Zoom Video Communications, Inc. (NASDAQ:ZM – Get Rating) – William Blair lifted their Q2 2023 earnings per share estimates for shares of Zoom Video Communications in a report issued on Tuesday, May 24th. William Blair analyst M. Stotler now anticipates that the company will post earnings per share of $0.48 for the quarter, up from their previous forecast of $0.31. William Blair also issued estimates for Zoom Video Communications’ Q3 2023 earnings at $0.45 EPS, Q4 2023 earnings at $0.47 EPS, FY2023 earnings at $1.88 EPS and FY2024 earnings at $2.50 EPS.
Zoom Video Communications (NASDAQ:ZM – Get Rating) last posted its quarterly earnings data on Monday, May 23rd. The company reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.15. Zoom Video Communications had a return on equity of 21.17% and a net margin of 33.54%. The business had revenue of $1.07 billion during the quarter, compared to the consensus estimate of $1.07 billion. During the same period last year, the company earned $0.97 earnings per share. Zoom Video Communications’s quarterly revenue was up 12.3% on a year-over-year basis.
Other equities research analysts have also recently issued reports about the stock. Wells Fargo & Company cut their price target on shares of Zoom Video Communications from $145.00 to $105.00 and set an “equal weight” rating on the stock in a research report on Tuesday, March 15th. TheStreet upgraded Zoom Video Communications from a “d” rating to a “c” rating in a research note on Monday, April 18th. JPMorgan Chase & Co. dropped their price objective on Zoom Video Communications from $385.00 to $295.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 1st. Evercore ISI decreased their target price on shares of Zoom Video Communications from $235.00 to $145.00 and set an “inline” rating for the company in a research note on Tuesday, March 1st. Finally, UBS Group dropped their price target on shares of Zoom Video Communications from $130.00 to $100.00 and set a “na” rating on the stock in a research report on Wednesday, May 18th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $176.96.
Shares of ZM stock opened at $107.00 on Friday. Zoom Video Communications has a 12 month low of $79.03 and a 12 month high of $406.48. The company’s fifty day simple moving average is $105.28 and its 200-day simple moving average is $147.26. The firm has a market cap of $32.01 billion, a PE ratio of 23.83, a P/E/G ratio of 3.38 and a beta of -0.66.
Several large investors have recently added to or reduced their stakes in ZM. Kestra Private Wealth Services LLC lifted its holdings in shares of Zoom Video Communications by 28.0% during the first quarter. Kestra Private Wealth Services LLC now owns 2,269 shares of the company’s stock worth $266,000 after purchasing an additional 496 shares during the period. M Holdings Securities Inc. acquired a new position in Zoom Video Communications during the 1st quarter worth about $694,000. Advisory Services Network LLC grew its position in shares of Zoom Video Communications by 52.8% in the 1st quarter. Advisory Services Network LLC now owns 14,990 shares of the company’s stock valued at $1,757,000 after buying an additional 5,177 shares during the last quarter. Toroso Investments LLC grew its position in shares of Zoom Video Communications by 10.4% in the 1st quarter. Toroso Investments LLC now owns 8,121 shares of the company’s stock valued at $952,000 after buying an additional 767 shares during the last quarter. Finally, Wealthfront Advisers LLC increased its stake in shares of Zoom Video Communications by 4.2% in the first quarter. Wealthfront Advisers LLC now owns 5,675 shares of the company’s stock valued at $665,000 after buying an additional 229 shares during the period. Institutional investors own 55.94% of the company’s stock.
In other Zoom Video Communications news, CFO Kelly Steckelberg sold 6,700 shares of the firm’s stock in a transaction on Wednesday, March 2nd. The stock was sold at an average price of $119.57, for a total value of $801,119.00. The sale was disclosed in a filing with the SEC, which is available at this link. Also, COO Aparna Bawa sold 2,404 shares of the business’s stock in a transaction on Friday, May 13th. The stock was sold at an average price of $95.04, for a total value of $228,476.16. Following the transaction, the chief operating officer now directly owns 84,260 shares of the company’s stock, valued at approximately $8,008,070.40. The disclosure for this sale can be found here. Insiders sold 56,534 shares of company stock worth $6,270,060 in the last 90 days. 11.24% of the stock is owned by company insiders.
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.
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