Zoom Video Communications (NASDAQ:ZM) Price Target Lowered to $75.00 at Scotiabank

Zoom Video Communications (NASDAQ:ZM) had its price objective cut by investment analysts at Scotiabank from $85.00 to $75.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “sector perform” rating on the stock. Scotiabank’s price objective suggests a potential upside of 0.23% from the company’s previous close.

A number of other analysts have also recently weighed in on the stock. The Goldman Sachs Group boosted their price objective on shares of Zoom Video Communications from $72.00 to $86.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Mizuho upped their target price on shares of Zoom Video Communications from $90.00 to $105.00 and gave the company an “outperform” rating in a research note on Tuesday, November 26th. Jefferies Financial Group upgraded shares of Zoom Video Communications from a “hold” rating to a “buy” rating and upped their target price for the company from $85.00 to $100.00 in a research note on Thursday, December 19th. Wells Fargo & Company upgraded shares of Zoom Video Communications from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $70.00 to $85.00 in a research note on Tuesday, January 7th. Finally, Benchmark reiterated a “buy” rating and set a $97.00 target price on shares of Zoom Video Communications in a research note on Tuesday, February 25th. Fifteen analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Zoom Video Communications has an average rating of “Hold” and a consensus price target of $89.33.

Zoom Video Communications Stock Performance

Shares of Zoom Video Communications stock traded up $0.63 on Monday, reaching $74.83. The stock had a trading volume of 458,993 shares, compared to its average volume of 2,675,927. The business’s 50-day moving average price is $80.44 and its two-hundred day moving average price is $77.72. 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 cap of $22.84 billion, a P/E ratio of 24.96, a price-to-earnings-growth ratio of 5.48 and a beta of 0.26.

Insider Buying and Selling

In other Zoom Video Communications news, COO Aparna Bawa sold 9,317 shares of the firm’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $78.69, for a total value of $733,154.73. Following the completion of the sale, the chief operating officer now owns 14,053 shares in the company, valued at approximately $1,105,830.57. This trade represents a 39.87 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Velchamy Sankarlingam sold 10,817 shares of the firm’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $78.69, for a total transaction of $851,189.73. Following the completion of the sale, the insider now owns 117,760 shares of the company’s stock, valued at $9,266,534.40. The trade was a 8.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 369,271 shares of company stock worth $29,496,892 in the last quarter. 10.78% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Zoom Video Communications

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Global X Japan Co. Ltd. grew its position in shares of Zoom Video Communications by 127.5% during the 4th quarter. Global X Japan Co. Ltd. now owns 339 shares of the company’s stock worth $28,000 after buying an additional 190 shares during the period. Parkside Financial Bank & Trust grew its position in shares of Zoom Video Communications by 277.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 351 shares of the company’s stock worth $29,000 after buying an additional 258 shares during the period. Avior Wealth Management LLC grew its position in shares of Zoom Video Communications by 291.2% during the 4th quarter. Avior Wealth Management LLC now owns 356 shares of the company’s stock worth $29,000 after buying an additional 265 shares during the period. Raiffeisen Bank International AG bought a new position in Zoom Video Communications during the 4th quarter worth approximately $30,000. Finally, Colonial Trust Co SC bought a new position in Zoom Video Communications during the 4th quarter worth approximately $32,000. 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.