Zoom Video Communications, Inc. (NASDAQ:ZM) shares are trading higher Thursday after the company posted better-than-expected second-quarter financial results on Wednesday.

The Details:

Zoom reported quarterly earnings of $1.39 per share and revenue of $1.16 billion, beating analyst estimates. The company highlighted strength in large accounts and reported year-over-year revenue growth of 7.1% from customers contributing more than $100,000 in the trailing 12-month period.

In addition to its strong quarterly results, the company issued third quarter EPS guidance above estimates and strong fiscal year 2025 guidance.

Zoom Video shares are climbing on heavy trading volume and trending on social media as investors digest the report. According to data from Benzinga Pro, the stock has seen more than triple its average volume change hands in the session and is trading well-above the 50-day moving average of $58.25.

ZM Stock Prediction 2024:

Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.

Shares of Zoom Video Communications have an average 1-year price target of $72, representing an expected upside of 7.95%.

Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. 1 analysts have bearish recommendations on Zoom Video, while 3 analysts have bullish ratings. The street high price target from Benchmark is $83, while the street low from Wells Fargo is $55.

ZM Price Action: According to Benzinga Pro, Zoom Video shares are up 11.7% at $67.35 at the time of publication Thursday.

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Image: Courtesy of Zoom Video Communications, Inc.