Zoom shares slide on likely profit-booking after Q3 beat-and-raise

Zoom Communications

26/11/2024 11:58

** Shares of Zoom Video Communications  ZM.O  down 7.7% at
$82.28 premarket
    ** Zoom beats Q3 estimates and raises FY adj profit and rev
forecasts
    ** "Traders are probably taking profits going into this
shortened and light Thanksgiving holiday week," says Michael
Ashley Schulman, CIO at Running Point Capital
    ** Stock has gained ~24% YTD, of which 14.5% was in the four
sessions leading into Q3 report after the bell on Mon
    ** Still, Piper Sandler says Zoom is now getting a multiple
more inline with value-names given the business stability and AI
narrative
    ** Piper among the at least 5 brokerages that raise PTs
    ** Avg rating of 33 brokerages is a "hold", median PT is
$85.5 - LSEG data

 (Reporting by Sukriti Gupta in Bengaluru)
 ((Sukriti.Gupta@thomsonreuters.com;))