Index Option Calls
  • Home
  • Latest News
  • Email Whitelisting
  • Privacy Policy
  • Home
  • Latest News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Index Option Calls
No Result
View All Result
Home Latest News

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

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

RELATED POSTS

Twitter shareholders sue Elon Musk and Twitter over chaotic deal

Gap shares fall 13% after retailer slashes profit guidance for the year

A trader working after the Nasdaq opening bell ceremony on April 18, 2019 in New York City.

Kena Betancur | Getty Images

Shares of Zoom were down more than 18% on Tuesday, on pace for their 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 $200 per share midday 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 note Tuesday.

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.

ShareTweetPin

Related Posts

Twitter shareholders sue Elon Musk and Twitter over chaotic deal

by
May 26, 2022
0

In this article TSLA TWTR Sheldon Cooper/SOPA Images | Lightrocket | Getty Images Twitter shareholders are suing Elon Musk, and...

Gap shares fall 13% after retailer slashes profit guidance for the year

by
May 26, 2022
0

In this article GPS A customer lifts a shopping bag at an Old Navy Inc. store in San Francisco. David...

Costco sales top estimates by $1 billion, but misses on same-store sales

by
May 26, 2022
0

Costco Wholesale Corp. brought in $1 billion more than expected in revenue in its latest quarter, keeping the retailer on...

Hotels: Occupancy Rate Down 3.5% Compared to Same Week in 2019

by
May 26, 2022
0

by Calculated Risk on 5/26/2022 04:11:00 PM From CoStar: STR: Weekly US Hotel Revenue per Available Room Reaches Highest Level...

Dow rises for a fifth straight day, S&P 500 and Nasdaq on pace to snap 7-week losing streaks

by
May 26, 2022
0

Stocks rose Thursday, as Wall Street tried to rebound from a long string of weekly declines. The Dow rose 511...

Next Post

A fight in Washington over the debt ceiling looms, which could create market volatility

Jury holds CVS, Walgreens and Walmart responsible for role in opioid crisis

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!

MOST VIEWED

  • A Couple Stored IRA Gold at Home. They Owe the IRS More Than $300,000.

    0 shares
    Share 0 Tweet 0
  • A California Couple Spent Eight Years Building Their Dream Retirement Home in Costa Rica

    0 shares
    Share 0 Tweet 0
  • Goldman Sachs says buy these stocks to play Web 3.0 and the metaverse

    0 shares
    Share 0 Tweet 0
  • Goldman Sachs picks new stocks to buy — and says these 5 have over 100% upside

    0 shares
    Share 0 Tweet 0
  • In his final warning, this stock trading wizard — who made big money in bear markets and crashes — called this market a bubble like no other

    0 shares
    Share 0 Tweet 0
  • Home
  • Latest News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by www.indexoptioncalls.com
No Result
View All Result
  • Home
  • Latest News
  • Email Whitelisting
  • Privacy Policy

All rights reserved by www.indexoptioncalls.com