Zoom Video Communications (NASDAQ:ZM) Given New $75.00 Price Target at Scotiabank

Zoom Video Communications (NASDAQ:ZM) had its price target cut by Scotiabank from $85.00 to $75.00 in a research note issued to investors on Monday,Benzinga reports. They currently have a sector perform rating on the stock.

Other research analysts also recently issued reports about the stock. Stifel Nicolaus cut their target price on shares of Zoom Video Communications from $90.00 to $85.00 and set a “hold” rating on the stock in a research report on Tuesday, February 25th. Cantor Fitzgerald restated a “neutral” rating and set a $87.00 target price on shares of Zoom Video Communications in a research report on Tuesday, February 25th. The Goldman Sachs Group upped their target price on shares of Zoom Video Communications from $72.00 to $86.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. JMP Securities restated a “market perform” rating on shares of Zoom Video Communications in a research report on Tuesday, November 26th. Finally, Bank of America upped their target price on shares of Zoom Video Communications from $75.00 to $90.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Fifteen investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Zoom Video Communications currently has a consensus rating of “Hold” and a consensus price target of $89.33.

Zoom Video Communications Stock Up 1.3 %

Shares of NASDAQ ZM opened at $75.16 on Monday. The firm’s 50-day simple moving average is $80.30 and its 200 day simple moving average is $77.75. The company has a market cap of $22.94 billion, a price-to-earnings ratio of 25.05, a price-to-earnings-growth ratio of 5.48 and a beta of 0.26. Zoom Video Communications has a 12-month low of $55.06 and a 12-month high of $92.80.

Insiders Place Their Bets

In related news, CEO Eric S. Yuan sold 75,531 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $74.98, for a total value of $5,663,314.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Shane Crehan sold 1,412 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $78.69, for a total value of $111,110.28. Following the transaction, the chief accounting officer now directly owns 5,404 shares in the company, valued at approximately $425,240.76. This trade represents a 20.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 369,271 shares of company stock valued at $29,496,892 in the last 90 days. 10.78% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ZM. HighTower Advisors LLC increased its position in Zoom Video Communications by 449.4% during the 3rd quarter. HighTower Advisors LLC now owns 63,618 shares of the company’s stock worth $4,429,000 after buying an additional 52,039 shares during the period. Merit Financial Group LLC acquired a new position in shares of Zoom Video Communications in the fourth quarter valued at about $1,072,000. Eagle Asset Management Inc. bought a new position in Zoom Video Communications during the third quarter worth about $62,038,000. State Street Corp raised its stake in Zoom Video Communications by 2.3% in the 3rd quarter. State Street Corp now owns 6,106,293 shares of the company’s stock worth $425,853,000 after purchasing an additional 134,559 shares in the last quarter. Finally, GSA Capital Partners LLP bought a new stake in Zoom Video Communications in the 3rd quarter valued at about $712,000. 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.