Zoom Video Communications (NASDAQ:ZM) Price Target Raised to $70.00

Zoom Video Communications (NASDAQ:ZM) had its price target hoisted by Wells Fargo & Company from $60.00 to $70.00 in a research report sent to investors on Tuesday,Benzinga reports. The brokerage currently has an underweight rating on the stock.

Other equities analysts have also issued reports about the company. Rosenblatt Securities reaffirmed a “buy” rating and issued a $78.00 price target on shares of Zoom Video Communications in a report on Friday, November 22nd. Needham & Company LLC reiterated a “hold” rating on shares of Zoom Video Communications in a research report on Friday, October 11th. Bank of America lowered their price target on Zoom Video Communications from $78.00 to $75.00 and set a “neutral” rating on the stock in a research report on Thursday, August 22nd. Evercore ISI raised 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 research note on Tuesday. Finally, Benchmark raised their price objective on Zoom Video Communications from $83.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Two investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Zoom Video Communications presently has an average rating of “Hold” and a consensus target price of $85.19.

Zoom Video Communications Trading Up 2.3 %

Shares of NASDAQ ZM opened at $85.36 on Tuesday. The stock has a fifty day simple moving average of $74.92 and a two-hundred day simple moving average of $66.16. Zoom Video Communications has a 1-year low of $55.06 and a 1-year high of $92.80. 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.

Insider Activity

In related news, CEO Eric S. Yuan sold 178,571 shares of the business’s stock in a transaction that occurred on Tuesday, November 5th. The shares were 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 Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Aparna Bawa sold 880 shares of Zoom Video Communications stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $68.09, for a total transaction of $59,919.20. Following the transaction, the chief operating officer now owns 2,809 shares in the company, valued at $191,264.81. This represents a 23.85 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 367,108 shares of company stock worth $26,796,191. Insiders own 10.78% of the company’s stock.

Institutional Trading of Zoom Video Communications

A number of institutional investors and hedge funds have recently bought and sold shares of ZM. Baker Avenue Asset Management LP increased its holdings in shares of Zoom Video Communications by 82.1% in the 3rd quarter. Baker Avenue Asset Management LP now owns 28,593 shares of the company’s stock worth $1,994,000 after buying an additional 12,890 shares during the last quarter. Sanctuary Advisors LLC purchased a new stake in shares of Zoom Video Communications in the 2nd quarter worth approximately $763,000. Robeco Institutional Asset Management B.V. lifted its position in shares of 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 purchasing an additional 167,618 shares during the period. National Pension Service raised its stake in shares of Zoom Video Communications by 30.1% during 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 in the last quarter. Finally, Eagle Asset Management Inc. bought a new position in shares of Zoom Video Communications during the 3rd quarter worth approximately $62,038,000. 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.