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

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

A number of other research analysts have also issued reports on ZM. JMP Securities restated a “market perform” rating on shares of Zoom Video Communications in a research note on Tuesday. Benchmark upped their price target on shares of Zoom Video Communications from $83.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Evercore ISI upgraded shares of Zoom Video Communications from an “in-line” rating to an “outperform” rating and upped their price target for the company from $70.00 to $115.00 in a research note on Tuesday. Scotiabank upgraded shares of Zoom Video Communications to a “hold” rating in a research note on Tuesday, November 19th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Zoom Video Communications in a research note on Friday, October 11th. Two research analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Zoom Video Communications currently has an average rating of “Hold” and a consensus price target of $85.19.

Zoom Video Communications Stock Up 2.3 %

NASDAQ ZM opened at $85.36 on Tuesday. The firm has a market cap of $26.27 billion, a PE ratio of 28.45, a price-to-earnings-growth ratio of 7.12 and a beta of -0.05. The company has a 50 day moving average price of $74.92 and a 200 day moving average price of $66.16. Zoom Video Communications has a 52 week low of $55.06 and a 52 week high of $92.80.

Insider Buying and Selling

In other Zoom Video Communications news, CEO Eric S. Yuan sold 178,571 shares of the stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $76.91, for a total transaction of $13,733,895.61. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, COO Aparna Bawa sold 880 shares of the stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $68.09, for a total transaction of $59,919.20. Following the transaction, the chief operating officer now directly owns 2,809 shares in the company, 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 three months, insiders have sold 367,108 shares of company stock valued at $26,796,191. Corporate insiders own 10.78% of the company’s stock.

Hedge Funds Weigh In On Zoom Video Communications

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FMR LLC lifted its stake in shares of Zoom Video Communications by 23.8% in the third quarter. FMR LLC now owns 12,444,887 shares of the company’s stock worth $867,906,000 after buying an additional 2,395,396 shares in the last quarter. State Street Corp lifted its stake in shares of Zoom Video Communications by 2.3% in the third quarter. State Street Corp now owns 6,106,293 shares of the company’s stock worth $425,853,000 after buying an additional 134,559 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of 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 worth $337,233,000 after buying an additional 2,520,987 shares in the last quarter. Pacer Advisors Inc. lifted its stake in shares of Zoom Video Communications by 4.4% in the third quarter. Pacer Advisors Inc. now owns 5,480,179 shares of the company’s stock worth $382,188,000 after buying an additional 233,241 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its stake in shares of Zoom Video Communications by 60.9% in the second quarter. Acadian Asset Management LLC now owns 4,902,397 shares of the company’s stock worth $290,153,000 after buying an additional 1,855,679 shares in the last quarter. 66.54% of the stock is owned by hedge funds and other institutional investors.

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.