Citigroup Cuts Zoom Video Communications (NASDAQ:ZM) Price Target to $85.00

Zoom Video Communications (NASDAQ:ZM) had its target price decreased by research analysts at Citigroup from $86.00 to $85.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s price objective would suggest a potential downside of 0.23% from the stock’s current price.

A number of other brokerages have also commented on ZM. Evercore ISI raised Zoom Video Communications from an “in-line” rating to an “outperform” rating and lifted their price target for the company from $70.00 to $115.00 in a research note on Tuesday, November 26th. Piper Sandler lifted their price target on Zoom Video Communications from $68.00 to $89.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. UBS Group lifted their price target on Zoom Video Communications from $75.00 to $90.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. The Goldman Sachs Group lifted their price target on Zoom Video Communications from $72.00 to $86.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Finally, Hsbc Global Res raised Zoom Video Communications to a “strong-buy” rating in a research note on Tuesday, November 26th. Sixteen investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $89.48.

Zoom Video Communications Price Performance

NASDAQ:ZM traded up $0.10 during trading hours on Tuesday, hitting $85.20. The company’s stock had a trading volume of 2,289,773 shares, compared to its average volume of 2,193,683. The stock has a fifty day simple moving average of $83.28 and a 200-day simple moving average of $75.59. The company has a market capitalization of $26.11 billion and a P/E ratio of 28.40. Zoom Video Communications has a twelve month low of $55.06 and a twelve month high of $92.80.

Insider Activity

In related news, CAO Shane Crehan sold 1,551 shares of the company’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $84.94, for a total transaction of $131,741.94. Following the completion of the sale, the chief accounting officer now owns 3,251 shares in the company, valued at approximately $276,139.94. This represents a 32.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Eric S. Yuan sold 118,036 shares of the company’s stock in a transaction on Monday, January 13th. The stock was sold at an average price of $79.03, for a total value of $9,328,385.08. The disclosure for this sale can be found here. Insiders sold a total of 382,242 shares of company stock worth $31,230,938 over the last quarter. 10.78% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Zoom Video Communications

Several institutional investors have recently bought and sold shares of the stock. JT Stratford LLC bought a new stake in Zoom Video Communications during the fourth quarter worth $934,000. Focus Partners Advisor Solutions LLC purchased a new position in Zoom Video Communications in the fourth quarter worth $275,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Zoom Video Communications by 2.1% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,174,025 shares of the company’s stock worth $340,642,000 after purchasing an additional 87,775 shares during the last quarter. Vident Advisory LLC purchased a new position in Zoom Video Communications in the fourth quarter worth $365,000. Finally, Sphera Management Technology Funds Ltd purchased a new position in Zoom Video Communications in the fourth quarter worth $816,000. Institutional investors own 66.54% of the company’s stock.

Zoom Video Communications Company Profile

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.