The Goldman Sachs Group Forecasts Strong Price Appreciation for Zoom Video Communications (NASDAQ:ZM) Stock

Zoom Video Communications (NASDAQ:ZM) had its target price raised by stock analysts at The Goldman Sachs Group from $72.00 to $86.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective would suggest a potential upside of 0.75% from the stock’s current price.

ZM has been the subject of a number of other research reports. Bank of America dropped their target price on Zoom Video Communications from $78.00 to $75.00 and set a “neutral” rating for the company in a report on Thursday, August 22nd. Piper Sandler increased their price target on shares of Zoom Video Communications from $68.00 to $89.00 and gave the stock a “neutral” rating in a research report on Tuesday. Wedbush assumed coverage on Zoom Video Communications in a research report on Thursday, October 17th. They set an “outperform” rating and a $85.00 price objective for the company. Scotiabank upgraded shares of Zoom Video Communications to a “hold” rating in a research report on Tuesday, November 19th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Zoom Video Communications in a report on Tuesday. Two investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $85.19.

Zoom Video Communications Price Performance

Shares of ZM opened at $85.36 on Tuesday. The firm has a market capitalization of $26.27 billion, a PE ratio of 30.59, a PEG ratio of 7.60 and a beta of -0.05. Zoom Video Communications has a fifty-two week low of $55.06 and a fifty-two week high of $92.80. The company’s 50-day moving average is $74.55 and its 200-day moving average is $66.03.

Insiders Place Their Bets

In other Zoom Video Communications news, insider Velchamy Sankarlingam sold 3,614 shares of the company’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $66.87, for a total transaction of $241,668.18. Following the transaction, the insider now owns 94,000 shares in the company, valued at approximately $6,285,780. This represents a 3.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Aparna Bawa sold 880 shares of Zoom Video Communications stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $68.09, for a total transaction of $59,919.20. Following the transaction, the chief operating officer now owns 2,809 shares of the company’s stock, valued at $191,264.81. This represents a 23.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 367,108 shares of company stock worth $26,796,191. Company insiders own 10.78% of the company’s stock.

Institutional Trading of Zoom Video Communications

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ZM. Truvestments Capital LLC bought a new position in shares of Zoom Video Communications in the third quarter valued at approximately $37,000. Innealta Capital LLC purchased a new stake in Zoom Video Communications during the 2nd quarter worth about $33,000. Allworth Financial LP lifted its holdings in shares of Zoom Video Communications by 43.8% in the third quarter. Allworth Financial LP now owns 591 shares of the company’s stock worth $41,000 after buying an additional 180 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Zoom Video Communications in the 2nd quarter worth approximately $36,000. Finally, Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Zoom Video Communications in the second quarter worth $41,000. 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.