Zoom Video Communications (NASDAQ:ZM) Stock Price Expected to Rise, Piper Sandler Analyst Says

Zoom Video Communications (NASDAQ:ZM) had its target price lifted by Piper Sandler from $68.00 to $89.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s price objective would suggest a potential upside of 4.26% from the stock’s current price.

Several other equities analysts have also issued reports on ZM. Wells Fargo & Company boosted their price target on shares of Zoom Video Communications from $60.00 to $70.00 and gave the company an “underweight” rating in a report on Tuesday. Wedbush started coverage on Zoom Video Communications in a report on Thursday, October 17th. They set an “outperform” rating and a $85.00 target price on the stock. Evercore ISI upgraded Zoom Video Communications from an “in-line” rating to an “outperform” rating and increased their price target for the stock from $70.00 to $115.00 in a report on Tuesday. Stifel Nicolaus lifted their price objective on Zoom Video Communications from $70.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday. Finally, Needham & Company LLC reissued a “hold” rating on shares of Zoom Video Communications in a research note on Friday, October 11th. Two investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Zoom Video Communications has an average rating of “Hold” and a consensus target price of $85.19.

Zoom Video Communications Price Performance

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

Insider Activity

In related news, insider Velchamy Sankarlingam sold 3,614 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $66.87, for a total transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Aparna Bawa sold 880 shares of the 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 sale, the chief operating officer now owns 2,809 shares in the company, valued at approximately $191,264.81. This trade represents a 23.85 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 367,108 shares of company stock valued at $26,796,191. 10.78% of the stock is owned by company insiders.

Hedge Funds Weigh In On Zoom Video Communications

Several institutional investors and hedge funds have recently modified their holdings of the stock. Truvestments Capital LLC acquired a new stake in shares of Zoom Video Communications during the 3rd quarter worth about $37,000. Innealta Capital LLC bought a new position in Zoom Video Communications in the 2nd quarter valued at about $33,000. Allworth Financial LP lifted its position in Zoom Video Communications by 43.8% during the third quarter. Allworth Financial LP now owns 591 shares of the company’s stock worth $41,000 after acquiring an additional 180 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Zoom Video Communications during the second quarter worth approximately $36,000. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new stake in shares of Zoom Video Communications during the second quarter worth approximately $41,000. 66.54% of the stock is currently owned by institutional investors and hedge funds.

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.