Zoom Video Communications (NASDAQ:ZM) Given New $90.00 Price Target at Bank of America

Zoom Video Communications (NASDAQ:ZM) had its price target boosted by Bank of America from $75.00 to $90.00 in a research report report published on Tuesday,Benzinga reports. They currently have a neutral rating on the stock.

Several other equities research analysts also recently commented on the stock. Stifel Nicolaus boosted their target price on shares of Zoom Video Communications from $70.00 to $90.00 and gave the stock a “hold” rating in a research report on Tuesday. Scotiabank upgraded shares of Zoom Video Communications to a “hold” rating in a report on Tuesday, November 19th. UBS Group boosted their price target on shares of Zoom Video Communications from $75.00 to $90.00 and gave the stock a “neutral” rating in a report on Tuesday. The Goldman Sachs Group boosted their price target on shares of Zoom Video Communications from $72.00 to $86.00 and gave the stock a “neutral” rating in a report on Tuesday. Finally, Benchmark boosted their price target on shares of Zoom Video Communications from $83.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $85.19.

Zoom Video Communications Price Performance

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

Insider Activity at Zoom Video Communications

In related news, COO Aparna Bawa sold 880 shares of the company’s stock in a transaction that occurred 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 sale, the chief operating officer now directly owns 2,809 shares in the company, valued at approximately $191,264.81. This represents a 23.85 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Eric S. Yuan sold 178,571 shares of the company’s stock in a transaction that occurred on Tuesday, November 5th. The stock was 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 ninety days, insiders have sold 367,108 shares of company stock worth $26,796,191. 10.78% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Zoom Video Communications

Institutional investors have recently made changes to their positions in the stock. Baker Avenue Asset Management LP increased its holdings in shares of Zoom Video Communications by 82.1% in the 3rd quarter. Baker Avenue Asset Management LP now owns 28,593 shares of the company’s stock worth $1,994,000 after buying an additional 12,890 shares during the last quarter. Sanctuary Advisors LLC bought a new position in shares of Zoom Video Communications in the 2nd quarter worth $763,000. Robeco Institutional Asset Management B.V. increased its holdings in shares of Zoom Video Communications by 15.4% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,257,714 shares of the company’s stock worth $87,713,000 after buying an additional 167,618 shares during the last quarter. National Pension Service increased its holdings in shares of Zoom Video Communications by 30.1% in the 3rd quarter. National Pension Service now owns 655,227 shares of the company’s stock worth $45,696,000 after buying an additional 151,728 shares during the last quarter. Finally, Eagle Asset Management Inc. bought a new position in shares of Zoom Video Communications in the 3rd quarter worth $62,038,000. 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.