ZM's valuation remains stretched with a high P/E ratio, but strong free cash flow and revenue growth justify some premium. Technicals show consolidation near support, suggesting a potential bounce if volume increases.

Market sentiment for ZM is mixed, with lingering post-pandemic demand concerns offset by enterprise adoption trends. Short-term momentum is weak, but long-term institutional interest remains stable.

Long-term risks include competition from Microsoft Teams and macroeconomic pressure on tech spending. However, ZM's sticky enterprise customer base mitigates some downside, warranting a cautious hold.

RSI is neutral (48) with declining MACD, signaling weak momentum, but the 200-day MA holds as support. Volume trends suggest limited conviction, favoring range-bound movement.