Zoom Video Communications (NASDAQ:ZM) Price Target Raised to $86.00 at Morgan Stanley

Zoom Video Communications (NASDAQ:ZM) had its price objective upped by Morgan Stanley from $68.00 to $86.00 in a report published on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other brokerages have also issued reports on ZM. UBS Group upgraded Zoom Video Communications to a “hold” rating in a research report on Friday, July 26th. Stifel Nicolaus raised their target price on shares of Zoom Video Communications from $65.00 to $70.00 and gave the stock a “hold” rating in a report on Thursday, October 10th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $95.00 price target on shares of Zoom Video Communications in a report on Thursday, October 10th. Needham & Company LLC restated a “hold” rating on shares of Zoom Video Communications in a report on Friday, October 11th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $78.00 target price on shares of Zoom Video Communications in a report on Friday, October 4th. Two research analysts have rated the stock with a sell rating, thirteen have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $76.26.

Zoom Video Communications Price Performance

ZM opened at $81.14 on Wednesday. Zoom Video Communications has a 12-month low of $55.06 and a 12-month high of $87.15. The firm’s fifty day moving average price is $71.79 and its 200 day moving average price is $64.72. The stock has a market capitalization of $24.97 billion, a PE ratio of 29.20, a P/E/G ratio of 7.33 and a beta of -0.05.

Zoom Video Communications (NASDAQ:ZM) last announced its quarterly earnings data on Wednesday, August 21st. The company reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $1.21 by $0.18. The business had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. Zoom Video Communications had a net margin of 19.08% and a return on equity of 10.77%. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.55 EPS. On average, equities research analysts forecast that Zoom Video Communications will post 2.74 earnings per share for the current fiscal year.

Insider Activity

In other Zoom Video Communications news, CFO Kelly Steckelberg sold 5,013 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $59.70, for a total value of $299,276.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Aparna Bawa sold 831 shares of the company’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $66.29, for a total value of $55,086.99. Following the transaction, the chief operating officer now directly owns 1,978 shares in the company, valued at $131,121.62. This trade represents a 29.58 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 372,121 shares of company stock worth $27,095,467. Corporate insiders own 10.78% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of ZM. Pacer Advisors Inc. lifted its holdings in Zoom Video Communications by 96.7% during the second quarter. Pacer Advisors Inc. now owns 5,246,938 shares of the company’s stock worth $310,566,000 after acquiring an additional 2,579,720 shares in the last quarter. AQR Capital Management LLC grew its position in Zoom Video Communications by 78.5% in the second quarter. AQR Capital Management LLC now owns 5,731,354 shares of the company’s stock valued at $337,233,000 after purchasing an additional 2,520,987 shares in the last quarter. FMR LLC increased its position in shares of Zoom Video Communications by 23.8% in the third quarter. FMR LLC now owns 12,444,887 shares of the company’s stock valued at $867,906,000 after acquiring an additional 2,395,396 shares during the last quarter. Acadian Asset Management LLC raised its stake in shares of Zoom Video Communications by 60.9% during the 2nd quarter. Acadian Asset Management LLC now owns 4,902,397 shares of the company’s stock worth $290,153,000 after purchasing an additional 1,855,679 shares in the last quarter. Finally, Eagle Asset Management Inc. bought a new stake in Zoom Video Communications during the third quarter worth $62,038,000. Institutional investors own 66.54% of the company’s stock.

Zoom Video Communications Company Profile

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.