Zoom Video Communications (NASDAQ:ZM) Price Target Cut to $75.00 by Analysts at Scotiabank

Zoom Video Communications (NASDAQ:ZM) had its target price reduced by Scotiabank from $85.00 to $75.00 in a report released on Monday morning,Benzinga reports. They currently have a sector perform rating on the stock.

Several other equities analysts have also commented on the stock. Rosenblatt Securities reissued a “buy” rating and issued a $95.00 target price on shares of Zoom Video Communications in a report on Tuesday, February 25th. Needham & Company LLC reiterated a “hold” rating on shares of Zoom Video Communications in a research report on Tuesday, February 25th. Mizuho boosted their price objective on shares of Zoom Video Communications from $90.00 to $105.00 and gave the company an “outperform” rating in a research report on Tuesday, November 26th. Royal Bank of Canada restated an “outperform” rating and set a $95.00 target price on shares of Zoom Video Communications in a research note on Tuesday, November 26th. Finally, Bank of America lifted their price target on Zoom Video Communications from $75.00 to $90.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Fifteen investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $89.33.

Zoom Video Communications Stock Performance

ZM opened at $75.16 on Monday. Zoom Video Communications has a 52-week low of $55.06 and a 52-week high of $92.80. The firm has a market cap of $22.94 billion, a P/E ratio of 25.05, a price-to-earnings-growth ratio of 5.48 and a beta of 0.26. The business’s fifty day moving average is $80.30 and its 200-day moving average is $77.75.

Insiders Place Their Bets

In related news, insider Velchamy Sankarlingam sold 10,817 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $78.69, for a total value of $851,189.73. Following the sale, the insider now directly owns 117,760 shares in the company, valued at $9,266,534.40. This represents a 8.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Eric S. Yuan sold 75,531 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $74.98, for a total transaction of $5,663,314.38. The disclosure for this sale can be found here. Insiders have sold 369,271 shares of company stock valued at $29,496,892 in the last ninety days. 10.78% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Zoom Video Communications

A number of institutional investors have recently modified their holdings of the company. Global X Japan Co. Ltd. boosted its position in shares of Zoom Video Communications by 127.5% during the 4th quarter. Global X Japan Co. Ltd. now owns 339 shares of the company’s stock valued at $28,000 after purchasing an additional 190 shares in the last quarter. Avior Wealth Management LLC lifted its stake in Zoom Video Communications by 291.2% in the fourth quarter. Avior Wealth Management LLC now owns 356 shares of the company’s stock valued at $29,000 after buying an additional 265 shares during the period. Parkside Financial Bank & Trust boosted its holdings in shares of Zoom Video Communications by 277.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 351 shares of the company’s stock worth $29,000 after buying an additional 258 shares in the last quarter. Raiffeisen Bank International AG acquired a new stake in shares of Zoom Video Communications during the 4th quarter worth approximately $30,000. Finally, Colonial Trust Co SC bought a new stake in shares of Zoom Video Communications in the 4th quarter valued at $32,000. 66.54% of the stock is owned by institutional investors.

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.