Zoom Video Communications (NASDAQ:ZM) Given New $89.00 Price Target at Sanford C. Bernstein

Zoom Video Communications (NASDAQ:ZM) had its target price boosted by Sanford C. Bernstein from $78.00 to $89.00 in a research note released on Tuesday morning,Benzinga reports. The brokerage currently has a market perform rating on the stock.

Several other research analysts have also recently weighed in on the stock. Mizuho lifted their price target on shares of Zoom Video Communications from $90.00 to $105.00 and gave the stock an “outperform” rating in a research note on Tuesday. Stifel Nicolaus lifted their target price on Zoom Video Communications from $70.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday. Benchmark upped their price target on Zoom Video Communications from $85.00 to $97.00 and gave the stock a “buy” rating in a research report on Tuesday. Wedbush began coverage on Zoom Video Communications in a research report on Thursday, October 17th. They set an “outperform” rating and a $85.00 price objective on the stock. Finally, Evercore ISI upgraded Zoom Video Communications from an “in-line” rating to an “outperform” rating and boosted their price objective for the company from $70.00 to $115.00 in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $85.20.

Zoom Video Communications Trading Down 6.3 %

ZM opened at $83.41 on Tuesday. The company’s 50 day moving average is $74.16 and its 200 day moving average is $65.89. The company has a market cap of $25.67 billion, a price-to-earnings ratio of 29.90, a PEG ratio of 7.33 and a beta of -0.05. Zoom Video Communications has a 12-month low of $55.06 and a 12-month high of $92.80.

Insider Buying and Selling at Zoom Video Communications

In other Zoom Video Communications news, COO Aparna Bawa sold 880 shares of Zoom Video Communications stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $68.09, for a total value of $59,919.20. Following the completion of the transaction, the chief operating officer now directly owns 2,809 shares of the company’s stock, valued at $191,264.81. This trade represents a 23.85 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Velchamy Sankarlingam sold 3,614 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $66.87, for a total transaction of $241,668.18. Following the sale, the insider now owns 94,000 shares in the company, 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. Insiders sold 367,108 shares of company stock valued at $26,796,191 in the last 90 days. Insiders own 10.78% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ZM. Tri Ri Asset Management Corp purchased a new stake in Zoom Video Communications during the third quarter valued at approximately $2,653,000. Sanctuary Advisors LLC increased its position in shares of Zoom Video Communications by 22.1% during the 3rd quarter. Sanctuary Advisors LLC now owns 15,020 shares of the company’s stock valued at $1,047,000 after purchasing an additional 2,714 shares during the last quarter. Hohimer Wealth Management LLC raised its holdings in Zoom Video Communications by 0.5% during the 3rd quarter. Hohimer Wealth Management LLC now owns 49,538 shares of the company’s stock valued at $3,455,000 after buying an additional 260 shares during the period. Toronto Dominion Bank lifted its position in Zoom Video Communications by 32.1% in the third quarter. Toronto Dominion Bank now owns 31,965 shares of the company’s stock worth $2,229,000 after buying an additional 7,768 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in Zoom Video Communications by 4.2% during the third quarter. Geode Capital Management LLC now owns 4,595,435 shares of the company’s stock worth $320,177,000 after buying an additional 184,518 shares during the period. Hedge funds and other institutional investors own 66.54% of the company’s stock.

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.