Zoom Video Communications (NASDAQ:ZM) Price Target Cut to $70.00

Zoom Video Communications (NASDAQ:ZM) had its price target decreased by investment analysts at Evercore ISI from $72.00 to $70.00 in a report issued on Tuesday, Benzinga reports. The brokerage presently has an “in-line” rating on the stock. Evercore ISI’s price target would indicate a potential upside of 8.73% from the company’s current price.

ZM has been the topic of a number of other reports. JPMorgan Chase & Co. reduced their price target on shares of Zoom Video Communications from $83.00 to $80.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 27th. Wedbush reissued a “neutral” rating and set a $80.00 price target on shares of Zoom Video Communications in a research report on Tuesday, February 27th. Mizuho reduced their price target on shares of Zoom Video Communications from $100.00 to $90.00 and set a “buy” rating on the stock in a research report on Tuesday, February 27th. Rosenblatt Securities raised shares of Zoom Video Communications from a “neutral” rating to a “buy” rating and set a $75.00 price objective on the stock in a research report on Thursday, April 18th. Finally, Jefferies Financial Group began coverage on shares of Zoom Video Communications in a research report on Tuesday, March 19th. They issued a “hold” rating and a $70.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $76.67.

Zoom Video Communications Price Performance

Shares of Zoom Video Communications stock opened at $64.38 on Tuesday. The firm has a market cap of $19.80 billion, a P/E ratio of 24.02 and a beta of -0.05. The firm has a 50 day simple moving average of $63.21 and a 200 day simple moving average of $65.90. Zoom Video Communications has a fifty-two week low of $58.87 and a fifty-two week high of $75.90.

Zoom Video Communications (NASDAQ:ZM) last released its earnings results on Monday, February 26th. The company reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.34. Zoom Video Communications had a net margin of 18.37% and a return on equity of 10.84%. The firm had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.13 billion. On average, sell-side analysts expect that Zoom Video Communications will post 2.15 EPS for the current year.

Insiders Place Their Bets

In other Zoom Video Communications news, CFO Kelly Steckelberg sold 5,007 shares of the stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $59.36, for a total transaction of $297,215.52. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CFO Kelly Steckelberg sold 5,007 shares of the stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $59.36, for a total transaction of $297,215.52. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Velchamy Sankarlingam sold 1,553 shares of the stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $70.00, for a total transaction of $108,710.00. Following the sale, the insider now owns 71,956 shares in the company, valued at approximately $5,036,920. The disclosure for this sale can be found here. Insiders have sold a total of 101,170 shares of company stock worth $6,356,101 in the last quarter. Corporate insiders own 10.78% of the company’s stock.

Institutional Trading of Zoom Video Communications

A number of hedge funds have recently added to or reduced their stakes in ZM. Swedbank AB bought a new position in shares of Zoom Video Communications during the first quarter valued at $2,100,000. Plato Investment Management Ltd raised its stake in shares of Zoom Video Communications by 549.3% during the first quarter. Plato Investment Management Ltd now owns 8,389 shares of the company’s stock valued at $548,000 after acquiring an additional 7,097 shares during the last quarter. iA Global Asset Management Inc. raised its stake in shares of Zoom Video Communications by 27.3% during the first quarter. iA Global Asset Management Inc. now owns 4,060 shares of the company’s stock valued at $265,000 after acquiring an additional 870 shares during the last quarter. Comerica Bank raised its stake in shares of Zoom Video Communications by 15.6% during the first quarter. Comerica Bank now owns 4,966 shares of the company’s stock valued at $325,000 after acquiring an additional 670 shares during the last quarter. Finally, Tidal Investments LLC raised its stake in shares of Zoom Video Communications by 89.7% during the first quarter. Tidal Investments LLC now owns 34,352 shares of the company’s stock valued at $2,246,000 after acquiring an additional 16,248 shares during the last quarter. Institutional investors and hedge funds own 66.54% of the company’s stock.

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.