Zoom Video Communications (NASDAQ:ZM) Announces Earnings Results

Zoom Video Communications (NASDAQ:ZMGet Rating) released its quarterly earnings results on Monday. The company reported $1.07 earnings per share for the quarter, topping analysts’ consensus estimates of $0.84 by $0.23, MarketWatch Earnings reports. The firm 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%. Zoom Video Communications’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.72 EPS. Zoom Video Communications updated its Q4 guidance to $0.75-0.78 EPS.

Zoom Video Communications Stock Performance

Shares of Zoom Video Communications stock traded down $1.11 on Wednesday, reaching $76.04. The stock had a trading volume of 107,333 shares, compared to its average volume of 3,497,374. The business’s 50-day moving average price is $78.58 and its two-hundred day moving average price is $93.66. Zoom Video Communications has a fifty-two week low of $70.43 and a fifty-two week high of $235.97. The stock has a market cap of $22.63 billion, a P/E ratio of 33.56, a price-to-earnings-growth ratio of 3.13 and a beta of -0.29.

Insider Transactions at Zoom Video Communications

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

Hedge Funds Weigh In On Zoom Video Communications

Several large investors have recently bought and sold shares of the stock. B. Riley Wealth Advisors Inc. increased its holdings in Zoom Video Communications by 56.4% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 3,181 shares of the company’s stock valued at $234,000 after buying an additional 1,147 shares during the period. Kayne Anderson Rudnick Investment Management LLC bought a new stake in Zoom Video Communications in the 3rd quarter valued at $464,000. Captrust Financial Advisors increased its holdings in Zoom Video Communications by 37.0% in the 3rd quarter. Captrust Financial Advisors now owns 8,477 shares of the company’s stock valued at $624,000 after buying an additional 2,290 shares during the period. Covington Capital Management increased its holdings in Zoom Video Communications by 40.3% in the 3rd quarter. Covington Capital Management now owns 992 shares of the company’s stock valued at $73,000 after buying an additional 285 shares during the period. Finally, CreativeOne Wealth LLC increased its holdings in Zoom Video Communications by 10.0% in the 3rd quarter. CreativeOne Wealth LLC now owns 3,463 shares of the company’s stock valued at $255,000 after buying an additional 314 shares during the period. 52.86% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ZM has been the subject of several research analyst reports. Benchmark reduced their target price on Zoom Video Communications from $118.00 to $102.00 in a research note on Tuesday. Credit Suisse Group began coverage on Zoom Video Communications in a research note on Friday, September 23rd. They set a “neutral” rating and a $83.00 price objective on the stock. The Goldman Sachs Group reduced their price objective on Zoom Video Communications from $104.00 to $90.00 and set a “neutral” rating on the stock in a research note on Wednesday. Moffett Nathanson reduced their price objective on Zoom Video Communications from $85.00 to $80.00 and set an “underperform” rating on the stock in a research note on Tuesday. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on Zoom Video Communications from $95.00 to $75.00 and set a “hold” rating on the stock in a research note on Tuesday. Two investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, Zoom Video Communications has a consensus rating of “Hold” and a consensus price target of $121.13.

Zoom Video Communications Company Profile

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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 for Zoom Video Communications (NASDAQ:ZM)

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