Zoom Video Communications (NASDAQ:ZM) Price Target Raised to $70.00 at Wells Fargo & Company

Zoom Video Communications (NASDAQ:ZM) had its target price hoisted by equities researchers at Wells Fargo & Company from $60.00 to $70.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “underweight” rating on the stock. Wells Fargo & Company‘s price target suggests a potential downside of 17.99% from the company’s previous close.

A number of other equities analysts also recently commented on ZM. Stifel Nicolaus lifted their price objective on shares of Zoom Video Communications from $70.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday. Wedbush initiated coverage on shares of Zoom Video Communications in a report on Thursday, October 17th. They issued an “outperform” rating and a $85.00 target price on the stock. Needham & Company LLC restated a “hold” rating on shares of Zoom Video Communications in a research note on Friday, October 11th. Robert W. Baird lowered their price objective 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. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Zoom Video Communications from $71.00 to $75.00 and gave the company a “hold” rating in a research note on Friday, August 23rd. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, Zoom Video Communications presently has a consensus rating of “Hold” and an average price target of $85.19.

Zoom Video Communications Trading Up 2.3 %

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 firm has a market cap of $26.27 billion, a price-to-earnings ratio of 30.59, a PEG ratio of 7.60 and a beta of -0.05. The stock has a 50 day moving average of $74.55 and a 200-day moving average of $66.03.

Insider Buying and Selling

In other Zoom Video Communications news, insider Velchamy Sankarlingam sold 3,614 shares of the business’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 sale, the insider now owns 94,000 shares in the company, valued at approximately $6,285,780. The trade was a 3.70 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Aparna Bawa sold 880 shares of the firm’s 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 transaction, 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 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. Corporate insiders own 10.78% of the company’s stock.

Hedge Funds Weigh In On Zoom Video Communications

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Pacer Advisors Inc. lifted its position in shares of Zoom Video Communications by 96.7% in the second quarter. Pacer Advisors Inc. now owns 5,246,938 shares of the company’s stock worth $310,566,000 after purchasing an additional 2,579,720 shares in the last quarter. AQR Capital Management LLC raised its holdings in shares of Zoom Video Communications by 78.5% during the second quarter. AQR Capital Management LLC now owns 5,731,354 shares of the company’s stock worth $337,233,000 after acquiring an additional 2,520,987 shares in the last quarter. FMR LLC boosted its position in Zoom Video Communications by 23.8% during the third quarter. FMR LLC now owns 12,444,887 shares of the company’s stock valued at $867,906,000 after purchasing an additional 2,395,396 shares during the last quarter. Acadian Asset Management LLC increased its position in Zoom Video Communications by 60.9% in the 2nd quarter. Acadian Asset Management LLC now owns 4,902,397 shares of the company’s stock worth $290,153,000 after purchasing an additional 1,855,679 shares during the last quarter. Finally, Eagle Asset Management Inc. purchased a new stake in shares of Zoom Video Communications during the 3rd quarter worth about $62,038,000. 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.