Evercore ISI Upgrades Zoom Video Communications (NASDAQ:ZM) to Outperform

Zoom Video Communications (NASDAQ:ZM) was upgraded by stock analysts at Evercore ISI from an “in-line” rating to an “outperform” rating in a report released on Tuesday, MarketBeat reports. The brokerage presently has a $115.00 price objective on the stock, up from their prior price objective of $70.00. Evercore ISI’s price objective would indicate a potential upside of 34.72% from the company’s previous close.

Other analysts have also issued research reports about the stock. Morgan Stanley boosted their price target on shares of Zoom Video Communications from $68.00 to $86.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 13th. Rosenblatt Securities restated a “buy” rating and issued a $78.00 target price on shares of Zoom Video Communications in a report on Friday, November 22nd. Needham & Company LLC reiterated a “hold” rating on shares of Zoom Video Communications in a research note on Friday, October 11th. Bank of America lowered their price objective on Zoom Video Communications from $78.00 to $75.00 and set a “neutral” rating for the company in a research note on Thursday, August 22nd. Finally, Wells Fargo & Company lifted their target price on Zoom Video Communications from $55.00 to $60.00 and gave the company an “underweight” rating in a research report on Thursday, August 22nd. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Zoom Video Communications has a consensus rating of “Hold” and a consensus price target of $85.19.

Zoom Video Communications Stock Performance

Shares of Zoom Video Communications stock 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 50 day moving average price of $74.55 and a two-hundred day moving average price of $66.03. The stock has a market capitalization of $26.27 billion, a PE ratio of 30.59, a price-to-earnings-growth ratio of 7.60 and a beta of -0.05.

Insider Buying and Selling

In other Zoom Video Communications news, insider Velchamy Sankarlingam sold 3,614 shares of the stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $66.87, for a total transaction of $241,668.18. Following the completion of the transaction, the insider now owns 94,000 shares in the company, valued at $6,285,780. This trade represents a 3.70 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Eric S. Yuan sold 178,571 shares of the business’s stock in a transaction that occurred 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 disclosure for this sale can be found here. In the last quarter, insiders have sold 367,108 shares of company stock valued at $26,796,191. 10.78% of the stock is owned by company insiders.

Hedge Funds Weigh In On Zoom Video Communications

A number of large investors have recently made changes to their positions in ZM. Pacer Advisors Inc. lifted its holdings in Zoom Video Communications by 96.7% during the 2nd 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 increased its position 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 valued at $337,233,000 after buying an additional 2,520,987 shares during the period. FMR LLC lifted its holdings 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. Acadian Asset Management LLC boosted its position 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 valued at $290,153,000 after acquiring an additional 1,855,679 shares during the period. Finally, Eagle Asset Management Inc. purchased a new position in Zoom Video Communications during the third quarter valued at approximately $62,038,000. 66.54% of the stock is owned by 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.