Zoom Video Communications (NASDAQ:ZM) Price Target Raised to $85.00

Zoom Video Communications (NASDAQ:ZM) had its target price raised by Barclays from $70.00 to $85.00 in a report issued on Wednesday morning,Benzinga reports. Barclays currently has an equal weight rating on the stock.

Other research analysts also recently issued research reports about the company. Wedbush started coverage on Zoom Video Communications in a research note on Thursday, October 17th. They issued an “outperform” rating and a $85.00 price objective on the stock. JMP Securities reaffirmed a “market perform” rating on shares of Zoom Video Communications in a report on Tuesday. Robert W. Baird dropped their price objective on shares of Zoom Video Communications from $84.00 to $77.00 and set an “outperform” rating for the company in a research note on Thursday, August 22nd. Evercore ISI raised Zoom Video Communications from an “in-line” rating to an “outperform” rating and boosted their target price for the company from $70.00 to $115.00 in a research report on Tuesday. Finally, Morgan Stanley increased their price objective on shares of Zoom Video Communications from $68.00 to $86.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 13th. Two 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’s stock. According to data from MarketBeat.com, Zoom Video Communications has an average rating of “Hold” and an average target price of $85.19.

Zoom Video Communications Stock Performance

ZM stock opened at $82.69 on Wednesday. Zoom Video Communications has a fifty-two week low of $55.06 and a fifty-two week high of $92.80. The company has a market cap of $25.45 billion, a price-to-earnings ratio of 27.56, a P/E/G ratio of 5.69 and a beta of -0.05. The business’s 50-day moving average is $75.22 and its two-hundred day moving average is $66.30.

Insider Transactions at Zoom Video Communications

In other Zoom Video Communications news, CFO Kelly Steckelberg sold 14,151 shares of the stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $68.12, for a total transaction of $963,966.12. Following the sale, the chief financial officer now directly owns 140,427 shares of the company’s stock, valued at approximately $9,565,887.24. This trade represents a 9.15 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Eric S. Yuan sold 178,571 shares of Zoom Video Communications stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $76.91, for a total value of $13,733,895.61. 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 quarter. 10.78% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Zoom Video Communications

Large investors have recently made changes to their positions in the company. Jacobs Levy Equity Management Inc. acquired a new position in Zoom Video Communications in the 1st quarter valued at $260,000. California State Teachers Retirement System increased its position in shares of Zoom Video Communications by 1.7% during the first quarter. California State Teachers Retirement System now owns 396,209 shares of the company’s stock worth $25,900,000 after acquiring an additional 6,630 shares during the period. Tidal Investments LLC raised its position in Zoom Video Communications by 89.7% in the 1st quarter. Tidal Investments LLC now owns 34,352 shares of the company’s stock valued at $2,246,000 after purchasing an additional 16,248 shares in the last quarter. Comerica Bank grew its holdings in Zoom Video Communications by 15.6% during the 1st quarter. Comerica Bank now owns 4,966 shares of the company’s stock worth $325,000 after acquiring an additional 670 shares in the last quarter. Finally, iA Global Asset Management Inc. grew its stake in shares of Zoom Video Communications by 27.3% during the first quarter. iA Global Asset Management Inc. now owns 4,060 shares of the company’s stock worth $265,000 after purchasing an additional 870 shares in the last quarter. 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.