The company already has the ubiquitous FaceTime video chat platform for its iPhones, iPads and Macs. (AAPL) likely wouldn’t make sense as a Zoom buyer either. ZM Price Action: Zoom shares closed 0.50% lower on Monday at $81.00, versus a 52-week range of $79.03 to $184.91.Virtual meetings can crush creativity, new study finds Long-term, Ark Invest has a price target of $1,500 on Zoom by 2026 with the bull case seeing $2,000 per share and the bear case seeing $700. The bullish take by Ark Invest on Zoom comes as other analysts are lowering their price targets after the earnings report. Both purchases each represented around 0.73% of assets in the respective ETFs. The two Ark ETFs recently bought the dip, with ARKK adding 713,062 shares of Zoom on Tuesday and ARKW adding 126,239 shares of Zoom the same day. Only Roku Inc ROKU represents a larger portion of the ETF at 7.4% of assets.
In the Ark Internet Innovation ETF ARKW, Zoom is the second-largest holding at 7.2% of assets, making up $99.7 million in investments.
Only Tesla Inc TSLA, a long time Ark staple, is a larger holding in the company’s largest ETF, representing 10.2% of assets in the ETF. The company’s flagship ETF Ark Innovation ARKK owns $650.2 million in Zoom shares, which makes it the second-largest position at 7.9%. Why It’s Important: The bullish take from Cathie Wood and Ark Invest on Zoom shouldn’t come as a huge surprise, given the stock is one of the fund’s largest positions. Related Link: Zoom Video Investors Pull Back On Q2 Earnings: EPS Beat, Revenue Miss, Guidance Update And More “We maintain our high conviction in Zoom and its potential to become a leading communications platform for enterprise-to-enterprise communication.” “We believe churn in this segment should normalize by the end of 2022 as customers with a preference for physical communications churn over the next two quarters.”Īrk also points to new products like Zoom Phone and Contact Center outperforming the company’s core products. “We believe enterprise customers will continue to rise as a percent of revenues.”Īrk points to the potential that the online weakness shown by Zoom in recent quarters has or will peak this year. Overall enterprise customers were up 18% year-over-year to 204,100 in the second quarter.
The company reported that the number of customers representing $100,000 or more in trailing twelve month revenue was up 37% year-over-year in the second quarter.
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