Why Zoom Video's Stock Is Trading Higher Today

Zoom Video Communications Inc ZM is trading higher Friday after Cathie Wood purchased 96,123 shares for the ARK Innovation ETF 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.