Wells Fargo & Company Forecasts Strong Price Appreciation for Zoom Video Communications (NASDAQ:ZM) Stock

Zoom Video Communications (NASDAQ:ZM) had its price objective increased by stock analysts at Wells Fargo & Company from $60.00 to $70.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an “underweight” rating on the stock. Wells Fargo & Company‘s target price suggests a potential downside of 17.99% from the stock’s current price.

Several other equities research analysts also recently weighed in on ZM. Rosenblatt Securities reiterated a “buy” rating and set a $78.00 target price on shares of Zoom Video Communications in a research note on Friday, November 22nd. Morgan Stanley increased their price objective on 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. Wedbush began coverage on Zoom Video Communications in a research note on Thursday, October 17th. They set an “outperform” rating and a $85.00 price target for the company. Bank of America reduced their target price on shares of Zoom Video Communications from $78.00 to $75.00 and set a “neutral” rating for the company in a research note on Thursday, August 22nd. Finally, Deutsche Bank Aktiengesellschaft boosted their price target 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 investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $85.19.

Zoom Video Communications Price Performance

Shares of Zoom Video Communications stock opened at $85.36 on Tuesday. The firm’s fifty day simple moving average is $74.55 and its 200-day simple moving average is $66.03. Zoom Video Communications has a 12 month low of $55.06 and a 12 month high of $92.80. The stock has a market capitalization of $26.27 billion, a price-to-earnings ratio of 30.59, a PEG ratio of 7.60 and a beta of -0.05.

Insiders Place Their Bets

In other news, CFO Kelly Steckelberg sold 14,151 shares of the firm’s stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $68.12, for a total value of $963,966.12. Following the transaction, the chief financial officer now directly owns 140,427 shares in the company, valued at $9,565,887.24. This trade represents a 9.15 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Eric S. Yuan sold 2,420 shares of the stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $68.38, for a total transaction of $165,479.60. Following the sale, the chief executive officer now directly owns 85,514 shares of the company’s stock, valued at approximately $5,847,447.32. This trade represents a 2.75 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 367,108 shares of company stock valued at $26,796,191 in the last quarter. 10.78% of the stock is currently owned by company insiders.

Institutional Trading of Zoom Video Communications

Institutional investors have recently added to or reduced their stakes in the business. Pacer Advisors Inc. lifted its position in Zoom Video Communications by 96.7% during the 2nd quarter. Pacer Advisors Inc. now owns 5,246,938 shares of the company’s stock worth $310,566,000 after acquiring an additional 2,579,720 shares in the last quarter. AQR Capital Management LLC increased its stake in Zoom Video Communications by 78.5% during the 2nd quarter. AQR Capital Management LLC now owns 5,731,354 shares of the company’s stock worth $337,233,000 after buying an additional 2,520,987 shares during the period. FMR LLC lifted its holdings in Zoom Video Communications by 23.8% in the 3rd quarter. FMR LLC now owns 12,444,887 shares of the company’s stock worth $867,906,000 after buying an additional 2,395,396 shares in the last quarter. Acadian Asset Management LLC boosted its position in Zoom Video Communications by 60.9% in the 2nd quarter. Acadian Asset Management LLC now owns 4,902,397 shares of the company’s stock valued at $290,153,000 after buying an additional 1,855,679 shares during the last quarter. Finally, Eagle Asset Management Inc. acquired a new stake in shares of Zoom Video Communications during the third quarter valued at about $62,038,000. 66.54% of the stock is 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.