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Zoom Unveils New Innovations at Zoomtopia, Shares Sink 3.7%

Zoom Video Communications, Inc. (ZM) launched a new range of tools at its Zoomtopia 2021 conference. Shares of the Video teleconferencing company dropped 3.7% to close at $290.24 on Monday.

The company announced that it plans to introduce new products and solutions, enhancing its existing portfolio, and offering customers innovative technology to help them grow their businesses using the Zoom platform. (See Zoom Video Communications stock charts on TipRanks)

Notably, Zoom announced Zoom Video Engagement Center, wherein customers can interact with experts with industry-specific expertise.

Further, Zoom also unveiled Zoom Whiteboard, a digital canvas collaboration tool that will enable customers to interact and have similar experiences to in-person meetings.

Through its collaboration with Horizon Workrooms, Zoom plans to bring together the physical and virtual world as Zoom & Oculus team-up.

On top of this, Zoom also revealed several additional features, like real-time automated translation across numerous languages, live transcription of meetings, Zoom Rooms Smart Gallery, a Hot Desking solution, and improved Platform Security, to name a few.

Zoom CEO Eric S. Yuan commented, “We have released hundreds of new features, enhancements, and capabilities this past year alone and we have exciting new features in our development pipeline.”

He further added, “With the ability to visually brainstorm on a virtual whiteboard and collaborate with colleagues similar to an in-person experience, or the endless opportunities of live transcription and translation services powered by Artificial Intelligence (AI) – previously considered ‘futuristic’ technologies are on the verge of becoming a reality and could reshape the way we work.”

Following the Zoomtopia event, JMP Securities analyst Patrick Walravens maintained a Hold rating on the stock.

The Street is cautiously optimistic about the stock with a Moderate Buy consensus rating based on 9 Buys and 8 Holds. The average Zoom Video Communications price target of $375.92 implies 29.5% upside potential from current levels.

Zoom scores an 8 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.

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