Zoom Video Communications (NASDAQ:ZM) Releases FY23 Earnings Guidance

Zoom Video Communications (NASDAQ:ZM – Get Rating) issued an update on its FY23 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $3.70-3.77 for the period, compared to the consensus estimate of $3.57. The company issued revenue guidance of $4.53-4.55 billion, compared to the consensus revenue estimate of $4.54 billion.Zoom Video Communications also updated its FY 2023 guidance to $3.70-$3.77 EPS.

Shares of NASDAQ:ZM traded down $0.41 during trading on Monday, hitting $89.33. 8,576,014 shares of the company were exchanged, compared to its average volume of 4,657,702. The stock has a market capitalization of $26.72 billion, a P/E ratio of 19.90, a PEG ratio of 3.38 and a beta of -0.66. Zoom Video Communications has a 12-month low of $79.03 and a 12-month high of $406.48. The firm’s 50 day moving average price is $105.90 and its 200-day moving average price is $149.04.

Zoom Video Communications (NASDAQ:ZM – Get Rating) last announced its quarterly earnings data on Monday, February 28th. The company reported $0.75 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.09. The company had revenue of $1.07 billion for the quarter, compared to analysts’ expectations of $1.05 billion. Zoom Video Communications had a net margin of 33.54% and a return on equity of 21.17%. Zoom Video Communications’s revenue was up 21.4% compared to the same quarter last year. During the same period in the previous year, the company posted $0.88 EPS. As a group, analysts forecast that Zoom Video Communications will post 1.38 EPS for the current fiscal year.

Several brokerages have issued reports on ZM. BNP Paribas started coverage on shares of Zoom Video Communications in a research note on Tuesday, March 29th. They issued a neutral rating and a $110.00 price objective on the stock. JPMorgan Chase & Co. decreased their price objective 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. Exane BNP Paribas started coverage on shares of Zoom Video Communications in a report on Tuesday, March 29th. They issued a neutral rating and a $110.00 target price on the stock. CICC Research started coverage on shares of Zoom Video Communications in a report on Monday, February 14th. They set an outperform rating and a $182.92 price objective on the stock. Finally, FBN Securities cut their price objective on shares of Zoom Video Communications from $325.00 to $180.00 and set an outperform rating on the stock in a report on Tuesday, March 1st. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Hold and an average target price of $184.58.

In related news, CFO Kelly Steckelberg sold 6,700 shares of the firm’s stock in a transaction that occurred on Monday, April 25th. The stock was sold at an average price of $100.00, for a total value of $670,000.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Aparna Bawa sold 2,000 shares of Zoom Video Communications stock in a transaction that occurred on Tuesday, April 5th. The stock was 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. Over the last ninety days, insiders have sold 56,534 shares of company stock worth $6,270,060. 11.24% of the stock is owned by corporate insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in ZM. Renaissance Technologies LLC boosted its stake in 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 purchasing an additional 2,444,294 shares in the last quarter. Morgan Stanley increased its holdings in shares of Zoom Video Communications by 6.4% in the second quarter. Morgan Stanley now owns 12,384,701 shares of the company’s stock worth $4,793,252,000 after acquiring an additional 742,240 shares in the last quarter. Deutsche Bank AG boosted its position in shares of Zoom Video Communications by 113.7% during the fourth quarter. Deutsche Bank AG now owns 726,710 shares of the company’s stock worth $133,649,000 after buying an additional 386,594 shares during the period. Alyeska Investment Group L.P. acquired a new position in shares of Zoom Video Communications during the first quarter worth about $19,232,000. Finally, Federated Hermes Inc. boosted its position in shares of Zoom Video Communications by 10,456.3% during the first quarter. Federated Hermes Inc. now owns 83,289 shares of the company’s stock worth $9,764,000 after buying an additional 82,500 shares during the period. Institutional investors and hedge funds own 55.94% of the company’s stock.

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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