Bank of America Forecasts Strong Price Appreciation for Zoom Video Communications (NASDAQ:ZM) Stock

Zoom Video Communications (NASDAQ:ZM) had its price objective raised by research analysts at Bank of America from $75.00 to $90.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Bank of America‘s target price points to a potential upside of 5.44% from the stock’s current price.

Several other research analysts also recently weighed in on the stock. Needham & Company LLC restated a “hold” rating on shares of Zoom Video Communications in a research report on Friday, October 11th. Wells Fargo & Company increased their target price on Zoom Video Communications from $60.00 to $70.00 and gave the company an “underweight” rating in a report on Tuesday. JMP Securities reaffirmed a “market perform” rating on shares of Zoom Video Communications in a research note on Tuesday. Royal Bank of Canada reissued an “outperform” rating and issued a $95.00 price objective on shares of Zoom Video Communications in a research note on Tuesday. Finally, Deutsche Bank Aktiengesellschaft lifted their target price on shares of Zoom Video Communications from $71.00 to $75.00 and gave the stock a “hold” rating in a research note on Friday, August 23rd. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Zoom Video Communications has an average rating of “Hold” and an average price target of $85.19.

Zoom Video Communications Stock Performance

Shares of NASDAQ ZM opened at $85.36 on Tuesday. The firm has a fifty day moving average of $74.55 and a 200 day moving average of $66.03. The firm has a market cap of $26.27 billion, a PE ratio of 30.59, a PEG ratio of 7.60 and a beta of -0.05. Zoom Video Communications has a one year low of $55.06 and a one year high of $92.80.

Insider Buying and Selling

In related news, insider Velchamy Sankarlingam sold 3,614 shares of the business’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $66.87, for a total value of $241,668.18. Following the sale, the insider now owns 94,000 shares in the company, valued at approximately $6,285,780. The trade was a 3.70 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Aparna Bawa sold 831 shares of the stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $66.29, for a total value of $55,086.99. Following the transaction, the chief operating officer now directly owns 1,978 shares in the company, valued at approximately $131,121.62. The trade was a 29.58 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 367,108 shares of company stock valued at $26,796,191. 10.78% of the stock is currently owned by insiders.

Institutional Trading of Zoom Video Communications

A number of institutional investors and hedge funds have recently bought and sold shares of ZM. Baker Avenue Asset Management LP boosted its stake in shares of Zoom Video Communications by 82.1% in the third quarter. Baker Avenue Asset Management LP now owns 28,593 shares of the company’s stock valued at $1,994,000 after purchasing an additional 12,890 shares during the period. Sanctuary Advisors LLC acquired a new stake in Zoom Video Communications during the 2nd quarter worth approximately $763,000. Robeco Institutional Asset Management B.V. boosted its position in Zoom Video Communications by 15.4% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,257,714 shares of the company’s stock valued at $87,713,000 after buying an additional 167,618 shares during the period. National Pension Service grew its stake in shares of Zoom Video Communications by 30.1% in the third quarter. National Pension Service now owns 655,227 shares of the company’s stock worth $45,696,000 after acquiring an additional 151,728 shares in the last quarter. Finally, Eagle Asset Management Inc. purchased a new stake in shares of Zoom Video Communications during the third quarter worth $62,038,000. 66.54% of the stock is currently owned by hedge funds and other 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.