Zoom falls 8% at opening as world reopens, demand lessens

Robert Besser
26 Nov 2021, 16:36 GMT+10

Zoom Video Communications fell 8 percent in premarket trading on November 24, despite reporting better than expected earnings
The stock has now fallen 45 percent from its recent high in early August
Zoom is one of several disruptor stocks that has been severely impacted as the world's reopening continues

NEW YORK CITY, New York: Zoom Video Communications fell 8 percent in premarket trading on November 24, despite reporting better than expected earnings. The stock has now fallen 45 percent from its recent high in early August.

KeyBanc Capital Markets maintained its Overweight rating on the stock, but cut its price target to $344 from $398 per share, a gain of more than 50 percent from current levels.

Meanwhile, Wells Fargo maintained Zoom's Equal Weight rating, but dropped its price target to $245 from $275.

"The 4Q outlook suggests <20% revenue growth and <10% billings growth, leading to questions around normalized growth into next year," analyst Michael Turrin wrote.

Zoom is one of several disruptor stocks that has been severely impacted as the world's reopening continues.

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