Analysts Chime in on Zoom Video Stock Post-Earnings

ZM has received two lofty price-target hikes this morning

Digital Content Manager
Feb 28, 2023 at 10:36 AM
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Zoom Video Communications Inc (NASDAQ:ZM) stock is up 1.9% to trade at $75.11 this morning, after the company's fourth-quarter results beat Wall Street's expectations. Though the annual revenue outlook disappointed, Zoom Video issued an upbeat earnings forecast amid steadying demand and cost-cutting measures. 

In turn, Piper Sandler and Bernstein raised their price targets to $78 and $92 from $75 and $88, respectively. Meanwhile, Goldman Sachs cut its price objective to $85 from $92. These price-target hikes aren't surprising, considering 19 of the 25 in coverage calling the security a tepid "hold' or worse.

There's also short squeeze potential. Short interest fell 5.9% in the most recent reporting period, yet the 14.69 million shares sold short make up a healthy 6.8% of the stock's available float.

Overall options volume is today running at seven times the intraday average, with 39,000 calls and 33,000 puts exchanged so far. Most popular is the weekly 3/3 80-strike call, with new positions being opened there.

Calls have been more popular than usual over the last 10 weeks. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity's 50-day call/put volume ratio of 2.66 ranks higher than 96% of annual readings.

Zoom Video Communications stock saw recent breakouts contained by its 160-day moving average. Year-over-year, the shares are down 44.2%, but support could be emerging at the 10% year-to-date level. 


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