Jefferies Financial Group Upgrades Zoom Video Communications (NASDAQ:ZM) to Buy

Zoom Video Communications (NASDAQ:ZM) was upgraded by Jefferies Financial Group from a “hold” rating to a “buy” rating in a report released on Thursday, MarketBeat reports. The firm presently has a $100.00 target price on the stock, up from their previous target price of $85.00. Jefferies Financial Group’s price target would indicate a potential upside of 16.82% from the company’s current price.

Several other brokerages also recently weighed in on ZM. Wells Fargo & Company increased their target price on shares of Zoom Video Communications from $60.00 to $70.00 and gave the company an “underweight” rating in a research note on Tuesday, November 26th. Bank of America increased their target price on Zoom Video Communications from $75.00 to $90.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Barclays raised their target price on shares of Zoom Video Communications from $70.00 to $85.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 27th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $78.00 price target on shares of Zoom Video Communications in a report on Friday, November 22nd. Finally, Morgan Stanley boosted their target price on shares of Zoom Video Communications from $86.00 to $96.00 and gave the company an “equal weight” rating in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Zoom Video Communications currently has a consensus rating of “Hold” and a consensus price target of $87.10.

Zoom Video Communications Price Performance

NASDAQ:ZM opened at $85.60 on Thursday. Zoom Video Communications has a 1 year low of $55.06 and a 1 year high of $92.80. The stock’s 50 day simple moving average is $79.85 and its two-hundred day simple moving average is $68.54. The company has a market cap of $26.24 billion, a price-to-earnings ratio of 28.53, a PEG ratio of 5.29 and a beta of -0.03.

Insider Activity

In other news, insider Velchamy Sankarlingam sold 10,338 shares of the stock in a transaction on Thursday, October 10th. The stock was sold at an average price of $69.51, for a total value of $718,594.38. Following the sale, the insider now directly owns 104,414 shares in the company, valued at approximately $7,257,817.14. This trade represents a 9.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Kelly Steckelberg sold 8,901 shares of the business’s stock in a transaction that occurred on Wednesday, October 2nd. The stock was sold at an average price of $67.79, for a total transaction of $603,398.79. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 428,513 shares of company stock valued at $32,366,914. 10.78% of the stock is currently owned by company insiders.

Institutional Trading of Zoom Video Communications

Several institutional investors and hedge funds have recently bought and sold shares of ZM. Wealth Enhancement Advisory Services LLC increased its position in shares of Zoom Video Communications by 2.5% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 11,311 shares of the company’s stock valued at $669,000 after buying an additional 273 shares in the last quarter. Nisa Investment Advisors LLC raised its position 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 position in Zoom Video Communications in the second quarter worth about $219,000. McAdam LLC bought a new stake in Zoom Video Communications during the second quarter valued at $272,000. Finally, Easterly Investment Partners LLC acquired a new position in Zoom Video Communications in the second quarter valued at approximately $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.