Zoom Video Communications (NASDAQ:ZM) PT Raised to $60.00

Zoom Video Communications (NASDAQ:ZM) had its target price boosted by analysts at Wells Fargo & Company from $55.00 to $60.00 in a research report issued on Thursday, Benzinga reports. The brokerage currently has an “underweight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential downside of 14.46% from the stock’s current price.

Several other research firms also recently commented on ZM. Sanford C. Bernstein reduced their price target on shares of Zoom Video Communications from $82.00 to $78.00 and set a “market perform” rating on the stock in a research note on Tuesday, May 21st. Piper Sandler dropped their target price on shares of Zoom Video Communications from $72.00 to $68.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Rosenblatt Securities reaffirmed a “buy” rating and set a $78.00 price target on shares of Zoom Video Communications in a research note on Thursday. Royal Bank of Canada reissued an “outperform” rating and issued a $95.00 price objective on shares of Zoom Video Communications in a research note on Tuesday, May 21st. Finally, UBS Group raised Zoom Video Communications to a “hold” rating in a research report on Friday, July 26th. Two research analysts have rated the stock with a sell rating, fourteen have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $75.10.

Zoom Video Communications Price Performance

Shares of NASDAQ:ZM opened at $70.14 on Thursday. The firm has a market capitalization of $21.69 billion, a PE ratio of 26.17, a price-to-earnings-growth ratio of 8.91 and a beta of -0.05. The business has a 50 day simple moving average of $58.53 and a two-hundred day simple moving average of $61.86. Zoom Video Communications has a 1 year low of $55.06 and a 1 year high of $75.90.

Zoom Video Communications (NASDAQ:ZM) last posted its quarterly earnings data on Wednesday, August 21st. The company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.18. The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Zoom Video Communications had a return on equity of 10.55% and a net margin of 18.37%. Zoom Video Communications’s revenue was up 2.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.55 EPS. Equities research analysts expect that Zoom Video Communications will post 2.43 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Velchamy Sankarlingam sold 3,589 shares of the stock in a transaction on Sunday, June 9th. The stock was sold at an average price of $62.42, for a total transaction of $224,025.38. Following the completion of the sale, the insider now owns 81,287 shares in the company, valued at approximately $5,073,934.54. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, insider Velchamy Sankarlingam sold 3,589 shares of the company’s stock in a transaction dated Sunday, June 9th. The shares were sold at an average price of $62.42, for a total transaction of $224,025.38. Following the transaction, the insider now owns 81,287 shares in the company, valued at $5,073,934.54. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Kelly Steckelberg sold 5,007 shares of the stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $61.58, for a total transaction of $308,331.06. The disclosure for this sale can be found here. Insiders sold a total of 123,642 shares of company stock worth $7,187,144 in the last 90 days. 10.78% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Zoom Video Communications

A number of large investors have recently made changes to their positions in the stock. Xponance Inc. lifted its position in Zoom Video Communications by 2.0% during the 4th quarter. Xponance Inc. now owns 9,279 shares of the company’s stock worth $667,000 after acquiring an additional 179 shares during the period. abrdn plc raised its stake in shares of Zoom Video Communications by 103.9% in the fourth quarter. abrdn plc now owns 90,119 shares of the company’s stock worth $6,480,000 after purchasing an additional 45,912 shares during the last quarter. Handelsbanken Fonder AB lifted its holdings in shares of Zoom Video Communications by 18.8% during the fourth quarter. Handelsbanken Fonder AB now owns 47,927 shares of the company’s stock worth $3,446,000 after purchasing an additional 7,573 shares during the period. GAMMA Investing LLC purchased a new stake in Zoom Video Communications in the fourth quarter valued at approximately $48,000. Finally, Tokio Marine Asset Management Co. Ltd. increased its holdings in Zoom Video Communications by 11.9% in the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 7,303 shares of the company’s stock worth $525,000 after buying an additional 775 shares during the period. 66.54% of the stock is owned by hedge funds and other institutional investors.

About Zoom Video Communications

Zoom Video Communications, Inc provides unified communications platform in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. The company offers Zoom Meetings that offers HD video, voice, chat, and content sharing through mobile devices, desktops, laptops, telephones, and conference room systems; Zoom Phone, an enterprise cloud phone system; and Zoom Chat enables users to share messages, images, audio files, and content in desktop, laptop, tablet, and mobile devices.