Zoom Contact Center, AI Are ‘Key Highlights’: 8 Analysts Dive Deeper Into Q1 Results
Shares of Zoom Video Communications Inc (NASDAQ:ZM) were down on last check Tuesday, after the company reported upbeat first-quarter revenues and earnings.
The results came amid an exciting earnings season. Here are some key analyst takeaways.
- Stifel analyst Parker Lane maintained a Hold rating, while reducing the price target from $70 to $65.
- Goldman Sachs analyst Kash Rangan reiterated a Neutral rating, while slashing the price target from $73 to $70.
- RBC Capital Markets analyst Rishi Jaluria reaffirmed an Outperform rating and price target of $95.
- BofA Securities analyst Michael Funk maintained a Neutral rating and price target of $78.
- Rosenblatt Securities analyst Catharine Trebnick reaffirmed a Buy rating and price target of $78.
- Needham analyst Ryan Koontz reiterated a Hold rating on the stock.
- JMP Securities analyst Patrick Walravens reaffirmed a Market Perform rating.
- Oppenheimer analyst George Iwanyc reiterated a Perform rating on the stock.
Check out other analyst stock ratings.
Stifel: Zoom’s first-quarter results “outpaced expectations, and the company raised its full-year outlook accordingly,” Lane said in a note.
“Management highlighted continued success in the Contact Center business,” with the company reaching 90 customers with over $100,000 in annual recurring revenue (ARR), which represents 246% year-on-year growth, as well as “solid early traction with Zoom AI Companion with customers of all sizes,” the analyst wrote. Online business was flat year-on-year, which signals some easing of headwinds seen in recent years.
Goldman Sachs: Zoom reported revenues around 1% higher than consensus, “while Op. Income and FCF handily outperformed estimates (+10% / +58% vs. Consensus),” Rangan …
Full story available on Benzinga.com