Zoom Video Communications (NASDAQ:ZM) Price Target Raised to $90.00

Zoom Video Communications (NASDAQ:ZM) had its price target raised by Bank of America from $75.00 to $90.00 in a research report sent to investors on Tuesday morning,Benzinga reports. Bank of America currently has a neutral rating on the stock.

A number of other brokerages have also recently issued reports on ZM. Wells Fargo & Company lifted their price objective on shares of Zoom Video Communications from $60.00 to $70.00 and gave the company an “underweight” rating in a research note on Tuesday. The Goldman Sachs Group raised their target price on shares of Zoom Video Communications from $72.00 to $86.00 and gave the company a “neutral” rating in a research report on Tuesday. Piper Sandler raised 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. UBS Group raised their target price on shares of Zoom Video Communications from $75.00 to $90.00 and gave the company a “neutral” rating in a research report on Tuesday. Finally, Stifel Nicolaus raised their target price on shares of Zoom Video Communications from $70.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Zoom Video Communications has a consensus rating of “Hold” and an average price target of $85.19.

Zoom Video Communications Price Performance

Shares of NASDAQ:ZM opened at $85.36 on Tuesday. The company’s 50 day simple moving average is $74.92 and its 200 day simple moving average is $66.16. The stock has a market capitalization of $26.27 billion, a price-to-earnings ratio of 28.45, a price-to-earnings-growth ratio of 7.12 and a beta of -0.05. Zoom Video Communications has a 1 year low of $55.06 and a 1 year high of $92.80.

Insider Buying and Selling

In related news, COO Aparna Bawa sold 831 shares of Zoom Video Communications stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $66.29, for a total transaction of $55,086.99. Following the completion of the transaction, the chief operating officer now owns 1,978 shares of the company’s stock, valued at $131,121.62. This trade represents a 29.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Velchamy Sankarlingam sold 3,614 shares of Zoom Video Communications stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $66.87, for a total transaction of $241,668.18. Following the transaction, the insider now directly owns 94,000 shares of the company’s stock, valued at $6,285,780. This represents a 3.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 367,108 shares of company stock valued at $26,796,191 over the last quarter. Insiders own 10.78% of the company’s stock.

Institutional Investors Weigh In On Zoom Video Communications

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Baker Avenue Asset Management LP increased its stake in Zoom Video Communications by 82.1% in the third quarter. Baker Avenue Asset Management LP now owns 28,593 shares of the company’s stock valued at $1,994,000 after purchasing an additional 12,890 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in Zoom Video Communications in the second quarter valued at $763,000. Robeco Institutional Asset Management B.V. increased its stake in Zoom Video Communications by 15.4% in the third quarter. Robeco Institutional Asset Management B.V. now owns 1,257,714 shares of the company’s stock valued at $87,713,000 after purchasing an additional 167,618 shares in the last quarter. National Pension Service increased its stake in Zoom Video Communications by 30.1% in the third quarter. National Pension Service now owns 655,227 shares of the company’s stock valued at $45,696,000 after purchasing an additional 151,728 shares in the last quarter. Finally, Eagle Asset Management Inc. bought a new stake in Zoom Video Communications in the third quarter valued at $62,038,000. 66.54% of the stock is owned by 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.