Zoom Video Communications (NASDAQ:ZM) Upgraded by Scotiabank to Hold Rating

Scotiabank upgraded shares of Zoom Video Communications (NASDAQ:ZM) to a hold rating in a research report released on Tuesday morning,Zacks.com reports.

ZM has been the topic of several other research reports. Wells Fargo & Company raised their price target on shares of Zoom Video Communications from $55.00 to $60.00 and gave the stock an “underweight” rating in a research note on Thursday, August 22nd. UBS Group raised shares of Zoom Video Communications to a “hold” rating in a research note on Friday, July 26th. Bank of America lowered their price target on Zoom Video Communications from $78.00 to $75.00 and set a “neutral” rating for the company in a report on Thursday, August 22nd. Stifel Nicolaus raised their price objective on Zoom Video Communications from $65.00 to $70.00 and gave the stock a “hold” rating in a report on Thursday, October 10th. Finally, Morgan Stanley upped their target price on Zoom Video Communications from $68.00 to $86.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 13th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $76.61.

Zoom Video Communications Stock Up 3.0 %

ZM stock opened at $81.20 on Tuesday. Zoom Video Communications has a twelve month low of $55.06 and a twelve month high of $87.15. The firm’s fifty day simple moving average is $73.06 and its two-hundred day simple moving average is $65.32. The stock has a market capitalization of $24.99 billion, a price-to-earnings ratio of 29.10, a price-to-earnings-growth ratio of 6.64 and a beta of -0.05.

Zoom Video Communications (NASDAQ:ZM) last released its earnings results on Wednesday, August 21st. The company reported $1.39 earnings per share for the quarter, topping analysts’ consensus estimates of $1.21 by $0.18. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Zoom Video Communications had a return on equity of 10.77% and a net margin of 19.08%. The business’s revenue was up 2.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.55 earnings per share. As a group, equities research analysts expect that Zoom Video Communications will post 2.77 EPS for the current year.

Insiders Place Their Bets

In other Zoom Video Communications news, COO Aparna Bawa sold 880 shares of Zoom Video Communications stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $68.09, for a total transaction of $59,919.20. Following the completion of the sale, the chief operating officer now owns 2,809 shares of the company’s stock, valued at approximately $191,264.81. The trade was a 23.85 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Shane Crehan sold 1,550 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 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 approximately $97,830.81. The trade was a 51.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 367,108 shares of company stock valued at $26,796,191. 10.78% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in ZM. UniSuper Management Pty Ltd boosted its position in Zoom Video Communications by 118.8% in the 1st quarter. UniSuper Management Pty Ltd now owns 3,500 shares of the company’s stock worth $229,000 after purchasing an additional 1,900 shares in the last quarter. Canada Pension Plan Investment Board grew its position in Zoom Video Communications by 297.6% during the first quarter. Canada Pension Plan Investment Board now owns 639,669 shares of the company’s stock valued at $41,815,000 after buying an additional 478,769 shares during the period. Quadrature Capital Ltd purchased a new position in Zoom Video Communications in the first quarter valued at $944,000. Lazard Asset Management LLC raised its position in shares of Zoom Video Communications by 110.1% in the first quarter. Lazard Asset Management LLC now owns 64,570 shares of the company’s stock worth $4,220,000 after acquiring an additional 33,835 shares during the period. Finally, Bayesian Capital Management LP purchased a new stake in shares of Zoom Video Communications during the 1st quarter worth about $4,327,000. Hedge funds and other institutional investors 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.