Zoom Video Communications, Inc. (NASDAQ: ZM) has gained +27.15 during the trading session of Thursday. The strong performance of the company indicated the positive sentiments of investors after a bullish call from Bernstein. Including Bernstein, nine analysts have lifted their price targets after the conference.
This strong sentiments by investors are because of the Zoom’s investors conference in which the company announces the plan to launch new features, including end-to-end encryption. The company has revealed that its platform is getting third-party app integration called Zapps. Moreover, it has also announced the OnZoom platform which will provide an opportunity to users who wants to host free and paid virtual events.
This is not the end the now-ubiquitous technology company has also announced a new software Kit (SDK) which will be customizable. This new kit will provide an opportunity for developers to create a customs app for the platform. Furthermore, Zoom has also announced some minor customization options for the core videoconference service like immersive scenes and a smart gallery for Zoom Rooms.
Zoom Video Communications, Inc. (NASDAQ: ZM) shares were trading up 5.33% at $536.40 at the time of writing on Thursday. Zoom Video Communications share price went from a low point around $60.97 to briefly over $529.74 in past 52 weeks, though shares have since pulled back to $536.40. ZM market cap has remained high, hitting $148.27 Billion at the time of writing.
Bernstein’s new price target nearly doubled the earlier price and the new price target is $611 from $228. Likewise, Needham has also raised the price target from $440 to $540 and RBC Capital Mkts has set the new price target of $600 from $450. BTIG maintained a buy rating and raised the price target to $500.
The other five remaining investors who raise the price target for Zoom shares include BofA Securities as it maintained a buy rating and raised the price target from $475 to $570. Rosenblatt has maintained its neutral rating and lifted the price target from $350 to $450. Wells Fargo has maintained an equal-weight rating, ups price target from $375 to $465. DA Davidson has maintained a buy rating, boost the price target from $460 to $600 and Stifel Nicolaus maintained a hold rating, lifted the price target from $350 to $400.
Previously, MURAL has announced that it has included Zoom Video communication in its growing network of collaboration platform partners. After this partnership, Zoom participants will be able to collaborate in the facilitator’s MURAL, even if they are not a MURAL customer.