Zoom Video Communications (NASDAQ:ZM) Price Target Raised to $97.00

Zoom Video Communications (NASDAQ:ZM) had its price objective raised by Benchmark from $85.00 to $97.00 in a research report released on Tuesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Several other brokerages have also weighed in on ZM. Morgan Stanley upped their price objective on Zoom Video Communications from $68.00 to $86.00 and gave the company an “equal weight” rating in a report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft upped their target price on Zoom Video Communications from $71.00 to $75.00 and gave the company a “hold” rating in a report on Friday, August 23rd. The Goldman Sachs Group upped their target price on Zoom Video Communications from $72.00 to $86.00 and gave the company a “neutral” rating in a report on Tuesday. UBS Group upped their target price on Zoom Video Communications from $75.00 to $90.00 and gave the company a “neutral” rating in a report on Tuesday. Finally, Scotiabank raised Zoom Video Communications to a “hold” rating in a report on Tuesday, November 19th. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $85.19.

Zoom Video Communications Stock Up 2.3 %

Shares of Zoom Video Communications stock opened at $85.36 on Tuesday. The firm has a market cap 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. The business has a fifty day simple moving average of $74.92 and a 200-day simple moving average of $66.16. Zoom Video Communications has a fifty-two week low of $55.06 and a fifty-two week high of $92.80.

Insider Transactions at Zoom Video Communications

In other news, CEO Eric S. Yuan sold 178,571 shares of the stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $76.91, for a total transaction of $13,733,895.61. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Velchamy Sankarlingam sold 3,614 shares of the stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $66.87, for a total value of $241,668.18. Following the transaction, the insider now directly owns 94,000 shares in the company, valued at approximately $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 in the last three months. Corporate insiders own 10.78% of the company’s stock.

Institutional Trading of Zoom Video Communications

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ZM. Lazard Asset Management LLC grew its holdings in Zoom Video Communications by 110.1% in the 1st quarter. Lazard Asset Management LLC now owns 64,570 shares of the company’s stock valued at $4,220,000 after buying an additional 33,835 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new stake in Zoom Video Communications in the 1st quarter valued at approximately $260,000. California State Teachers Retirement System grew its holdings in Zoom Video Communications by 1.7% in the 1st quarter. California State Teachers Retirement System now owns 396,209 shares of the company’s stock valued at $25,900,000 after buying an additional 6,630 shares during the last quarter. Tidal Investments LLC grew its holdings in Zoom Video Communications by 89.7% in the 1st quarter. Tidal Investments LLC now owns 34,352 shares of the company’s stock valued at $2,246,000 after buying an additional 16,248 shares during the last quarter. Finally, Comerica Bank lifted its position in shares of Zoom Video Communications by 15.6% in the 1st quarter. Comerica Bank now owns 4,966 shares of the company’s stock worth $325,000 after acquiring an additional 670 shares during the period. Institutional investors and hedge funds 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.