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

Zoom Video Communications (NASDAQ:ZMGet Rating) issued an update on its FY 2023 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $3.91-$3.94 for the period, compared to the consensus 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

A number of analysts have recently issued reports on the stock. Barclays lowered their target price on shares of Zoom Video Communications from $90.00 to $80.00 and set an equal weight rating for the company in a research note on Wednesday. Stifel Nicolaus dropped their target price on Zoom Video Communications from $90.00 to $80.00 in a research report on Wednesday, November 9th. UBS Group set a $83.00 target price on Zoom Video Communications in a research report on Wednesday. JPMorgan Chase & Co. lowered Zoom Video Communications from an overweight rating to a neutral rating and dropped their target price for the company from $295.00 to $85.00 in a research report on Friday, October 7th. Finally, BTIG Research lowered Zoom Video Communications from a buy rating to a neutral rating in a research report on Tuesday, August 23rd. Two analysts have rated the stock with a sell rating, sixteen have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Zoom Video Communications currently has a consensus rating of Hold and an average price target of $115.86.

Zoom Video Communications Price Performance

Shares of Zoom Video Communications stock opened at $76.14 on Thursday. The business has a 50-day moving average of $78.58 and a 200 day moving average of $93.66. Zoom Video Communications has a 12 month low of $70.43 and a 12 month high of $235.97. The stock has a market capitalization of $22.66 billion, a price-to-earnings ratio of 33.39, a price-to-earnings-growth ratio of 3.01 and a beta of -0.29.

Zoom Video Communications (NASDAQ:ZMGet Rating) last announced its quarterly earnings data on Monday, November 21st. The company reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.23. The business had revenue of $1.10 billion during the quarter, compared to analysts’ expectations of $1.10 billion. Zoom Video Communications had a return on equity of 8.80% and a net margin of 16.07%. The business’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.72 EPS. Equities research analysts anticipate that Zoom Video Communications will post 1.32 earnings per share for the current year.

Insider Activity

In other news, insider Velchamy Sankarlingam sold 2,374 shares of the firm’s stock in a transaction dated Saturday, October 8th. The stock was sold at an average price of $71.59, for a total transaction of $169,954.66. Following the sale, the insider now owns 15,869 shares of the company’s stock, valued at approximately $1,136,061.71. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 11.24% of the company’s stock.

Institutional Trading of Zoom Video Communications

Institutional investors have recently modified their holdings of the business. Global Wealth Management Investment Advisory Inc. boosted its stake in shares of Zoom Video Communications by 63.3% in the first quarter. Global Wealth Management Investment Advisory Inc. now owns 294 shares of the company’s stock valued at $34,000 after buying an additional 114 shares in the last quarter. Neo Ivy Capital Management boosted its stake in shares of Zoom Video Communications by 56.8% in the second quarter. Neo Ivy Capital Management now owns 367 shares of the company’s stock valued at $39,000 after buying an additional 133 shares in the last quarter. Covestor Ltd boosted its position in Zoom Video Communications by 76.7% during the first quarter. Covestor Ltd now owns 394 shares of the company’s stock worth $46,000 after purchasing an additional 171 shares in the last quarter. Covington Capital Management boosted its position in Zoom Video Communications by 40.3% during the third quarter. Covington Capital Management now owns 992 shares of the company’s stock worth $73,000 after purchasing an additional 285 shares in the last quarter. Finally, Fund Management at Engine No. 1 LLC purchased a new stake in Zoom Video Communications during the first quarter worth $216,000. 52.86% of the stock is currently owned by hedge funds and other institutional investors.

About Zoom Video Communications

(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.

Read More

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

Receive News & Ratings for Zoom Video Communications Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Zoom Video Communications and related companies with MarketBeat.com's FREE daily email newsletter.