Zoom Video Communications (NASDAQ:ZM) Price Target Raised to $89.00

Zoom Video Communications (NASDAQ:ZM) had its price target increased by Piper Sandler from $68.00 to $89.00 in a report published on Tuesday,Benzinga reports. The firm currently has a neutral rating on the stock.

ZM has been the subject of a number of other reports. Stifel Nicolaus increased their price objective on Zoom Video Communications from $70.00 to $90.00 and gave the company a “hold” rating in a report on Tuesday. Robert W. Baird reduced their target price on Zoom Video Communications from $84.00 to $77.00 and set an “outperform” rating for the company in a research note on Thursday, August 22nd. Wedbush assumed coverage on shares of Zoom Video Communications in a research report on Thursday, October 17th. They issued an “outperform” rating and a $85.00 price target on the stock. JMP Securities reaffirmed a “market perform” rating on shares of Zoom Video Communications in a report on Tuesday. Finally, Scotiabank upgraded shares of Zoom Video Communications to a “hold” rating in a research note on Tuesday, November 19th. Two research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $85.19.

Zoom Video Communications Stock Performance

Shares of ZM opened at $85.36 on Tuesday. Zoom Video Communications has a 52 week low of $55.06 and a 52 week high of $92.80. The stock has a market capitalization of $26.27 billion, a price-to-earnings ratio of 28.45, a PEG ratio of 7.12 and a beta of -0.05. The stock has a fifty day moving average of $74.92 and a 200-day moving average of $66.16.

Insiders Place Their Bets

In other Zoom Video Communications news, CAO Shane Crehan sold 1,550 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $66.87, for a total value of $103,648.50. Following the sale, the chief accounting officer now owns 1,463 shares in the company, valued at approximately $97,830.81. This represents a 51.44 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Velchamy Sankarlingam sold 3,614 shares of the company’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 completion of the sale, the insider now owns 94,000 shares in the company, valued at approximately $6,285,780. This trade represents a 3.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 367,108 shares of company stock valued at $26,796,191 over the last three months. Insiders own 10.78% of the company’s stock.

Institutional Investors Weigh In On Zoom Video Communications

Institutional investors have recently made changes to their positions in the company. Itau Unibanco Holding S.A. boosted its holdings in Zoom Video Communications by 1.9% in the third quarter. Itau Unibanco Holding S.A. now owns 7,121 shares of the company’s stock worth $497,000 after purchasing an additional 131 shares during the last quarter. MML Investors Services LLC increased its holdings in Zoom Video Communications by 1.4% in the 3rd quarter. MML Investors Services LLC now owns 9,395 shares of the company’s stock valued at $655,000 after acquiring an additional 132 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. increased its holdings in Zoom Video Communications by 1.9% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 7,970 shares of the company’s stock valued at $556,000 after acquiring an additional 145 shares during the last quarter. MetLife Investment Management LLC increased its holdings in shares of Zoom Video Communications by 3.4% in the 3rd quarter. MetLife Investment Management LLC now owns 4,619 shares of the company’s stock worth $322,000 after buying an additional 154 shares during the last quarter. Finally, Menard Financial Group LLC increased its holdings in shares of Zoom Video Communications by 4.0% in the 3rd quarter. Menard Financial Group LLC now owns 4,331 shares of the company’s stock worth $302,000 after buying an additional 166 shares during the last quarter. 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.