Zoom Video Communications (NASDAQ:ZM) Price Target Raised to $97.00

Zoom Video Communications (NASDAQ:ZM) had its target price lifted by Benchmark from $85.00 to $97.00 in a report issued on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

ZM has been the topic of several other research reports. Needham & Company LLC reissued a “hold” rating on shares of Zoom Video Communications in a research report on Friday, October 11th. JMP Securities restated a “market perform” rating on shares of Zoom Video Communications in a research report on Tuesday. Bank of America lifted their price target on Zoom Video Communications from $75.00 to $90.00 and gave the company a “neutral” rating in a research report on Tuesday. Robert W. Baird decreased their price objective on 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. Finally, Morgan Stanley raised their target price on Zoom Video Communications from $68.00 to $86.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 13th. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, Zoom Video Communications currently has an average rating of “Hold” and a consensus price target of $85.20.

Zoom Video Communications Stock Performance

Shares of Zoom Video Communications stock opened at $83.41 on Tuesday. The stock has a market capitalization of $25.67 billion, a P/E ratio of 29.90, a P/E/G ratio of 7.33 and a beta of -0.05. Zoom Video Communications has a 52-week low of $55.06 and a 52-week high of $92.80. The stock’s 50-day simple moving average is $74.16 and its 200 day simple moving average is $65.89.

Insider Activity at Zoom Video Communications

In other news, CAO Shane Crehan sold 1,550 shares of Zoom Video Communications stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $66.87, for a total value of $103,648.50. Following the transaction, the chief accounting officer now owns 1,463 shares in the company, valued at approximately $97,830.81. The trade was a 51.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Eric S. Yuan sold 178,571 shares of the business’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $76.91, for a total value of $13,733,895.61. The disclosure for this sale can be found here. In 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.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Innealta Capital LLC bought a new position in Zoom Video Communications during the 2nd quarter valued at approximately $33,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Zoom Video Communications during the second quarter valued at approximately $36,000. Truvestments Capital LLC bought a new position in shares of Zoom Video Communications during the third quarter valued at approximately $37,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Zoom Video Communications in the second quarter worth $41,000. Finally, Allworth Financial LP boosted its holdings in Zoom Video Communications by 43.8% in the third quarter. Allworth Financial LP now owns 591 shares of the company’s stock valued at $41,000 after acquiring an additional 180 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.