Sanford C. Bernstein Forecasts Strong Price Appreciation for Zoom Video Communications (NASDAQ:ZM) Stock

Zoom Video Communications (NASDAQ:ZM) had its price objective lifted by Sanford C. Bernstein from $78.00 to $89.00 in a research note issued to investors on Tuesday morning,Benzinga reports. They currently have a market perform rating on the stock.

Other analysts have also issued research reports about the company. Bank of America increased their target price on Zoom Video Communications from $75.00 to $90.00 and gave the stock a “neutral” rating in a research note on Tuesday. Robert W. Baird reduced their price target on shares of Zoom Video Communications from $84.00 to $77.00 and set an “outperform” rating on the stock in a research note on Thursday, August 22nd. Needham & Company LLC reissued a “hold” rating on shares of Zoom Video Communications in a research report on Friday, October 11th. Scotiabank raised shares of Zoom Video Communications to a “hold” rating in a research report on Tuesday, November 19th. Finally, Wells Fargo & Company lifted their price target on shares of Zoom Video Communications from $60.00 to $70.00 and gave the company an “underweight” rating in a research note on Tuesday. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Zoom Video Communications presently has a consensus rating of “Hold” and an average target price of $85.20.

Zoom Video Communications Stock Performance

Shares of NASDAQ ZM opened at $83.41 on Tuesday. Zoom Video Communications has a fifty-two week low of $55.06 and a fifty-two week high of $92.80. The company has a market cap of $25.67 billion, a price-to-earnings ratio of 29.90, a PEG ratio of 7.33 and a beta of -0.05. The business’s 50 day moving average price is $74.16 and its 200-day moving average price is $65.89.

Insiders Place Their Bets

In related news, CEO Eric S. Yuan sold 178,571 shares of the company’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $76.91, for a total transaction of $13,733,895.61. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, COO Aparna Bawa sold 831 shares of the stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $66.29, for a total value of $55,086.99. Following the completion of the sale, the chief operating officer now owns 1,978 shares of the company’s stock, valued at approximately $131,121.62. This trade represents a 29.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 367,108 shares of company stock worth $26,796,191. 10.78% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Zoom Video Communications

Large investors have recently modified their holdings of the business. Innealta Capital LLC acquired a new position in shares of Zoom Video Communications in the 2nd quarter valued at $33,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in Zoom Video Communications during the 2nd quarter valued at about $36,000. Truvestments Capital LLC acquired a new position in shares of Zoom Video Communications in the third quarter valued at about $37,000. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Zoom Video Communications in the second quarter worth about $41,000. Finally, Allworth Financial LP lifted its holdings in shares of Zoom Video Communications by 43.8% during the third quarter. Allworth Financial LP now owns 591 shares of the company’s stock worth $41,000 after purchasing an additional 180 shares during the period. Hedge funds and other institutional investors 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.