Zoom skyrockets 15% to an all-time high ahead of quarterly earnings
- Shares of Zoom Video Communications skyrocketed 15% to an all-time high on Monday.
- The company reports its first-quarter fiscal 2021 earnings on Tuesday after market close in New York.
Zoom's first earnings release since the coronavirus pandemicsent the US into sweeping lockdowns mid-March.
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Shares of Zoom Video Communications surged as much as 15% Monday, reaching an all-time high of $205.87 in intraday trading as investors await the company's first-quarter earnings report.
Zoom is scheduled to report first-quarter fiscal 2021 earnings on Tuesday, June 2 at 5:30 p.m. ET. It is the company's first earnings release that will show the impact of the
Wall Street analysts are expecting a hefty beat from the company, whose video conferencing has become a preferred method of communication amid the coronavirus pandemic. Analysts see earnings per share of 10 cents, more than triple the previous quarter, and revenue surging 66% to $203 million.
Read more: Famed economist David Rosenberg says investors are falling into a classic market trap that's historically preceded a further meltdown — and warns 'there's not going to be much of a recovery'
Even though all 50 US states have started to relax their coronavirus lockdown restrictions, not all workers will be returning to their offices anytime soon — Twitter and Square have adopted indefinite work-from-home policies, while Facebook said it expects half of its employees to telecommute for the next several years.
Also on Monday, Rosenblatt raised its price target on shares of Zoom to $150 from $95, sending shares higher. The firm reiterated its neutral rating on the company.
Zoom has an average price target of roughly $128 from Wall Street analysts, and nine "buy" ratings, 15 "hold" ratings, and five "sell" ratings, according to Bloomberg data.
Shares of Zoom have gained about 200% year-to-date.
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