Zoom Video Communications (ZM) - Get Report, the audio-video communications company that has been a darling of the coronavirus pandemic, unveiled several new features Wednesday, including a new platform for events.
OnZoom allows users “to create and host free, paid, and fundraising events,” Zoom Video said in a statement. “Hosts can grow their businesses, expand their reach into new audiences, and give back through native donation integration.”
OnZoom is available starting Wednesday as a public beta for U.S. users to attend events from small and medium-size businesses and flagship content partners like WW (formerly Weight Watchers) at OnZoom.com.
Zoom Video shares recently traded at $500.48, down 3.53%. But they have soared an astronomical 635% year to date, as people stuck at home have turned to Zoom Video as the go-to service for audio-visual communications. That compares to a 31% gain for the Nasdaq Stock Market.
Zoom Video also announced a new product that ensures Zoom communications are encrypted using cryptographic keys known only to the devices of meeting participants.
The company said its platform now hosts more than 3 trillion annualized meeting minutes, with more than 300 million daily meeting participants.
Morningstar analyst Dan Romanoff likes Zoom Video, but not its valuation.
“We see a long runway for growth as the company gains traction with its Zoom Phones solutions as well, and we are impressed by management’s ability to over deliver in terms of both growth and margins,” he wrote in a commentary last month.
But he puts fair value for Zoom Video shares at $153.