Zoom Video Communications (NASDAQ:ZM) PT Raised to $78.00

Zoom Video Communications (NASDAQ:ZM) had its target price increased by Rosenblatt Securities from $75.00 to $78.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Rosenblatt Securities’ price objective would suggest a potential upside of 21.16% from the stock’s previous close.

Several other research firms also recently issued reports on ZM. Sanford C. Bernstein cut their target price on Zoom Video Communications from $82.00 to $78.00 and set a “market perform” rating on the stock in a research report on Tuesday. Mizuho reduced their price objective on Zoom Video Communications from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Tuesday, February 27th. Robert W. Baird cut their price target on shares of Zoom Video Communications from $90.00 to $84.00 and set an “outperform” rating on the stock in a report on Tuesday. Evercore ISI decreased their price objective on shares of Zoom Video Communications from $72.00 to $70.00 and set an “in-line” rating for the company in a research note on Tuesday. Finally, Jefferies Financial Group began coverage on shares of Zoom Video Communications in a report on Tuesday, March 19th. They issued a “hold” rating and a $70.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Zoom Video Communications has an average rating of “Hold” and an average target price of $76.67.

Zoom Video Communications Stock Performance

Shares of NASDAQ ZM opened at $64.38 on Tuesday. Zoom Video Communications has a fifty-two week low of $58.87 and a fifty-two week high of $75.90. The company has a market cap of $19.80 billion, a PE ratio of 24.02 and a beta of -0.05. The business has a 50-day simple moving average of $63.21 and a two-hundred day simple moving average of $65.90.

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 company had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.13 billion. On average, sell-side analysts predict that Zoom Video Communications will post 2.15 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Eric S. Yuan sold 27,963 shares of the stock in a transaction that occurred on Wednesday, April 10th. The stock was sold at an average price of $61.98, for a total transaction of $1,733,146.74. Following the transaction, the chief executive officer now owns 95,140 shares in the company, valued at approximately $5,896,777.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CFO Kelly Steckelberg sold 5,007 shares of the business’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $63.36, for a total transaction of $317,243.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Eric S. Yuan sold 27,963 shares of the firm’s stock in a transaction dated Wednesday, April 10th. The shares were sold at an average price of $61.98, for a total transaction of $1,733,146.74. Following the completion of the transaction, the chief executive officer now directly owns 95,140 shares in the company, valued at $5,896,777.20. The disclosure for this sale can be found here. Insiders sold 101,170 shares of company stock worth $6,356,101 over the last three months. 10.78% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Zoom Video Communications

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in Zoom Video Communications by 3.2% during the 4th quarter. Vanguard Group Inc. now owns 23,417,464 shares of the company’s stock valued at $1,683,950,000 after acquiring an additional 721,923 shares in the last quarter. ARK Investment Management LLC increased its holdings in shares of Zoom Video Communications by 7.7% in the fourth quarter. ARK Investment Management LLC now owns 10,964,576 shares of the company’s stock valued at $788,463,000 after purchasing an additional 781,663 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. lifted its position in Zoom Video Communications by 3.4% during the fourth quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,612,008 shares of the company’s stock worth $475,469,000 after buying an additional 216,768 shares in the last quarter. Nikko Asset Management Americas Inc. boosted its stake in Zoom Video Communications by 4.0% during the fourth quarter. Nikko Asset Management Americas Inc. now owns 6,046,234 shares of the company’s stock worth $434,785,000 after buying an additional 233,321 shares during the last quarter. Finally, FIL Ltd grew its holdings in Zoom Video Communications by 1.3% in the 4th quarter. FIL Ltd now owns 3,069,797 shares of the company’s stock valued at $220,749,000 after buying an additional 40,456 shares in the last quarter. 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.