Inc. now owns 294 shares of the company’s stock worth $34,000 after buying an additional 114 shares during the last quarter. Neo Ivy Capital Management grew its position in shares of Zoom Video Communications by 56.8% in the 2nd quarter. Neo Ivy Capital Management now owns 367 shares of the company’s stock worth $39,000 after buying an additional 133 shares during the last quarter. Covestor Ltd grew its position in shares of Zoom Video Communications by 76.7% in the 1st quarter. Covestor Ltd now owns 394 shares of the company’s stock worth $46,000 after buying an additional 171 shares during the last quarter. Covington Capital Management grew its position in shares of Zoom Video Communications by 40.3% in the 3rd quarter. Covington Capital Management now owns 992 shares of the company’s stock worth $73,000 after buying an additional 285 shares during the last quarter. Finally, Fund Management at Engine No. 1 LLC bought a new stake in shares of Zoom Video Communications in the 1st quarter worth approximately $216,000. 52.86% of the stock is owned by hedge funds and other institutional investors.

About Zoom Video Communications

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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.

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Earnings History and Estimates for Zoom Video Communications (NASDAQ:ZM)

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