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

Zoom Video Communications (NASDAQ:ZMGet Rating) issued an update on its FY 2023 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 $3.53. 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.

Shares of Zoom Video Communications stock opened at $110.00 on Monday. The firm has a market cap of $32.82 billion, a P/E ratio of 26.70, a P/E/G ratio of 3.23 and a beta of -0.67. Zoom Video Communications has a fifty-two week low of $79.03 and a fifty-two week high of $406.48. The business has a 50-day moving average price of $102.63 and a 200 day moving average price of $131.64.

Zoom Video Communications (NASDAQ:ZMGet Rating) last announced its quarterly earnings data on Monday, May 23rd. The company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.12. The firm had revenue of $1.07 billion during 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%. Zoom Video Communications’s quarterly revenue was up 12.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.97 earnings per share. On average, equities analysts anticipate that Zoom Video Communications will post 1.75 EPS for the current year.

ZM has been the subject of several research analyst reports. Stifel Nicolaus lowered their price objective on Zoom Video Communications from $150.00 to $120.00 in a report on Tuesday, May 24th. FBN Securities lowered their target price on Zoom Video Communications from $325.00 to $180.00 and set an outperform rating for the company in a report on Tuesday, March 1st. BNP Paribas started coverage on Zoom Video Communications in a report on Tuesday, March 29th. They set a neutral rating and a $110.00 target price for the company. TheStreet raised Zoom Video Communications from a d rating to a c rating in a report on Monday, April 18th. Finally, Piper Sandler lowered Zoom Video Communications from an overweight rating to a neutral rating and lowered their target price for the company from $157.00 to $96.00 in a report on Thursday, May 12th. Fourteen analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of Hold and an average price target of $169.42.

In other Zoom Video Communications news, COO Aparna Bawa sold 2,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 14th. The stock was sold at an average price of $106.60, for a total value of $213,200.00. Following the completion of the sale, the chief operating officer now directly owns 81,745 shares in the company, valued at $8,714,017. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Velchamy Sankarlingam sold 2,256 shares of the company’s stock in a transaction that occurred on Tuesday, April 12th. The stock was sold at an average price of $111.69, for a total value of $251,972.64. Following the completion of the sale, the insider now owns 5,836 shares of the company’s stock, valued at $651,822.84. The disclosure for this sale can be found here. Insiders sold 51,609 shares of company stock valued at $5,505,787 over the last 90 days. 11.24% of the stock is currently owned by insiders.

Several large investors have recently made changes to their positions in the company. Global Wealth Management Investment Advisory Inc. lifted its position in shares of Zoom Video Communications by 63.3% during the 1st quarter. Global Wealth Management Investment Advisory Inc. now owns 294 shares of the company’s stock valued at $34,000 after acquiring an additional 114 shares during the last quarter. Metropolitan Life Insurance Co NY lifted its position in shares of Zoom Video Communications by 1.1% during the 4th quarter. Metropolitan Life Insurance Co NY now owns 14,484 shares of the company’s stock valued at $2,664,000 after acquiring an additional 157 shares during the last quarter. Covestor Ltd lifted its position in shares of Zoom Video Communications by 76.7% during the 1st quarter. Covestor Ltd now owns 394 shares of the company’s stock valued at $46,000 after acquiring an additional 171 shares during the last quarter. Integrated Wealth Concepts LLC lifted its position in shares of Zoom Video Communications by 12.6% during the 4th quarter. Integrated Wealth Concepts LLC now owns 1,584 shares of the company’s stock valued at $291,000 after acquiring an additional 177 shares during the last quarter. Finally, EverSource Wealth Advisors LLC acquired a new stake in shares of Zoom Video Communications during the 4th quarter valued at $36,000. Institutional investors 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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Earnings History and Estimates for Zoom Video Communications (NASDAQ:ZM)

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