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

Needham & Company LLC reissued their hold rating on shares of Zoom Video Communications (NASDAQ:ZM) in a report issued on Tuesday,Benzinga reports.

Other equities research analysts also recently issued reports about the stock. Benchmark raised their price target on shares of Zoom Video Communications from $85.00 to $97.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Cantor Fitzgerald began coverage on shares of Zoom Video Communications in a report on Friday, January 17th. They issued a “neutral” rating and a $87.00 price objective for the company. Evercore ISI upgraded shares of Zoom Video Communications from an “in-line” rating to an “outperform” rating and raised their price objective for the company from $70.00 to $115.00 in a report on Tuesday, November 26th. Stifel Nicolaus raised their price objective on shares of Zoom Video Communications from $70.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday, November 26th. Finally, Wells Fargo & Company upgraded shares of Zoom Video Communications from an “underweight” rating to an “equal weight” rating and raised their price objective for the company from $70.00 to $85.00 in a report on Tuesday, January 7th. Sixteen analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Zoom Video Communications currently has a consensus rating of “Hold” and a consensus target price of $89.81.

Zoom Video Communications Trading Down 8.5 %

ZM opened at $74.22 on Tuesday. The company’s 50 day moving average is $82.92 and its 200-day moving average is $76.67. Zoom Video Communications has a 1-year low of $55.06 and a 1-year high of $92.80. The company has a market cap of $22.75 billion and a P/E ratio of 24.74.

Insider Buying and Selling at Zoom Video Communications

In other Zoom Video Communications news, CAO Shane Crehan sold 1,551 shares of the stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $84.94, for a total value of $131,741.94. Following the transaction, the chief accounting officer now owns 3,251 shares in the company, valued at approximately $276,139.94. This represents a 32.30 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Velchamy Sankarlingam sold 3,618 shares of the stock in a transaction that occurred on Tuesday, December 10th. The stock was sold at an average price of $84.94, for a total value of $307,312.92. Following the completion of the transaction, the insider now owns 107,826 shares in the company, valued at approximately $9,158,740.44. The trade was a 3.25 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 382,242 shares of company stock valued at $31,230,938. Corporate insiders own 10.78% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Leigh Baldwin & CO. LLC bought a new position in Zoom Video Communications in the fourth quarter worth approximately $239,000. Mackenzie Financial Corp boosted its holdings in Zoom Video Communications by 98.6% in the fourth quarter. Mackenzie Financial Corp now owns 70,955 shares of the company’s stock worth $5,791,000 after acquiring an additional 35,230 shares in the last quarter. Forum Financial Management LP purchased a new stake in shares of Zoom Video Communications in the fourth quarter worth approximately $345,000. Peak Retirement Planning Inc. purchased a new stake in shares of Zoom Video Communications in the fourth quarter worth approximately $961,000. Finally, Toronto Dominion Bank raised its stake in shares of Zoom Video Communications by 4.9% in the fourth quarter. Toronto Dominion Bank now owns 33,541 shares of the company’s stock worth $2,737,000 after purchasing an additional 1,576 shares during 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.