Zoom Video Communications (NASDAQ:ZM) got a boost today as multiple analysts upgraded their ratings on the stock and increased their price targets in the wake of the company's blockbuster earnings report on Tuesday.

Davidson analyst Rishi Jaluria upgraded Zoom stock to buy from neutral (hold), increasing his price target to $240, up from $150. In a note to clients titled, "One of the Best Quarters in Software History," Jaluria cited "irreversible changes" in the work environment going forward. "We believe Zoom has cemented itself as the de-facto standard for video conferencing and that office reopenings could provide more momentum to Zoom, due to competitive displacements," Jaluria wrote. 

A person having a video meeting with four others on a laptop.

Image source: Zoom.

He wasn't the only analyst rushing to upgrade the stock in the wake of the company's blockbuster performance.

RBC Capital Markets analyst Alex Zukin also turned bullish on the company, upgrading the stock to outperform (buy) from sector perform (hold), and doubled its price target to $250 from its previous level of $125. "We are upgrading shares despite current valuations given our upside scenario where we see a path to continued high growth over the coming years, with Zoom Phone representing a significant [total addressable market] expansion opportunity," Zukin wrote in a note to clients.

Needham analysts reiterated the stocks buy rating, but raised its price target to $230 from $140. 

Zoom delivered revenue in its fiscal first quarter of $328 million, up 169% year over year, a significant acceleration from the 78% growth in Q4. At the same time, it generated non-GAAP earnings per share (EPS) of $0.20, up more than six-fold compared to the prior year quarter. Both top and bottom line sailed past analysts' consensus estimates, which called for revenue of $202 million and EPS of $0.09. 

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.