Zoom Video Communications (NASDAQ:ZM) Updates FY 2023 Earnings Guidance

Zoom Video Communications (NASDAQ:ZM – Get Rating) updated its FY 2023 earnings guidance on Monday. The company provided earnings per share guidance of $3.70-$3.77 for the period, compared to the consensus earnings per share estimate of $3.53. The company issued revenue guidance of $4.53 billion-$4.55 billion, compared to the consensus revenue estimate of $4.55 billion.Zoom Video Communications also updated its Q2 2023 guidance to $0.90-$0.92 EPS.

A number of research analysts recently issued reports on the company. Zacks Investment Research raised Zoom Video Communications from a sell rating to a hold rating and set a $99.00 target price on the stock in a report on Monday, May 16th. Exane BNP Paribas assumed coverage on Zoom Video Communications in a report on Tuesday, March 29th. They set a neutral rating and a $110.00 target price on the stock. BTIG Research lowered their target price on Zoom Video Communications from $180.00 to $150.00 in a report on Friday, May 13th. Royal Bank of Canada dropped their price target on Zoom Video Communications from $200.00 to $150.00 in a research note on Tuesday, May 24th. Finally, BNP Paribas began coverage on Zoom Video Communications in a research note on Tuesday, March 29th. They issued a neutral rating and a $110.00 price target on the stock. Fifteen equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $167.00.

Zoom Video Communications stock opened at $109.42 on Monday. The firm has a market cap of $32.73 billion, a P/E ratio of 26.56, a P/E/G ratio of 3.29 and a beta of -0.67. The business’s fifty day moving average is $104.41 and its two-hundred day moving average is $140.34. Zoom Video Communications has a 52 week low of $79.03 and a 52 week high of $406.48.

Zoom Video Communications (NASDAQ:ZM – Get Rating) last posted its quarterly earnings data on Monday, May 23rd. The company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.12. The company had revenue of $1.07 billion for the quarter, compared to analyst estimates of $1.07 billion. Zoom Video Communications had a return on equity of 16.56% and a net margin of 29.91%. The business’s revenue was up 12.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.97 earnings per share. As a group, equities analysts forecast that Zoom Video Communications will post 1.75 EPS for the current year.

In other news, insider Velchamy Sankarlingam sold 2,256 shares of the company’s stock in a transaction on Tuesday, April 12th. The stock was sold at an average price of $111.69, for a total transaction of $251,972.64. Following the transaction, the insider now owns 5,836 shares of the company’s stock, valued at $651,822.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Aparna Bawa sold 2,000 shares of the company’s stock in a transaction on Tuesday, April 5th. The shares were sold at an average price of $122.38, for a total value of $244,760.00. The disclosure for this sale can be found here. In the last three months, insiders sold 65,234 shares of company stock worth $7,085,377. Insiders own 11.24% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the business. Morgan Stanley lifted its stake in Zoom Video Communications by 6.4% in the second quarter. Morgan Stanley now owns 12,384,701 shares of the company’s stock valued at $4,793,252,000 after buying an additional 742,240 shares during the period. Renaissance Technologies LLC increased its holdings in shares of Zoom Video Communications by 61.0% in the first quarter. Renaissance Technologies LLC now owns 6,449,306 shares of the company’s stock worth $756,052,000 after acquiring an additional 2,444,294 shares in the last quarter. Northern Trust Corp increased its holdings in shares of Zoom Video Communications by 1.2% in the first quarter. Northern Trust Corp now owns 1,424,380 shares of the company’s stock worth $166,980,000 after acquiring an additional 16,464 shares in the last quarter. Deutsche Bank AG increased its holdings in shares of Zoom Video Communications by 113.7% in the fourth quarter. Deutsche Bank AG now owns 726,710 shares of the company’s stock worth $133,649,000 after acquiring an additional 386,594 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Zoom Video Communications by 3.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 662,717 shares of the company’s stock worth $77,691,000 after acquiring an additional 22,447 shares in the last quarter. 55.94% of the stock is currently owned by hedge funds and other institutional investors.

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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