Zoom Video Communications (NASDAQ:ZM) Receives Hold Rating from Needham & Company LLC

Zoom Video Communications (NASDAQ:ZM)‘s stock had its “hold” rating reissued by Needham & Company LLC in a research report issued to clients and investors on Friday,Benzinga reports.

A number of other equities analysts have also recently commented on ZM. Evercore ISI upgraded shares of Zoom Video Communications from an “in-line” rating to an “outperform” rating and lifted their target price for the stock from $70.00 to $115.00 in a research report on Tuesday, November 26th. Piper Sandler lifted their price objective on Zoom Video Communications from $68.00 to $89.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Scotiabank upgraded Zoom Video Communications to a “hold” rating in a report on Tuesday, November 19th. Wells Fargo & Company raised Zoom Video Communications from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $70.00 to $85.00 in a research note on Tuesday, January 7th. Finally, Bank of America increased their price objective on Zoom Video Communications from $75.00 to $90.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Zoom Video Communications currently has a consensus rating of “Hold” and an average price target of $87.81.

Zoom Video Communications Trading Down 0.6 %

Shares of NASDAQ ZM opened at $79.46 on Friday. The stock’s 50-day moving average is $82.96 and its 200 day moving average is $71.01. The stock has a market cap of $24.35 billion, a price-to-earnings ratio of 26.49, a P/E/G ratio of 5.29 and a beta of -0.01. Zoom Video Communications has a 1-year low of $55.06 and a 1-year high of $92.80.

Insider Activity

In other news, Director Jonathan Chadwick sold 12,500 shares of Zoom Video Communications stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $68.36, for a total value of $854,500.00. Following the completion of the transaction, the director now owns 1,514 shares of the company’s stock, valued at $103,497.04. The trade was a 89.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Eric S. Yuan sold 33,751 shares of Zoom Video Communications stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $78.69, for a total transaction of $2,655,866.19. Following the completion of the transaction, the chief executive officer now directly owns 34,703 shares of the company’s stock, valued at $2,730,779.07. This trade represents a 49.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 381,383 shares of company stock worth $29,586,681. Corporate insiders own 10.78% of the company’s stock.

Hedge Funds Weigh In On Zoom Video Communications

A number of institutional investors and hedge funds have recently modified their holdings of ZM. FMR LLC increased its position 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 valued at $867,906,000 after purchasing an additional 2,395,396 shares during the last quarter. State Street Corp grew its position 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 valued at $425,853,000 after buying an additional 134,559 shares during the period. AQR Capital Management LLC increased its holdings in Zoom Video Communications by 78.5% during the second quarter. AQR Capital Management LLC now owns 5,731,354 shares of the company’s stock valued at $337,233,000 after buying an additional 2,520,987 shares during the last quarter. Pacer Advisors Inc. raised its position in Zoom Video Communications by 4.4% in the third quarter. Pacer Advisors Inc. now owns 5,480,179 shares of the company’s stock worth $382,188,000 after acquiring an additional 233,241 shares during the period. Finally, Geode Capital Management LLC boosted its stake in shares of Zoom Video Communications by 4.2% during the 3rd quarter. Geode Capital Management LLC now owns 4,595,435 shares of the company’s stock worth $320,177,000 after acquiring an additional 184,518 shares during the last quarter. 66.54% of the stock is currently owned by hedge funds and other institutional investors.

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.