Zoom Video Communications Inc. (NASDAQ: ZM | ZM Price Prediction) released its most recent quarterly results after the markets closed on Monday. The results were eye-popping, to say the least, and that has been reflected in the stock moving on Tuesday. Analysts have come out with overwhelmingly positive calls on the stock as well.
24/7 Wall St. has included some highlights from the report, as well as what analysts are saying about the stock after the fact.
The company reported $0.92 in earnings per share (EPS) and $663.5 million in revenue. The consensus estimates had called for $0.45 in EPS and $500.45 million in revenue. In the same period of last year, it said it had $0.08 in EPS and $145.8 million in revenue.
At the end of the latest quarter, Zoom had roughly 370,200 customers, or about 458% more than in the same quarter last year.
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The firm also boasted 988 customers contributing more than $100,000 in trailing 12 months revenue, up 112% from the same quarter last year.
Looking ahead to the fiscal third quarter, the company expects to see EPS in the range of $0.73 to $0.74 and revenue between $685 million and $690 million. Consensus estimates call for $0.35 in EPS and $492.9 million in revenue for the quarter.
Here’s what analysts said after the fact:
- JPMorgan reiterated an Overweight rating and raised its price target to $425 from $220.
- BTIG Research upgraded it from Neutral to Buy rating with a $500 price target.
- Goldman Sachs upgraded it to Neutral rating from Sell and raised its target to $402 from $187.
- Needham has a Buy rating and raised its price target from $230 to $440.
- RBC reiterated its Outperform rating and raised its price target to $450 from $300.
- Piper Sandler reiterated a Neutral rating but raised its price target to $411 from $211.
- Oppenheimer reiterated a Hold rating.
- Credit Suisse reiterated an Underperform rating but raised its price target to $315 from $160.
- FBN Securities reiterated it as Outperform and raised its price target to $525 from $250.
- Stifel reiterated a Neutral rating and raised its price target to $300 from $180.
- BofA Securities reiterated a Buy rating and raised its target price to $475.
- Citigroup reiterated a Neutral rating and raised its price target to $377 from $217.
- Morgan Stanley reiterated it as Equal Weight and raised its target to $350 from $240.
- D.A. Davidson reiterated a Buy rating and raised its price target from $240 to $460.
- Robert Baird reiterated an Outperform rating and raised its price target to $465 from $300.
- Wells Fargo reiterated it as Equal Weight and raised its price target to $375 from $195.
Zoom Video Communications stock traded up about 39% on Tuesday, at $450.10 in a 52-week range of $60.97 to $478.00. The consensus price target is $249.49.
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