Analysts Issue Forecasts for Zoom Video Communications, Inc.’s Q1 2023 Earnings (NASDAQ:ZM)
Zoom Video Communications, Inc. (NASDAQ:ZM) – Equities researchers at Oppenheimer decreased their Q1 2023 earnings per share (EPS) estimates for Zoom Video Communications in a research note issued to investors on Monday, September 13th. Oppenheimer analyst I. Kidron now anticipates that the company will post earnings of $0.72 per share for the quarter, down from their previous forecast of $0.83. Oppenheimer has a “Hold” rating on the stock. Oppenheimer also issued estimates for Zoom Video Communications’ Q2 2023 earnings at $0.80 EPS, Q3 2023 earnings at $0.82 EPS, Q4 2023 earnings at $0.84 EPS and FY2023 earnings at $3.18 EPS.
Several other brokerages have also recently weighed in on ZM. Piper Sandler reduced their price objective on Zoom Video Communications from $464.00 to $369.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 31st. Needham & Company LLC set a $361.97 price objective on Zoom Video Communications and gave the stock a “hold” rating in a research note on Monday, July 19th. Benchmark initiated coverage on Zoom Video Communications in a research note on Thursday, July 15th. They set a “hold” rating and a $360.61 price objective on the stock. JMP Securities reaffirmed a “market perform” rating on shares of Zoom Video Communications in a research note on Wednesday, August 18th. Finally, Morgan Stanley raised Zoom Video Communications from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $360.00 to $400.00 in a research note on Thursday, August 26th. Three investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $399.75.
NASDAQ:ZM opened at $279.12 on Thursday. The business’s 50-day moving average is $346.02 and its 200 day moving average is $340.00. Zoom Video Communications has a 12 month low of $273.20 and a 12 month high of $588.84. The company has a market capitalization of $82.93 billion, a P/E ratio of 84.33, a P/E/G ratio of 5.49 and a beta of -1.53. Zoom Video Communications (NASDAQ:ZM) last posted its earnings results on Sunday, August 29th. The company reported $1.36 EPS for the quarter, topping analysts’ consensus estimates of $1.16 by $0.20. The company had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $990.27 million. Zoom Video Communications had a return on equity of 29.83% and a net margin of 27.58%. The firm’s revenue for the quarter was up 54.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.92 earnings per share.
In related news, CAO Shane Crehan sold 80 shares of the company’s stock in a transaction on Friday, June 18th. The stock was sold at an average price of $375.00, for a total value of $30,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CFO Kelly Steckelberg sold 6,700 shares of the company’s stock in a transaction on Monday, June 28th. The shares were sold at an average price of $387.41, for a total value of $2,595,647.00. Following the completion of the transaction, the chief financial officer now directly owns 6,700 shares in the company, valued at $2,595,647. The disclosure for this sale can be found here. In the last quarter, insiders have sold 200,011 shares of company stock valued at $73,668,203. Company insiders own 12.27% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in ZM. Dimensional Fund Advisors LP grew its position in Zoom Video Communications by 66.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 72,761 shares of the company’s stock worth $24,544,000 after purchasing an additional 29,145 shares during the period. Victory Capital Management Inc. grew its position in shares of Zoom Video Communications by 56.3% during the 1st quarter. Victory Capital Management Inc. now owns 162,312 shares of the company’s stock valued at $52,149,000 after acquiring an additional 58,478 shares during the period. Envestnet Asset Management Inc. grew its position in shares of Zoom Video Communications by 113.6% during the 1st quarter. Envestnet Asset Management Inc. now owns 27,129 shares of the company’s stock valued at $8,716,000 after acquiring an additional 14,429 shares during the period. Capital Investment Advisory Services LLC grew its position in shares of Zoom Video Communications by 11.5% during the 1st quarter. Capital Investment Advisory Services LLC now owns 739 shares of the company’s stock valued at $237,000 after acquiring an additional 76 shares during the period. Finally, M&T Bank Corp grew its position in shares of Zoom Video Communications by 54.2% during the 1st quarter. M&T Bank Corp now owns 13,094 shares of the company’s stock valued at $4,208,000 after acquiring an additional 4,600 shares during the period. 46.87% of the stock is currently owned by institutional investors.
Zoom Video Communications Company Profile
Zoom Video Communications, Inc engages in the provision of video-first communications platform. The firm offers meetings, chat, rooms and workspaces, phone systems, video webinars, marketplace, and developer platform products. It serves the education, finance, government, and healthcare industries. Its platform helps people to connect through voice, chat, content sharing, and face-to-face video experiences.
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