Zoom Video Communications (ZM) climbed more than 8% on Wednesday after the company announced it appointed Russell Dicker as its new Chief Product Officer. Dicker’s background at Microsoft (MSFT) and Amazon (AMZN) reassured investors about Zoom’s push to integrate AI into its offerings. Despite today’s rally, Zoom stock is a Buy, according to the technical indicators, implying upside from current levels.
Claim 55% Off TipRanks
Trade AMZN with leverage
Analyzing ZM Stock’s Technical Indicators
According to TipRanks’ easy-to-understand technical analysis tool, Zoom stock is currently on an upward trend. The stock’s 50-day Exponential Moving Average (EMA) is $81.60, while its price is $88.88, implying a bullish signal.
Another technical indicator, Williams %R, helps traders see if a stock is overbought or oversold. For ZM stock, Williams %R currently shows a Buy signal, suggesting the stock is not overbought and has room to run.
Moreover, the Rate of Change (ROC) is a momentum-based technical indicator. It measures the percentage change in a stock’s price between the current price and the price from a specific number of periods ago. Typically, an ROC above zero confirms an uptrend. Zoom currently has an ROC of 8.45%, which signals a Buy.
Is ZM Stock a Good Buy Now?
Overall, Wall Street has a Moderate Buy consensus rating on Zoom stock based on 12 Buys, six Holds, and one Sell recommendation. The average ZM stock price target of $99.88 indicates 12.21% upside potential.
