Zoom Launches Zoom Events Platform; Street Sees 38.8% Upside

Video-first communications platform provider Zoom Video Communications (ZM) has launched an all-in-one platform called Zoom Events.

Zoom Events has the capability to provide interactive virtual experiences while also offering the reliability and scalability of Zoom Meetings, Chat, and Video Webinars. It also provides event organizers the option to offer ticketed and live events for audiences of any size.

Furthermore, the company’s OnZoom product, which is in Beta at present, will become a part of Zoom Events and will offer the flexibility for events to be private or searched and accessed publicly.

Oded Gal, Chief Product Officer at Zoom said, “It’s an exciting time to be at Zoom where the pace of innovation continues to accelerate. We know that people are looking for flexibility in how they attend events in the future.” (See Zoom Video stock analysis on TipRanks)

Gal added, “The hybrid model is here to stay, and Zoom Events is a perfect solution for our customers who are looking to produce and host customer, company, and public events with an easy, yet powerful solution.”

In a global study by Zoom, 80% of U.S. respondents said that even after the COVID-19 pandemic ends, virtual elements will persist in our daily lives. 52% of U.S. respondents said they plan on enjoying events both physically and virtually.

On April 22, Wolfe research analyst Alex Zukin initiated coverage on the stock with a Buy rating and a $390 price target (25.6% upside potential).

Zukin predicts long-term durable growth for the company owing to an addressable market opportunity of over $100 billion for its products, Zoom Phone and Zoom Rooms.

Consensus on the Street is that Zoom Video Communications is a Hold based on 6 Buys, 10 Holds, and 2 Sells. The average analyst price target of $431.07 implies 38.9% upside potential.

Shares have gained about 78.7% over the past year.

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