Shares of Zoom Video Communications Inc (NASDAQ: ZM) continued to slide in early trading on Tuesday, despite the company reporting upbeat fiscal third-quarter results.
The results came amid an exciting earnings season. Here are some key analyst takeaways from the earnings release.
Mizuho Securities On Zoom Video Communications
Analyst Siti Panigrahi maintained a Buy rating and price target of $100.
Zoom Video Communications reported its fiscal third-quarter revenue and operating profit significantly higher than the consensus estimates, Panigrahi said in the note. “The revenue beat was driven by better than expected Enterprise revenues (7.5% Y/Y vs. consensus of 5.4% Y/Y),” he added.
“Additionally, we believe that FQ4 guidance appears conservative as ZM is well-positioned to re-accelerate growth by cross-selling Zoom Phone and Zoom Contact Center into its large installed base of customers,” the analyst further stated.
Benchmark On Zoom Video Communications
Analyst Matthew Harrigan reiterated a Buy rating and price target of $83.
The “marginal gains” Zoom records in fiscal 2024 “are less important than more visibility for intermediate revenue reacceleration off AI Companion, Zoom Phone, Zoom Contact Center and ...