Zoom Video Communications, Inc. (NASDAQ:ZM) Expected to Earn FY2024 Earnings of $3.32 Per Share
Zoom Video Communications, Inc. (NASDAQ:ZM) – Investment analysts at KeyCorp issued their FY2024 earnings per share (EPS) estimates for shares of Zoom Video Communications in a note issued to investors on Wednesday, July 28th. KeyCorp analyst S. Enders expects that the company will earn $3.32 per share for the year. Zoom Video Communications (NASDAQ:ZM) last issued its earnings results on Monday, May 31st. The company reported $1.32 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.99 by $0.33. The firm had revenue of $956.24 million during the quarter, compared to analyst estimates of $908.17 million. Zoom Video Communications had a net margin of 26.59% and a return on equity of 36.26%. The business’s revenue was up 191.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.20 earnings per share.
A number of other analysts have also issued reports on the stock. BTIG Research lowered their target price on shares of Zoom Video Communications from $550.00 to $495.00 and set a “buy” rating for the company in a research note on Wednesday, June 2nd. They noted that the move was a valuation call. Piper Sandler lowered their price objective on shares of Zoom Video Communications from $541.00 to $464.00 and set an “overweight” rating for the company in a research note on Wednesday, June 2nd. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Zoom Video Communications from $360.00 to $375.00 and gave the stock a “hold” rating in a research note on Wednesday, June 2nd. Needham & Company LLC set a $361.97 price objective on shares of Zoom Video Communications and gave the stock a “hold” rating in a research note on Monday, July 19th. Finally, Zacks Investment Research raised shares of Zoom Video Communications from a “hold” rating to a “strong-buy” rating and set a $386.00 price objective for the company in a research note on Monday, June 7th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. Zoom Video Communications has a consensus rating of “Hold” and an average target price of $431.71.
Shares of ZM opened at $378.10 on Monday. The stock has a market capitalization of $111.41 billion, a price-to-earnings ratio of 130.38, a P/E/G ratio of 6.91 and a beta of -1.47. Zoom Video Communications has a 12-month low of $230.00 and a 12-month high of $588.84. The company’s fifty day moving average is $361.90.
Hedge funds and other institutional investors have recently modified their holdings of the company. Gateway Investment Advisers LLC grew its stake in shares of Zoom Video Communications by 181.8% during the 1st quarter. Gateway Investment Advisers LLC now owns 6,978 shares of the company’s stock worth $2,242,000 after purchasing an additional 4,502 shares during the period. Meiji Yasuda Asset Management Co Ltd. lifted its position in shares of Zoom Video Communications by 29.1% during the 1st quarter. Meiji Yasuda Asset Management Co Ltd. now owns 4,526 shares of the company’s stock valued at $1,454,000 after buying an additional 1,020 shares in the last quarter. Zevenbergen Capital Investments LLC lifted its position in shares of Zoom Video Communications by 24.2% during the 1st quarter. Zevenbergen Capital Investments LLC now owns 284,394 shares of the company’s stock valued at $91,373,000 after buying an additional 55,492 shares in the last quarter. Mercer Global Advisors Inc. ADV lifted its position in shares of Zoom Video Communications by 80.8% during the 1st quarter. Mercer Global Advisors Inc. ADV now owns 4,583 shares of the company’s stock valued at $1,473,000 after buying an additional 2,048 shares in the last quarter. Finally, Beck Bode LLC purchased a new position in shares of Zoom Video Communications during the 1st quarter valued at approximately $11,956,000. 42.25% of the stock is currently owned by institutional investors and hedge funds.
In related news, CEO Eric S. Yuan sold 15,625 shares of the stock in a transaction that occurred on Thursday, May 6th. The shares were sold at an average price of $290.44, for a total value of $4,538,125.00. Following the transaction, the chief executive officer now owns 4,080 shares in the company, valued at approximately $1,184,995.20. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Shane Crehan sold 80 shares of the stock in a transaction that occurred on Friday, June 18th. The stock was sold at an average price of $375.00, for a total transaction of $30,000.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 239,888 shares of company stock worth $85,828,316. 12.27% of the stock is owned by corporate insiders.
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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