Zoom Video Communications (NASDAQ:ZM) Given New $55.00 Price Target at Wells Fargo & Company

Zoom Video Communications (NASDAQ:ZMFree Report) had its price target reduced by Wells Fargo & Company from $60.00 to $55.00 in a research note issued to investors on Friday, Benzinga reports. They currently have an underweight rating on the stock.

A number of other research firms have also recently commented on ZM. Morgan Stanley decreased their price target on Zoom Video Communications from $72.00 to $68.00 and set an equal weight rating on the stock in a report on Friday, June 14th. Citigroup raised their price target on Zoom Video Communications from $76.00 to $77.00 and gave the company a neutral rating in a report on Tuesday, May 21st. Needham & Company LLC reissued a hold rating on shares of Zoom Video Communications in a report on Tuesday, May 21st. Royal Bank of Canada reissued an outperform rating and set a $95.00 price target on shares of Zoom Video Communications in a report on Tuesday, May 21st. Finally, Evercore ISI decreased their price target on Zoom Video Communications from $72.00 to $70.00 and set an in-line rating on the stock in a report on Tuesday, May 21st. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and an average target price of $75.44.

View Our Latest Analysis on Zoom Video Communications

Zoom Video Communications Stock Performance

NASDAQ ZM opened at $57.81 on Friday. The company has a market capitalization of $17.88 billion, a PE ratio of 21.57, a price-to-earnings-growth ratio of 8.95 and a beta of -0.01. The business’s fifty day moving average is $61.30 and its 200 day moving average is $65.12. Zoom Video Communications has a fifty-two week low of $55.63 and a fifty-two week high of $75.90.

Zoom Video Communications (NASDAQ:ZMGet Free Report) last released its earnings results on Monday, May 20th. The company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.23. The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.13 billion. Zoom Video Communications had a return on equity of 10.55% and a net margin of 18.37%. On average, sell-side analysts forecast that Zoom Video Communications will post 2.43 EPS for the current year.

Insiders Place Their Bets

In other Zoom Video Communications news, COO Aparna Bawa sold 874 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $61.78, for a total transaction of $53,995.72. Following the sale, the chief operating officer now directly owns 2,814 shares of the company’s stock, valued at $173,848.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Zoom Video Communications news, CAO Shane Crehan sold 5,099 shares of the business’s stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $62.97, for a total transaction of $321,084.03. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Aparna Bawa sold 874 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $61.78, for a total value of $53,995.72. Following the transaction, the chief operating officer now owns 2,814 shares of the company’s stock, valued at approximately $173,848.92. The disclosure for this sale can be found here. Insiders have sold 104,193 shares of company stock valued at $6,427,858 over the last ninety days. 10.78% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. DekaBank Deutsche Girozentrale boosted its position in shares of Zoom Video Communications by 613.8% during the first quarter. DekaBank Deutsche Girozentrale now owns 529,041 shares of the company’s stock valued at $34,980,000 after buying an additional 454,923 shares during the period. Cetera Advisors LLC boosted its holdings in shares of Zoom Video Communications by 52.1% in the first quarter. Cetera Advisors LLC now owns 6,307 shares of the company’s stock valued at $412,000 after purchasing an additional 2,160 shares during the period. Swedbank AB purchased a new stake in shares of Zoom Video Communications in the first quarter valued at approximately $2,100,000. Plato Investment Management Ltd boosted its holdings in shares of Zoom Video Communications by 549.3% in the first quarter. Plato Investment Management Ltd now owns 8,389 shares of the company’s stock valued at $548,000 after purchasing an additional 7,097 shares during the period. Finally, iA Global Asset Management Inc. boosted its holdings in shares of Zoom Video Communications by 27.3% in the first quarter. iA Global Asset Management Inc. now owns 4,060 shares of the company’s stock valued at $265,000 after purchasing an additional 870 shares during the period. Hedge funds and other institutional investors own 66.54% of the company’s stock.

About Zoom Video Communications

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Zoom Video Communications (NASDAQ:ZM)

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