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

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

Several other research firms have also recently weighed in on ZM. Benchmark lifted their target price 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. Rosenblatt Securities restated a “buy” rating and issued a $78.00 target price on shares of Zoom Video Communications in a research note on Friday, November 22nd. Morgan Stanley upped their price target on Zoom Video Communications from $68.00 to $86.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft increased their target price on Zoom Video Communications from $71.00 to $75.00 and gave the stock a “hold” rating in a report on Friday, August 23rd. Finally, Stifel Nicolaus raised their price target on Zoom Video Communications from $70.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $85.19.

Zoom Video Communications Trading Up 2.3 %

NASDAQ ZM opened at $85.36 on Tuesday. The stock’s 50-day moving average price is $74.92 and its two-hundred day moving average price is $66.16. The company has a market cap of $26.27 billion, a PE ratio of 28.45, a PEG ratio of 7.12 and a beta of -0.05. Zoom Video Communications has a 1 year low of $55.06 and a 1 year high of $92.80.

Insider Buying and Selling

In related news, CAO Shane Crehan sold 1,550 shares of Zoom Video Communications stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $66.87, for a total transaction of $103,648.50. Following the completion of the sale, the chief accounting officer now directly owns 1,463 shares of the company’s stock, valued at approximately $97,830.81. This trade represents a 51.44 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Velchamy Sankarlingam sold 3,614 shares of Zoom Video Communications stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $66.87, for a total value of $241,668.18. Following the completion of the transaction, the insider now directly owns 94,000 shares of the company’s stock, valued at $6,285,780. This represents a 3.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 367,108 shares of company stock worth $26,796,191. 10.78% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Zoom Video Communications

A number of institutional investors have recently modified their holdings of ZM. Pacer Advisors Inc. grew its position in Zoom Video Communications by 96.7% during the 2nd quarter. Pacer Advisors Inc. now owns 5,246,938 shares of the company’s stock worth $310,566,000 after acquiring an additional 2,579,720 shares during the last quarter. AQR Capital Management LLC raised its stake in Zoom Video Communications by 78.5% during the 2nd quarter. AQR Capital Management LLC now owns 5,731,354 shares of the company’s stock worth $337,233,000 after buying an additional 2,520,987 shares during the period. FMR LLC raised its stake in Zoom Video Communications by 23.8% during the 3rd quarter. FMR LLC now owns 12,444,887 shares of the company’s stock worth $867,906,000 after buying an additional 2,395,396 shares during the period. Acadian Asset Management LLC raised its stake in shares of Zoom Video Communications by 60.9% in the second quarter. Acadian Asset Management LLC now owns 4,902,397 shares of the company’s stock worth $290,153,000 after purchasing an additional 1,855,679 shares during the last quarter. Finally, Eagle Asset Management Inc. purchased a new stake in shares of Zoom Video Communications in the third quarter worth approximately $62,038,000. Institutional investors and hedge funds own 66.54% of the company’s stock.

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.