Bank of America Boosts Zoom Video Communications (NASDAQ:ZM) Price Target to $90.00

Zoom Video Communications (NASDAQ:ZM) had its target price raised by equities research analysts at Bank of America from $75.00 to $90.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Bank of America‘s price objective suggests a potential upside of 5.44% from the company’s previous close.

A number of other equities analysts also recently commented on the stock. Piper Sandler increased their target price on Zoom Video Communications from $68.00 to $89.00 and gave the company a “neutral” rating in a report on Tuesday. The Goldman Sachs Group upped their price objective on Zoom Video Communications from $72.00 to $86.00 and gave the stock a “neutral” rating in a research report on Tuesday. Stifel Nicolaus raised their target price on Zoom Video Communications from $70.00 to $90.00 and gave the stock a “hold” rating in a research report on Tuesday. Scotiabank raised Zoom Video Communications to a “hold” rating in a report on Tuesday, November 19th. Finally, Rosenblatt Securities reissued a “buy” rating and set a $78.00 price objective on shares of Zoom Video Communications in a report on Friday, November 22nd. Two investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $85.19.

Zoom Video Communications Stock Up 2.3 %

Shares of Zoom Video Communications stock opened at $85.36 on Tuesday. Zoom Video Communications has a 52-week low of $55.06 and a 52-week high of $92.80. The company has a 50 day moving average of $74.55 and a 200 day moving average of $66.03. The company has a market capitalization of $26.27 billion, a P/E ratio of 30.59, a P/E/G ratio of 7.60 and a beta of -0.05.

Insiders Place Their Bets

In other Zoom Video Communications news, insider Velchamy Sankarlingam sold 3,614 shares of the business’s 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 transaction, the insider now directly owns 94,000 shares of the company’s stock, valued at approximately $6,285,780. The trade was a 3.70 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Eric S. Yuan sold 178,571 shares of the firm’s stock in a transaction on Tuesday, November 5th. The stock was 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 sold 367,108 shares of company stock valued at $26,796,191. 10.78% of the stock is owned by company insiders.

Institutional Inflows and Outflows

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

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.