What happened

A title conferred by a prominent tech industry researcher put some real zip in Zoom Video Communications' (ZM 3.74%) stock on Hump Day. By the time the smoke had cleared, Zoom's closing share price was 6.9% higher, eclipsing even the robust 3%-plus gain of the S&P 500 index on the day.

So what

Zoom announced, with obvious delight, that it has been named a leader and visionary in Gartner's Magic Quadrant for unified communications as a service (UCaaS) worldwide. This followed the research company's evaluation of 12 businesses involved in the UCaaS segment.

Zoom didn't hesitate to mention that this is the third year in a row it has been tipped as a UCaaS leader by Gartner. The researcher's Magic Quadrant reports are influential analyses of various segments of the tech sector.

In its press release on the matter, Zoom quoted its president Greg Tomb who said that being designated a leader once again "solidified our influence in this space."

He added that, going forward, "Zoom continues to prioritize and pair ease of use with innovation to build a platform that meets emerging collaboration demands and further delivers customer happiness."

Now what

Zoom is clearly a powerhouse in teleconferencing, so much so that its company name has nearly become a synonym for any kind of online video meeting. Yet investors need to bear in mind that it has struggled with top-line growth and bottom-line declines lately, and the core services it provides are also offered by rival companies. So it doesn't have the deep economic "moat" of many world-beating businesses.