Scotiabank Upgrades Zoom Video Communications (NASDAQ:ZM) to Hold

Scotiabank upgraded shares of Zoom Video Communications (NASDAQ:ZM) to a hold rating in a research note issued to investors on Tuesday,Zacks.com reports.

A number of other equities research analysts also recently weighed in on the stock. Wedbush started coverage on shares of Zoom Video Communications in a research report on Thursday, October 17th. They issued an “outperform” rating and a $85.00 price target for the company. UBS Group upgraded Zoom Video Communications to a “hold” rating in a research report on Friday, July 26th. Benchmark raised their price target on Zoom Video Communications from $83.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Wells Fargo & Company upped their price objective on shares of Zoom Video Communications from $55.00 to $60.00 and gave the stock an “underweight” rating in a research report on Thursday, August 22nd. Finally, Robert W. Baird reduced their price objective on shares of Zoom Video Communications from $84.00 to $77.00 and set an “outperform” rating on the stock in a research note on Thursday, August 22nd. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $76.61.

Zoom Video Communications Stock Up 5.8 %

Shares of NASDAQ:ZM opened at $85.88 on Tuesday. Zoom Video Communications has a 12-month low of $55.06 and a 12-month high of $87.15. The business has a 50 day moving average of $73.43 and a 200-day moving average of $65.49. The stock has a market cap of $26.43 billion, a PE ratio of 30.78, a P/E/G ratio of 6.64 and a beta of -0.05.

Zoom Video Communications (NASDAQ:ZM) last announced its earnings results on Wednesday, August 21st. The company reported $1.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.21 by $0.18. Zoom Video Communications had a net margin of 19.08% and a return on equity of 10.77%. The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the previous year, the business posted $0.55 earnings per share. Zoom Video Communications’s quarterly revenue was up 2.1% on a year-over-year basis. Equities research analysts expect that Zoom Video Communications will post 2.77 earnings per share for the current year.

Insider Activity

In related news, CAO Shane Crehan sold 1,550 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $66.87, for a total value 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 represents a 51.44 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Aparna Bawa sold 831 shares of the company’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $66.29, for a total transaction of $55,086.99. Following the completion of the sale, the chief operating officer now owns 1,978 shares of the company’s stock, valued at approximately $131,121.62. The trade was a 29.58 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 367,108 shares of company stock worth $26,796,191. Company insiders own 10.78% of the company’s stock.

Hedge Funds Weigh In On Zoom Video Communications

Several institutional investors have recently modified their holdings of the business. Tri Ri Asset Management Corp purchased a new position in Zoom Video Communications in the third quarter valued at about $2,676,000. Hohimer Wealth Management LLC increased its position in Zoom Video Communications by 0.5% in the third quarter. Hohimer Wealth Management LLC now owns 49,538 shares of the company’s stock worth $3,455,000 after buying an additional 260 shares during the last quarter. Toronto Dominion Bank raised its stake in shares of Zoom Video Communications by 32.1% in the third quarter. Toronto Dominion Bank now owns 31,965 shares of the company’s stock valued at $2,229,000 after buying an additional 7,768 shares during the period. Geode Capital Management LLC grew its stake in shares of Zoom Video Communications by 4.2% during the 3rd quarter. Geode Capital Management LLC now owns 4,595,435 shares of the company’s stock worth $320,177,000 after acquiring an additional 184,518 shares during the period. Finally, Public Employees Retirement System of Ohio increased its holdings in Zoom Video Communications by 0.9% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 96,915 shares of the company’s stock worth $6,759,000 after acquiring an additional 817 shares during the last quarter. 66.54% of the stock is 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.