Some firms cut their price targets on the stock after the video-chat company warned investors of a revenue growth slowdown.
One of the most popular products of the epidemic was the business software segment of Zoom. Millions of people used the company's tech over the past two years in order to keep up with school, work or socializing. Growth is slowing as people return to work.
BTIG lowered its price target to $400 from $460, but still maintained its buy rating. The 12-month target was lowered byDeutsche Bank Research.
The stock opened at $218.05 on Tuesday and is down more than 30% year-to-date.
The researchers wrote that it was harder to like a stock with more decelerating growth and more pressure on profitability.
Guggenheim, Wells Fargo, and KeyBanc all dropped their price targets. Wall Street is still bullish on the future.
The growth rate has been slowing and could continue to be a near-term stock opportunity, though we remain positive on the long-term growth and platform.
The company's revenue increased by more than 30% from a year earlier in the quarter. For the fourth quarter of the fiscal year, the forecast is for adjusted earnings of $1.06 to $1.07 per share on $1.051 billion to $1.053 billion in revenue.
CNBC's Michael Bloom and Jordan Novet contributed to the report.
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