Royal Bank of Canada Reaffirms Outperform Rating for Zoom Video Communications (NASDAQ:ZM)

Zoom Video Communications (NASDAQ:ZM)‘s stock had its “outperform” rating reiterated by Royal Bank of Canada in a report released on Wednesday,Benzinga reports. They currently have a $95.00 target price on the stock. Royal Bank of Canada’s price target would suggest a potential upside of 24.95% from the company’s previous close.

A number of other equities research analysts have also issued reports on ZM. Morgan Stanley upped their target price on shares of Zoom Video Communications from $86.00 to $96.00 and gave the stock an “equal weight” rating in a report on Wednesday, December 18th. Benchmark reissued a “buy” rating and issued a $97.00 price objective on shares of Zoom Video Communications in a report on Tuesday, February 25th. Citigroup dropped their price objective on shares of Zoom Video Communications from $86.00 to $85.00 and set a “neutral” rating for the company in a report on Tuesday, February 18th. Cantor Fitzgerald reissued a “neutral” rating and issued a $87.00 price objective on shares of Zoom Video Communications in a report on Tuesday, February 25th. Finally, Wells Fargo & Company raised shares of Zoom Video Communications from an “underweight” rating to an “equal weight” rating and upped their price objective for the company from $70.00 to $85.00 in a report on Tuesday, January 7th. Fifteen equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Zoom Video Communications presently has a consensus rating of “Hold” and a consensus price target of $89.33.

Zoom Video Communications Stock Performance

NASDAQ:ZM opened at $76.03 on Wednesday. The company has a fifty day moving average of $80.05 and a two-hundred day moving average of $77.77. The stock has a market capitalization of $23.21 billion, a PE ratio of 25.34, a P/E/G ratio of 5.48 and a beta of 0.26. Zoom Video Communications has a fifty-two week low of $55.06 and a fifty-two week high of $92.80.

Insiders Place Their Bets

In other news, insider Velchamy Sankarlingam sold 10,817 shares of the stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $78.69, for a total transaction of $851,189.73. Following the completion of the transaction, the insider now directly owns 117,760 shares in the company, valued at approximately $9,266,534.40. This represents a 8.41 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Eric S. Yuan sold 75,531 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $74.98, for a total value of $5,663,314.38. The disclosure for this sale can be found here. Insiders sold a total of 369,271 shares of company stock worth $29,496,892 in the last 90 days. 10.78% of the stock is owned by company insiders.

Hedge Funds Weigh In On Zoom Video Communications

Several large investors have recently added to or reduced their stakes in ZM. CIBC Asset Management Inc lifted its stake in Zoom Video Communications by 5.4% during the third quarter. CIBC Asset Management Inc now owns 9,108 shares of the company’s stock worth $635,000 after purchasing an additional 467 shares during the last quarter. Claro Advisors LLC bought a new position in Zoom Video Communications during the third quarter worth $276,000. Swiss National Bank lifted its stake in Zoom Video Communications by 1.3% during the third quarter. Swiss National Bank now owns 743,300 shares of the company’s stock worth $51,838,000 after purchasing an additional 9,400 shares during the last quarter. Quest Partners LLC lifted its stake in Zoom Video Communications by 28.2% during the third quarter. Quest Partners LLC now owns 9,214 shares of the company’s stock worth $643,000 after purchasing an additional 2,029 shares during the last quarter. Finally, Banque Cantonale Vaudoise lifted its stake in Zoom Video Communications by 22.2% during the third quarter. Banque Cantonale Vaudoise now owns 5,253 shares of the company’s stock worth $366,000 after purchasing an additional 956 shares during the last quarter. 66.54% of the stock is currently 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.