Morgan Stanley Boosts Zoom Video Communications (NASDAQ:ZM) Price Target to $96.00

Zoom Video Communications (NASDAQ:ZM) had its target price increased by equities research analysts at Morgan Stanley from $86.00 to $96.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective points to a potential upside of 14.22% from the company’s previous close.

Several other brokerages also recently weighed in on ZM. Scotiabank upgraded shares of Zoom Video Communications to a “hold” rating in a research report on Tuesday, November 19th. Benchmark raised their target price on shares of Zoom Video Communications from $85.00 to $97.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Sanford C. Bernstein boosted their price target on shares of Zoom Video Communications from $78.00 to $89.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 26th. Wells Fargo & Company raised their price objective on shares of Zoom Video Communications from $60.00 to $70.00 and gave the company an “underweight” rating in a research report on Tuesday, November 26th. Finally, Robert W. Baird dropped their target price on Zoom Video Communications from $84.00 to $77.00 and set an “outperform” rating on the stock in a research report on Thursday, August 22nd. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $87.10.

Zoom Video Communications Stock Up 2.4 %

Shares of Zoom Video Communications stock opened at $84.05 on Wednesday. Zoom Video Communications has a 52 week low of $55.06 and a 52 week high of $92.80. The firm’s 50 day moving average is $79.55 and its two-hundred day moving average is $68.37. The firm has a market capitalization of $25.76 billion, a P/E ratio of 28.02, a P/E/G ratio of 5.29 and a beta of -0.03.

Insider Buying and Selling

In related news, COO Aparna Bawa sold 10,871 shares of the firm’s stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $68.12, for a total value of $740,532.52. Following the transaction, the chief operating officer now owns 12,498 shares in the company, valued at approximately $851,363.76. This trade represents a 46.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Velchamy Sankarlingam sold 3,618 shares of Zoom Video Communications stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $84.94, for a total transaction of $307,312.92. Following the transaction, the insider now directly owns 107,826 shares in the company, valued at approximately $9,158,740.44. This trade represents a 3.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 428,513 shares of company stock valued at $32,366,914. Insiders own 10.78% of the company’s stock.

Institutional Investors Weigh In On Zoom Video Communications

Several institutional investors and hedge funds have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC increased its position in shares of Zoom Video Communications by 2.5% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 11,311 shares of the company’s stock worth $669,000 after acquiring an additional 273 shares during the last quarter. Nisa Investment Advisors LLC raised its stake in shares of Zoom Video Communications by 1,820.5% in the 2nd quarter. Nisa Investment Advisors LLC now owns 32,649 shares of the company’s stock valued at $1,932,000 after purchasing an additional 30,949 shares in the last quarter. Everhart Financial Group Inc. acquired a new stake in shares of Zoom Video Communications in the 2nd quarter valued at about $219,000. McAdam LLC bought a new position in shares of Zoom Video Communications during the second quarter worth about $272,000. Finally, Easterly Investment Partners LLC acquired a new position in Zoom Video Communications in the second quarter worth about $5,838,000. 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.