Wedbush Upgrades Zoom Video Communications to Outperform, Anticipates Price Growth
Analyst Price Forecast Indicates Potential Gains
On October 17, 2024, Wedbush raised its outlook for Zoom Video Communications (XTRA:5ZM) from Neutral to Outperform. As of September 25, 2024, analysts project a one-year price target for Zoom at 68.83 €/share. This target reflects a potential upside of 9.97% from the most recent closing price of 62.59 € per share, with estimates varying between a low of 54.31 € and a high of 89.40 €.
Zoom’s Projected Revenue Sees Positive Growth
For the upcoming year, Zoom Video Communications is expected to report annual revenues of €4,855 million, representing a growth rate of 5.84%. Analysts also forecast a non-GAAP earnings per share (EPS) of 4.46.
Fund Participation and Ownership Trends
Currently, there are 1,160 funds or institutions holding positions in Zoom Video Communications. This marks a decrease of 17 owners, or 1.44%, compared to the previous quarter. The average portfolio allocation to 5ZM across all funds stands at 0.21%, which is an increase of 0.41%. Over the last three months, institutional ownership rose by 2.91%, reaching a total of 199,743K shares.
The Vanguard Total Stock Market Index Fund (VTSMX) holds 7,489K shares, giving it a 2.86% stake in the company. In its last filing, it reported ownership of 7,302K shares, indicating an increase of 2.50%. However, VTSMX has reduced its portfolio allocation to 5ZM by 9.69% in the last quarter.
Newlands Management Operations retains 5,786K shares, equating to 2.21% ownership, showing no change from the previous quarter.
Aqr Capital Management has significantly increased its stake, now holding 5,731K shares, or 2.19% ownership. This represents a substantial increase from the previous 3,210K shares, a gain of 43.99%. Its allocation to 5ZM has risen by 44.66% over the past quarter.
UBS Asset Management Americas owns 5,670K shares (2.16% of the company), which has seen a slight increase of 0.86% from 5,622K shares in the prior filing. Nonetheless, it has decreased its overall allocation in Zoom by 90.48% in the last quarter.
Pacer US Cash Cows 100 ETF (COWZ) holds a total of 5,331K shares, representing 2.03% ownership, which is an impressive increase from 2,823K shares, a spike of 47.05%. This firm has raised its portfolio share in 5ZM by 68.66% during the last quarter.
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