Zoom Video Communications (NASDAQ:ZM) Updates Q2 Earnings Guidance

Zoom Video Communications (NASDAQ:ZMGet Rating) issued an update on its second quarter earnings guidance on Monday morning. The company provided earnings per share guidance of $0.90-0.92 for the period, compared to the consensus earnings per share estimate of $0.87. The company issued revenue guidance of $1.115-1.120 billion, compared to the consensus revenue estimate of $1.11 billion.Zoom Video Communications also updated its FY 2023 guidance to $3.70-$3.77 EPS.

A number of equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. reduced their price target on shares of Zoom Video Communications from $385.00 to $295.00 and set an overweight rating on the stock in a research report on Tuesday, March 1st. TheStreet raised shares of Zoom Video Communications from a d rating to a c rating in a research report on Monday, April 18th. Royal Bank of Canada reduced their target price on shares of Zoom Video Communications from $200.00 to $150.00 in a research note on Tuesday. Robert W. Baird lowered their target price on Zoom Video Communications from $190.00 to $180.00 and set an outperform rating for the company in a report on Tuesday, March 1st. Finally, Stifel Nicolaus cut their price target on Zoom Video Communications from $150.00 to $120.00 in a report on Tuesday. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of Hold and a consensus price target of $176.96.

Shares of NASDAQ ZM traded up $4.66 during trading hours on Thursday, reaching $107.00. 10,613,507 shares of the stock were exchanged, compared to its average volume of 5,041,859. The firm has a market capitalization of $32.01 billion, a price-to-earnings ratio of 23.83, a P/E/G ratio of 3.38 and a beta of -0.66. Zoom Video Communications has a 52 week low of $79.03 and a 52 week high of $406.48. The stock’s fifty day simple moving average is $105.28 and its 200 day simple moving average is $147.26.

Zoom Video Communications (NASDAQ:ZMGet Rating) last issued its quarterly earnings results 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. The business had revenue of $1.07 billion for the quarter, compared to the consensus estimate of $1.07 billion. Zoom Video Communications had a return on equity of 21.17% and a net margin of 33.54%. The firm’s quarterly revenue was up 12.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.97 earnings per share. On average, research analysts predict that Zoom Video Communications will post 1.38 EPS for the current fiscal year.

In related 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 transaction of $801,119.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Eric S. Yuan sold 15,625 shares of the firm’s stock in a transaction on Wednesday, March 9th. The shares were sold at an average price of $109.43, for a total value of $1,709,843.75. The disclosure for this sale can be found here. In the last ninety days, insiders sold 56,534 shares of company stock worth $6,270,060. Company insiders own 11.24% of the company’s stock.

A number of large investors have recently made changes to their positions in the stock. Global Wealth Management Investment Advisory Inc. raised its position in Zoom Video Communications by 63.3% during the 1st quarter. Global Wealth Management Investment Advisory Inc. now owns 294 shares of the company’s stock worth $34,000 after purchasing an additional 114 shares during the last quarter. Metropolitan Life Insurance Co NY raised its position in shares of Zoom Video Communications by 1.1% in the 4th quarter. Metropolitan Life Insurance Co NY now owns 14,484 shares of the company’s stock worth $2,664,000 after acquiring an additional 157 shares in the last quarter. Covestor Ltd raised 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 acquiring an additional 171 shares in the last quarter. Integrated Wealth Concepts LLC raised its position in shares of Zoom Video Communications by 12.6% in the 4th quarter. Integrated Wealth Concepts LLC now owns 1,584 shares of the company’s stock worth $291,000 after acquiring an additional 177 shares in the last quarter. Finally, EverSource Wealth Advisors LLC bought a new position in shares of Zoom Video Communications in the 4th quarter worth about $36,000. 55.94% of the stock is owned by institutional investors and hedge funds.

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

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