Zoom Video Communications (NASDAQ:ZM) Price Target Cut to $55.00 by Analysts at Wells Fargo & Company

Zoom Video Communications (NASDAQ:ZM) had its price target reduced by Wells Fargo & Company from $60.00 to $55.00 in a research note published on Friday, Benzinga reports. They currently have an underweight rating on the stock.

A number of other brokerages have also issued reports on ZM. Stifel Nicolaus dropped their price target on shares of Zoom Video Communications from $70.00 to $65.00 and set a hold rating on the stock in a research note on Tuesday, May 21st. Morgan Stanley dropped their price target on shares of Zoom Video Communications from $72.00 to $68.00 and set an equal weight rating on the stock in a research note on Friday, June 14th. JPMorgan Chase & Co. lowered their target price 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. Needham & Company LLC restated a hold rating on shares of Zoom Video Communications in a research report on Tuesday, May 21st. Finally, Rosenblatt Securities upped their target price on shares of Zoom Video Communications from $75.00 to $78.00 and gave the stock a buy rating in a research report on Tuesday, May 21st. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus price target of $75.44.

Zoom Video Communications Stock Performance

NASDAQ ZM opened at $58.88 on Friday. The firm has a market cap of $18.21 billion, a PE ratio of 21.97, a P/E/G ratio of 8.63 and a beta of -0.01. Zoom Video Communications has a one year low of $55.63 and a one year high of $75.90. The firm’s fifty day moving average is $61.35 and its two-hundred day moving average is $65.29.

Zoom Video Communications (NASDAQ:ZM) last issued its quarterly earnings results on Monday, May 20th. The company reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.23. Zoom Video Communications had a net margin of 18.37% and a return on equity of 10.55%. The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.13 billion. Research analysts predict that Zoom Video Communications will post 2.43 earnings per share for the current year.

Insider Activity at Zoom Video Communications

In related news, CAO Shane Crehan sold 5,099 shares of the company’s stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $62.97, for a total transaction of $321,084.03. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, CAO Shane Crehan sold 5,099 shares of the company’s stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $62.97, for a total transaction of $321,084.03. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Aparna Bawa sold 21,968 shares of the company’s stock in a transaction that occurred on Thursday, April 18th. The stock was sold at an average price of $60.18, for a total transaction of $1,322,034.24. Following the transaction, the chief operating officer now directly owns 1,978 shares of the company’s stock, valued at approximately $119,036.04. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 104,193 shares of company stock valued at $6,427,858. Company insiders own 10.78% of the company’s stock.

Hedge Funds Weigh In On Zoom Video Communications

Several institutional investors and hedge funds have recently bought and sold shares of ZM. Principal Securities Inc. acquired a new stake in shares of Zoom Video Communications in the fourth quarter worth $25,000. Quadrant Capital Group LLC increased its position in shares of Zoom Video Communications by 269.7% in the fourth quarter. Quadrant Capital Group LLC now owns 366 shares of the company’s stock worth $26,000 after acquiring an additional 267 shares in the last quarter. Frazier Financial Advisors LLC acquired a new stake in shares of Zoom Video Communications in the fourth quarter worth $32,000. Rakuten Securities Inc. acquired a new stake in shares of Zoom Video Communications in the fourth quarter worth $43,000. Finally, GAMMA Investing LLC acquired a new stake in shares of Zoom Video Communications in the fourth quarter worth $48,000. Institutional investors and hedge funds 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.