Sanford C. Bernstein Raises Zoom Video Communications (NASDAQ:ZM) Price Target to $89.00

Zoom Video Communications (NASDAQ:ZM) had its price objective boosted by equities research analysts at Sanford C. Bernstein from $78.00 to $89.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a “market perform” rating on the stock. Sanford C. Bernstein’s price target indicates a potential upside of 4.26% from the stock’s current price.

Other analysts have also issued research reports about the stock. Morgan Stanley raised their price target on shares of Zoom Video Communications from $68.00 to $86.00 and gave the company an “equal weight” rating in a report on Wednesday, November 13th. Wells Fargo & Company lifted their target price on Zoom Video Communications from $60.00 to $70.00 and gave the company an “underweight” rating in a research note on Tuesday. JMP Securities reaffirmed a “market perform” rating on shares of Zoom Video Communications in a research note on Tuesday. UBS Group lifted their price objective on Zoom Video Communications from $75.00 to $90.00 and gave the stock a “neutral” rating in a research report on Tuesday. Finally, Piper Sandler upped their target price on shares of Zoom Video Communications from $68.00 to $89.00 and gave the company a “neutral” rating in a research report on Tuesday. Two investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $85.19.

Zoom Video Communications Trading Up 2.3 %

ZM opened at $85.36 on Tuesday. Zoom Video Communications has a 1-year low of $55.06 and a 1-year high of $92.80. The stock has a market capitalization of $26.27 billion, a PE ratio of 30.59, a PEG ratio of 7.60 and a beta of -0.05. The firm has a 50-day moving average price of $74.55 and a two-hundred day moving average price of $66.03.

Insider Buying and Selling at Zoom Video Communications

In other news, Director Jonathan Chadwick sold 12,500 shares of the stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $75.04, for a total transaction of $938,000.00. Following the completion of the sale, the director now owns 1,514 shares of the company’s stock, valued at $113,610.56. This represents a 89.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Eric S. Yuan sold 178,571 shares of the firm’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $76.91, for a total transaction of $13,733,895.61. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 367,108 shares of company stock valued at $26,796,191. Company insiders own 10.78% of the company’s stock.

Hedge Funds Weigh In On Zoom Video Communications

A number of large investors have recently added to or reduced their stakes in the company. FMR LLC grew its stake in shares of Zoom Video Communications by 23.8% during the 3rd quarter. FMR LLC now owns 12,444,887 shares of the company’s stock worth $867,906,000 after acquiring an additional 2,395,396 shares in the last quarter. State Street Corp boosted its holdings in Zoom Video Communications by 2.3% during the third quarter. State Street Corp now owns 6,106,293 shares of the company’s stock worth $425,853,000 after purchasing an additional 134,559 shares during 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. Pacer Advisors Inc. increased its stake in Zoom Video Communications by 4.4% in the 3rd quarter. Pacer Advisors Inc. now owns 5,480,179 shares of the company’s stock valued at $382,188,000 after buying an additional 233,241 shares during the last quarter. Finally, Acadian Asset Management LLC lifted its position in 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 buying an additional 1,855,679 shares in the last quarter. Institutional investors own 66.54% of the company’s stock.

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.