William Blair Analysts Raise Earnings Estimates for Zoom Video Communications, Inc. (NASDAQ:ZM)

Zoom Video Communications, Inc. (NASDAQ:ZM – Get Rating) – Analysts at William Blair increased their Q2 2023 EPS 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 of $0.48 per share for the quarter, up from their previous estimate 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 issued its quarterly earnings results on Monday, May 23rd. The company reported $1.03 earnings per share for the quarter, beating 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 in the previous year, the business earned $0.97 EPS. The business’s quarterly revenue was up 12.3% on a year-over-year basis.

A number of other research analysts have also issued reports on the stock. CICC Research initiated coverage on shares of Zoom Video Communications in a research note on Monday, February 14th. They set an “outperform” rating and a $182.92 target price for the company. Citigroup decreased their price objective on Zoom Video Communications from $118.00 to $99.00 and set a “neutral” rating for the company in a report on Tuesday. Mizuho lowered their target price on Zoom Video Communications from $300.00 to $190.00 and set a “buy” rating on the stock in a research report on Wednesday, February 23rd. FBN Securities reduced their price target on Zoom Video Communications from $325.00 to $180.00 and set an “outperform” rating for the company in a research report on Tuesday, March 1st. Finally, Evercore ISI lowered their price target on Zoom Video Communications from $235.00 to $145.00 and set an “inline” rating on the stock in a report on Tuesday, March 1st. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, Zoom Video Communications currently has an average rating of “Hold” and a consensus target price of $176.96.

ZM opened at $107.00 on Friday. The company’s 50-day moving average price is $105.28 and its 200 day moving average price is $147.26. Zoom Video Communications has a fifty-two week low of $79.03 and a fifty-two week high of $406.48. The firm has a market cap of $32.01 billion, a price-to-earnings ratio of 23.83, a price-to-earnings-growth ratio of 3.38 and a beta of -0.66.

In other Zoom Video Communications news, CFO Kelly Steckelberg sold 6,700 shares of the stock in a transaction on Wednesday, March 2nd. The shares were sold at an average price of $119.57, for a total transaction of $801,119.00. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO Aparna Bawa sold 2,404 shares of the business’s stock in a transaction dated Friday, May 13th. The stock was sold at an average price of $95.04, for a total value of $228,476.16. Following the completion of the sale, 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. Corporate insiders own 11.24% of the company’s stock.

Several institutional investors have recently modified their holdings of ZM. HM Payson & Co. increased its stake in Zoom Video Communications by 9.4% in the fourth quarter. HM Payson & Co. now owns 804 shares of the company’s stock valued at $148,000 after acquiring an additional 69 shares during the period. High Note Wealth LLC increased its holdings in Zoom Video Communications by 1.0% in the fourth quarter. High Note Wealth LLC now owns 6,864 shares of the company’s stock valued at $1,262,000 after purchasing an additional 70 shares during the last quarter. Penserra Capital Management LLC raised its position in shares of Zoom Video Communications by 11.0% in the 3rd quarter. Penserra Capital Management LLC now owns 716 shares of the company’s stock valued at $187,000 after acquiring an additional 71 shares during the period. Ellevest Inc. boosted its position in shares of Zoom Video Communications by 94.8% during the fourth quarter. Ellevest Inc. now owns 150 shares of the company’s stock worth $28,000 after purchasing an additional 73 shares in the last quarter. Finally, Sigma Planning Corp grew its stake in Zoom Video Communications by 1.7% in the fourth quarter. Sigma Planning Corp now owns 4,441 shares of the company’s stock valued at $817,000 after acquiring an additional 75 shares during the period. Institutional investors and hedge funds own 55.94% of the company’s stock.

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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