Wells Fargo & Company Issues Positive Forecast for Zoom Video Communications (NASDAQ:ZM) Stock Price

Zoom Video Communications (NASDAQ:ZM) had its price objective boosted by Wells Fargo & Company from $60.00 to $70.00 in a research note issued to investors on Tuesday,Benzinga reports. Wells Fargo & Company currently has an underweight rating on the stock.

A number of other research analysts have also recently issued reports on the company. Robert W. Baird cut their price target on Zoom Video Communications from $84.00 to $77.00 and set an “outperform” rating for the company in a report on Thursday, August 22nd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $95.00 target price on shares of Zoom Video Communications in a research note on Thursday, October 10th. Benchmark increased their price target on shares of Zoom Video Communications from $83.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Wedbush began coverage on shares of Zoom Video Communications in a report on Thursday, October 17th. They issued an “outperform” rating and a $85.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on Zoom Video Communications from $71.00 to $75.00 and gave the stock a “hold” rating in a report on Friday, August 23rd. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $85.20.

Zoom Video Communications Stock Performance

ZM opened at $83.41 on Tuesday. The firm has a market cap of $25.67 billion, a price-to-earnings ratio of 29.90, a PEG ratio of 7.33 and a beta of -0.05. The firm’s 50-day simple moving average is $74.16 and its 200-day simple moving average is $65.89. Zoom Video Communications has a twelve month low of $55.06 and a twelve month high of $92.80.

Insider Buying and Selling

In other news, insider Velchamy Sankarlingam sold 3,614 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $66.87, for a total transaction of $241,668.18. Following the sale, the insider now owns 94,000 shares of the company’s stock, valued at $6,285,780. This trade represents a 3.70 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Shane Crehan sold 1,550 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $66.87, for a total value of $103,648.50. Following the completion of the transaction, the chief accounting officer now owns 1,463 shares of the company’s stock, valued at $97,830.81. This represents a 51.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 367,108 shares of company stock valued at $26,796,191 in the last 90 days. 10.78% of the stock is owned by insiders.

Institutional Investors Weigh In On Zoom Video Communications

Several institutional investors have recently added to or reduced their stakes in the stock. Baker Avenue Asset Management LP grew its stake in shares of Zoom Video Communications by 82.1% during the 3rd quarter. Baker Avenue Asset Management LP now owns 28,593 shares of the company’s stock worth $1,994,000 after acquiring an additional 12,890 shares in the last quarter. Sanctuary Advisors LLC acquired a new stake in Zoom Video Communications in the 2nd quarter valued at $763,000. Robeco Institutional Asset Management B.V. lifted its position in Zoom Video Communications by 15.4% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,257,714 shares of the company’s stock worth $87,713,000 after buying an additional 167,618 shares in the last quarter. National Pension Service grew its holdings in shares of Zoom Video Communications by 30.1% in the 3rd quarter. National Pension Service now owns 655,227 shares of the company’s stock valued at $45,696,000 after acquiring an additional 151,728 shares in the last quarter. Finally, Eagle Asset Management Inc. acquired a new stake in shares of Zoom Video Communications in the third quarter valued at about $62,038,000. 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.