By Christiana Sciaudone
Investing.com — This year’s market darling Zoom Video Communications (NASDAQ:ZM) Inc. is down more than 4% on Monday even as markets trade higher. Nasdaq is up 0.75% and the Dow Jones Industrial Average is up 1.7%.
Zoom, which makes videoconferencing technology and has tripled this year thanks to stay-at-home mandates, is facing growing competition from bigger rivals. Microsoft (NASDAQ:MSFT) and Google (NASDAQ:GOOGL) have recently upgraded their conferencing technology, with Microsoft increasing the number of users that can get together at the same time, and Google adding new tools to Meet, according to 9to5Google.
Zoom has 14 buy-equivalent analyst ratings, 12 holds and five sells, according to MarketWatch. The average target price for Zoom is $216, and shares are trading at around $246 with a price to earnings ratio of 1,419.
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