Zoom Launches Zoom Phone Appliances; Shares Drop 2.2%
Shares of Zoom Video Communications (ZM), an American communications technology company, declined 2.2% after it revealed the launch of Zoom Phone Appliances.
The latest launch will bring together Zoom’s technology and hardware from its two partners, Poly and Yealink, to provide video and audio capabilities and touch display. (See ZM stock analysis on TipRanks)
Head of Zoom Phone and Zoom Rooms Graeme Geddes said, “The traditional workplace is evolving and adapting, and our goal is to empower the workforce to accomplish more by blurring the lines between voice and video.”
Following the launch announcement, Wolfe Research analyst Alex Zukin maintained a Buy rating and the price target of $430 (28.9% upside potential) on the stock.
Zukin said, “ZM made it clear that while it may seem everyone is already using their product, there is a lot of runway ahead.”
He added, “Zoom is laser-focused on transitioning from a video application company to a broader communication platform provider with a number of new product announcements set for Zoomtopia in September.”
Overall, the stock has a Moderate Buy consensus rating based on 7 Buys, 8 Holds and 2 Sells. The ZM average analyst price target of $405.63 implies 21.6% upside potential from current levels. Shares of ZM have jumped 60% over the past year.
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