Zoom Video Communications (NASDAQ:ZM) Upgraded by Wells Fargo & Company to Equal Weight Rating

Wells Fargo & Company upgraded shares of Zoom Video Communications (NASDAQ:ZM) from an underweight rating to an equal weight rating in a research report report published on Tuesday, Marketbeat Ratings reports. The brokerage currently has $85.00 price objective on the stock, up from their prior price objective of $70.00.

A number of other equities research analysts have also recently issued reports on ZM. Stifel Nicolaus increased their target price on shares of Zoom Video Communications from $70.00 to $90.00 and gave the stock a “hold” rating in a research report on Tuesday, November 26th. Hsbc Global Res upgraded Zoom Video Communications to a “strong-buy” rating in a research report on Tuesday, November 26th. Needham & Company LLC reiterated a “hold” rating on shares of Zoom Video Communications in a research report on Friday, October 11th. Bank of America lifted their price objective on Zoom Video Communications from $75.00 to $90.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Finally, Jefferies Financial Group raised Zoom Video Communications from a “hold” rating to a “buy” rating and increased their price target for the company from $85.00 to $100.00 in a research note on Thursday, December 19th. One investment analyst has rated the stock with a sell rating, fifteen have given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $87.81.

Zoom Video Communications Price Performance

Shares of NASDAQ:ZM opened at $80.45 on Tuesday. The business’s fifty day moving average price is $82.67 and its two-hundred day moving average price is $70.64. Zoom Video Communications has a fifty-two week low of $55.06 and a fifty-two week high of $92.80. The stock has a market capitalization of $24.66 billion, a price-to-earnings ratio of 26.82, a price-to-earnings-growth ratio of 5.29 and a beta of -0.01.

Insider Buying and Selling at Zoom Video Communications

In related news, COO Aparna Bawa sold 10,520 shares of the firm’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $68.59, for a total transaction of $721,566.80. Following the transaction, the chief operating officer now directly owns 1,978 shares of the company’s stock, valued at approximately $135,671.02. This trade represents a 84.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Shane Crehan sold 1,776 shares of the stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $69.51, for a total transaction of $123,449.76. Following the transaction, the chief accounting officer now owns 1,789 shares in the company, valued at approximately $124,353.39. The trade was a 49.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 350,429 shares of company stock valued at $27,039,704 in the last quarter. 10.78% of the stock is currently owned by insiders.

Institutional Trading of Zoom Video Communications

A number of institutional investors have recently modified their holdings of ZM. FMR LLC increased its holdings in Zoom Video Communications by 23.8% in the 3rd quarter. FMR LLC now owns 12,444,887 shares of the company’s stock valued at $867,906,000 after buying an additional 2,395,396 shares during the period. State Street Corp boosted its stake in Zoom Video Communications by 2.3% in the third quarter. State Street Corp now owns 6,106,293 shares of the company’s stock valued at $425,853,000 after buying an additional 134,559 shares in the last quarter. AQR Capital Management LLC grew its position in Zoom Video Communications by 78.5% in the second quarter. AQR Capital Management LLC now owns 5,731,354 shares of the company’s stock valued at $337,233,000 after acquiring an additional 2,520,987 shares during the last quarter. Pacer Advisors Inc. raised its stake in Zoom Video Communications by 4.4% during the third quarter. Pacer Advisors Inc. now owns 5,480,179 shares of the company’s stock worth $382,188,000 after acquiring an additional 233,241 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in Zoom Video Communications by 4.2% during the third quarter. Geode Capital Management LLC now owns 4,595,435 shares of the company’s stock worth $320,177,000 after acquiring an additional 184,518 shares in the last quarter. 66.54% of the stock is currently 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.