Zoom Communications Inc. (NASDAQ:ZM) shares are trading higher Thursday following a significant global outage that temporarily disabled key parts of Zoom's platform, including video calls, its web portal and app.

What To Know: The outage, which occurred on Wednesday afternoon, was confirmed by the company and tracked in real time by Downdetector.com, according to Reuters. At its peak, over 67,000 users reported problems accessing Zoom’s services, with disruptions affecting both U.S. and international users. The company did not offer a detailed technical explanation but confirmed on social media that full service had been restored.

The brief disruption likely reminded investors of the platform's broad user base and the technical risks that come with operating such a widely used service. But, the lack of a sharp sell-off suggests the market viewed the outage as temporary and not materially damaging to Zoom’s longer-term operations or reputation. Still, a repeat of such widespread failures could draw more scrutiny given how reliant businesses, schools and government agencies have become on Zoom for communication.

Will Zoom Shares Go Up?

When trying to assess whether or not Zoom will trade higher from current levels, it's a good idea to take a look at analyst forecasts.

Wall Street analysts have an average 12 month price target of $85.25 on Zoom. The “Street high” target is currently at $97 and the “Street low” target is $7. Of all the analysts covering Zoom Communications, five have positive ratings, seven have neutral ratings and none have negative ratings.

In the last month, four analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Zoom have performed in recent history.

Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Zoom is down 12.37% year-to-date. The average analyst price target suggests the stock could have further upside ahead.

For a broad overview of everything you need to know about Zoom, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.

ZM Price Action: Zoom shares closed Thursday up 0.41% at $71.49 at the time of writing, according to Benzinga Pro.