Why Zoom Video's Stock Is Trading Higher Today

Zoom Video Communications Inc (NASDAQ:ZM) is trading higher Friday after Cathie Wood purchased 96,123 shares for the ARK Innovation ETF (NYSE:ARKK).

What Happened: On Tuesday, Zoom Video reported quarterly earnings of $1.32 per share, which beat the estimate of 99 cents. The company reported quarterly revenue of $956.2 million, which beat the estimate of $906.03 million.

Related Link: Where Zoom Video Communications Stands With Analysts

Analyst Assessment: Multiple analyst firms adjusted price targets on Zoom Video Communications following its earnings report:

  • Citigroup analyst Walter Pritchard maintained Zoom Video Communications with a Neutral rating and raised the price target from $362 to $380.
  • UBS analyst Karl Keirstead maintained Zoom Video Communications with a Neutral rating and raised the price target from $325 to $345.
  • Deutsche Bank analyst Matthew Nikam maintained Zoom Video Communications with a Hold rating and raised the price target from $360 to $375.
  • Piper Sandler analyst James Fish maintained Zoom Video Communications with an Overweight rating and lowered the price target from $541 to $464.
  • BTIG analyst Matt VanVliet maintained Zoom Video Communications with a Buy rating and lowered the price target from $550 to $495.
  • JPMorgan analyst Sterling Auty maintained Zoom Video Communications with a Neutral rating and lowered the price target from $385 to $456.

Price Action: Zoom Video Communications has traded as high as $588.84 and as low as $196.10 over a 52-week period.

At last check Friday, the stock was up 4.61% at $333.73.

Photo courtesy of Zoom Video Communications.