How high can the Zoom share price possibly go?
The video conferencing company’s shares have spiked since the start of the coronavirus outbreak, with the stock close to exceeding all analysts price forecasts.
Zoom Video Communications shares have soared 107% since the start of the year, with the video conferencing company surging in popularity as people around the world are forced to work from home amid the coronavirus outbreak.
The stock is trading $141 as of 18:15 (GMT) on Tuesday, outperforming the broader market, with the S&P 500 down 31% year-to-date, while the Nasdaq Composite is down 24% over the period.
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Zoom close to exceeding all analysts’ price forecasts
Zoom has performed so well over the last two months that it is close to exceeding all analysts’ price forecasts for 2020 already.
Based on 16 analysts offering 12-month price forecasts, the median price target for the stock is $102.50, with the highest estimate sitting at $150 a share. As it stands, the stock is trading 28% higher than the median price forecast.
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Coronavirus drives downloads of Zoom Video
Zoom has surged in popularity amid the Covid-19 pandemic due to governments encouraging people to practice social distancing and work from home to prevent the spread of the virus.
In the US alone, the video conferencing company topped iPhone daily downloads among business applications, according to data compiled by the analytics firm, App Annie.
Only one week ago, Zoom’s cloud meeting app ranked in at number 11 on Apple’s app store, with it all the way down at number 87 just two weeks prior.
Its growing popularity among businesses amid the global pandemic has helped its share price skyrocket above its initial public offering (IPO) price of $36 a share back in April last year, with the stock up nearly 300% since then.
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