Wells Fargo & Company Upgrades Zoom Video Communications (NASDAQ:ZM) to Equal Weight

Zoom Video Communications (NASDAQ:ZM) was upgraded by equities research analysts at Wells Fargo & Company from an “underweight” rating to an “equal weight” rating in a note issued to investors on Tuesday, Marketbeat reports. The brokerage presently has a $85.00 price target on the stock, up from their prior price target of $70.00. Wells Fargo & Company‘s target price indicates a potential upside of 6.38% from the stock’s previous close.

A number of other research analysts have also recently issued reports on ZM. The Goldman Sachs Group lifted their price objective on Zoom Video Communications from $72.00 to $86.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $95.00 target price on shares of Zoom Video Communications in a research note on Tuesday, November 26th. Scotiabank raised Zoom Video Communications to a “hold” rating in a research note on Tuesday, November 19th. Stifel Nicolaus upped their price objective on Zoom Video Communications from $70.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday, November 26th. Finally, Needham & Company LLC restated a “hold” rating on shares of Zoom Video Communications in a research report on Friday, October 11th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Zoom Video Communications presently has an average rating of “Hold” and an average price target of $87.81.

Zoom Video Communications Trading Down 0.7 %

ZM opened at $79.90 on Tuesday. Zoom Video Communications has a 1 year low of $55.06 and a 1 year high of $92.80. The stock’s 50 day simple moving average is $82.78 and its 200-day simple moving average is $70.70. The stock has a market cap of $24.49 billion, a PE ratio of 26.63, a P/E/G ratio of 5.29 and a beta of -0.01.

Insider Activity

In other news, insider Velchamy Sankarlingam sold 3,618 shares of the firm’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $84.94, for a total transaction of $307,312.92. Following the completion of the sale, the insider now directly owns 107,826 shares of the company’s stock, valued at $9,158,740.44. This trade represents a 3.25 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Shane Crehan sold 1,551 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $84.94, for a total transaction of $131,741.94. Following the sale, the chief accounting officer now owns 3,251 shares of the company’s stock, valued at $276,139.94. This trade represents a 32.30 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 338,315 shares of company stock worth $26,197,660. Company insiders own 10.78% of the company’s stock.

Institutional Investors Weigh In On Zoom Video Communications

Several large investors have recently added to or reduced their stakes in ZM. Baker Avenue Asset Management LP boosted its stake in Zoom Video Communications by 82.1% during the third quarter. Baker Avenue Asset Management LP now owns 28,593 shares of the company’s stock valued at $1,994,000 after buying an additional 12,890 shares during the period. Sanctuary Advisors LLC bought a new position in Zoom Video Communications in the second quarter valued at $763,000. HighTower Advisors LLC boosted its holdings in shares of Zoom Video Communications by 449.4% in the 3rd quarter. HighTower Advisors LLC now owns 63,618 shares of the company’s stock worth $4,429,000 after purchasing an additional 52,039 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its position in Zoom Video Communications by 15.4% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,257,714 shares of the company’s stock worth $87,713,000 after buying an additional 167,618 shares during the last quarter. Finally, National Pension Service lifted its holdings in shares of Zoom Video Communications by 30.1% in the 3rd quarter. National Pension Service now owns 655,227 shares of the company’s stock worth $45,696,000 after acquiring an additional 151,728 shares during the last quarter. Hedge funds and other 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.