Evercore ISI Upgrades Zoom Video Communications (NASDAQ:ZM) to Outperform

Evercore ISI upgraded shares of Zoom Video Communications (NASDAQ:ZM) from an in-line rating to an outperform rating in a research report report published on Tuesday, MarketBeat reports. The firm currently has $115.00 target price on the stock, up from their previous target price of $70.00.

ZM has been the topic of a number of other research reports. Benchmark upped their price target on shares of Zoom Video Communications from $83.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Wells Fargo & Company upped their price target on shares of Zoom Video Communications from $55.00 to $60.00 and gave the company an “underweight” rating in a research note on Thursday, August 22nd. Scotiabank raised shares of Zoom Video Communications to a “hold” rating in a research note on Tuesday, November 19th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $95.00 price target on shares of Zoom Video Communications in a research note on Thursday, October 10th. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Zoom Video Communications from $71.00 to $75.00 and gave the company a “hold” rating in a research note on Friday, August 23rd. Two equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $85.19.

Zoom Video Communications Stock Up 2.3 %

Zoom Video Communications stock opened at $85.36 on Tuesday. The company has a market cap of $26.27 billion, a price-to-earnings ratio of 28.45, a PEG ratio of 7.12 and a beta of -0.05. The firm’s fifty day moving average is $74.92 and its 200 day moving average is $66.16. Zoom Video Communications has a 52-week low of $55.06 and a 52-week high of $92.80.

Insider Activity

In other news, insider Velchamy Sankarlingam sold 3,614 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $66.87, for a total value of $241,668.18. Following the sale, the insider now directly owns 94,000 shares in the company, valued at approximately $6,285,780. This trade represents a 3.70 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Eric S. Yuan sold 178,571 shares of the firm’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $76.91, for a total transaction of $13,733,895.61. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 367,108 shares of company stock worth $26,796,191. Corporate insiders own 10.78% of the company’s stock.

Hedge Funds Weigh In On Zoom Video Communications

Hedge funds and other institutional investors have recently modified their holdings of the stock. Truvestments Capital LLC purchased a new position in shares of Zoom Video Communications in the 3rd quarter valued at approximately $37,000. Innealta Capital LLC purchased a new position in shares of Zoom Video Communications in the 2nd quarter valued at approximately $33,000. Allworth Financial LP raised its position in shares of Zoom Video Communications by 43.8% in the 3rd quarter. Allworth Financial LP now owns 591 shares of the company’s stock valued at $41,000 after purchasing an additional 180 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Zoom Video Communications in the 2nd quarter valued at approximately $36,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new position in Zoom Video Communications during the 2nd quarter worth approximately $41,000. 66.54% of the stock is owned by hedge funds and other 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.