Zoom Video Communications, Inc. CM Shares are trading higher on Thursday after the company reported better-than-expected second-quarter financial results on Wednesday.
The details:
Zoom reported quarterly earnings of $1.39 per share and revenue of $1.16 billion, beating analyst estimates. The company highlighted its strength in large customers, reporting 7.1% year-over-year revenue growth from customers who deposited more than $100,000 in the trailing 12-month period.
In addition to its strong quarterly results, the company issued above-estimate third-quarter EPS guidance and strong fiscal 2025 guidance.
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Zoom Video shares are rising on high trading volume and are trending on social media as investors digest the report. According to data from Benzinga Pro, the stock’s average trading volume has more than tripled in the session and is well above its 50-day average of $58.25.
ZM Stock Forecast 2024:
Stock analysis can be a valuable source of information to learn more about a company’s fundamentals. Analysts create financial models based on a company’s fundamentals and expected future earnings to determine a price target and recommendation for the stock.
The 1-year average price target for Zoom Video Communications shares is $72, which represents an expected upside of 7.95%.
Based on different assumptions, analysts can arrive at very different price targets and recommendations. 1 analyst gives a bearish recommendation for Zoom Video, while 3 analysts give an optimistic view. Benchmark’s highest price target is $83, while Wells Fargo’s lowest is $55.
ZM price promotion: According to Benzinga Pro, Zoom Video shares are up 11.7% at $67.35 at the time of publication Thursday.
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Image: Courtesy of Zoom Video Communications, Inc.
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