• Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
Top Trading Strategy
No Result
View All Result
Home Breaking News

Zoom on pace for its worst day ever after Wall Street slashes price targets

by
November 23, 2021
in Breaking News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Related Posts

Virgin Orbit scrambles to avoid bankruptcy as deal talks continue

JPMorgan Chase can be sued by Virgin Islands over Jeffrey Epstein sex-trafficking claims

Pro Picks: Watch all of Monday’s big stock calls on CNBC

Republicans request Fed and FDIC oversight records for failed Silicon Valley Bank and Signature Bank

Source: Nasdaq

Shares of Zoom were down more than 18% on Tuesday, on pace for its worst day ever, after the video-chat company warned investors of a revenue growth slowdown, leading Wall Street firms to cut price targets on the stock.

If it holds, it’s the biggest one-day drop since Nov. 9, 2020, when shares fell 17.3% to $413. The company’s stock price has more than halved since then and was trading at about $198 per share as of mid-morning on Tuesday.

Zoom was one of the pandemic darlings, going from a relatively niche business software segment to a household product. Millions of people used the company’s tech over the past nearly two years in order to keep up with school, work or socializing. But growth is slowing as people return to work and school.

BTIG, which lowered its price target to $400 from $460, reiterated its buy rating, but said the cut was to “better reflect current market sentiment and group multiple compression.” Deutsche Bank Research also lowered its 12-month target to $280 from $350.

“While we’re positive on Zoom’s strategic initiatives and investments in key growth areas, we find it tougher to like a stock with more sharply decelerating growth and incremental pressure on profitability,” Deutsche Bank wrote in a Tuesday note.

Baird, Guggenheim, Wells Fargo, Stifel, UBS, Piper Sandler and KeyBanc also dropped their price targets. But Wall Street is generally still bullish on Zoom’s future.

“Moderating growth has been, and could continue to be a near-term stock headwind, though we remain positive on the long-term growth and platform opportunity particularly as the growth rate troughs over the next couple quarters,” Baird researchers wrote Tuesday.

Zoom’s revenue increased 35% from a year earlier in the quarter, which ended Oct. 31, slowing from 54% growth in the quarter before. For the fiscal fourth quarter, Zoom forecast adjusted earnings of $1.06 to $1.07 per share on $1.051 billion to $1.053 billion in revenue, which implies 19% growth.

— CNBC’s Michael Bloom and Jordan Novet contributed to this report.

Subscribe to CNBC on YouTube.

Next Post

Biden administration asks federal appeals court to lift pause on business vaccine mandate

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Popular Posts

Breaking News

Virgin Orbit scrambles to avoid bankruptcy as deal talks continue

by
March 20, 2023
0

In this article VORB Follow your favorite stocksCREATE FREE ACCOUNT Virgin Orbit's LauncherOne rocket on display in Times Square, New...

Read more

Virgin Orbit scrambles to avoid bankruptcy as deal talks continue

JPMorgan Chase can be sued by Virgin Islands over Jeffrey Epstein sex-trafficking claims

Pro Picks: Watch all of Monday’s big stock calls on CNBC

Republicans request Fed and FDIC oversight records for failed Silicon Valley Bank and Signature Bank

Bitcoin soars to nine-month high as investors weigh bank risks and interest rates: CNBC Crypto World

The $17 billion wipeout of Credit Suisse bondholders has not gone down well in Europe

Load More

All rights reserved by www.toptradingstrategy.net

  • Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
  • Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.