Zoom Video Communications (NASDAQ:ZM) Given New $75.00 Price Target at Wells Fargo & Company

Zoom Video Communications (NASDAQ:ZM) had its price target trimmed by Wells Fargo & Company from $85.00 to $75.00 in a report released on Tuesday,Benzinga reports. The firm currently has an equal weight rating on the stock.

A number of other research analysts have also issued reports on ZM. Citigroup dropped their price target on shares of Zoom Video Communications from $86.00 to $85.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 18th. Barclays cut their price target on Zoom Video Communications from $85.00 to $80.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 26th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $95.00 target price on shares of Zoom Video Communications in a research note on Wednesday, March 19th. Rosenblatt Securities reaffirmed a “buy” rating and set a $95.00 price target on shares of Zoom Video Communications in a research note on Wednesday, March 19th. Finally, Scotiabank lowered their price objective on Zoom Video Communications from $85.00 to $75.00 and set a “sector perform” rating for the company in a research report on Monday, March 17th. Fifteen research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Zoom Video Communications has an average rating of “Hold” and a consensus price target of $86.14.

Zoom Video Communications Price Performance

Shares of Zoom Video Communications stock opened at $71.74 on Tuesday. The stock has a market capitalization of $21.90 billion, a price-to-earnings ratio of 23.91, a PEG ratio of 5.48 and a beta of 0.67. Zoom Video Communications has a 12 month low of $55.06 and a 12 month high of $92.80. The firm’s fifty day simple moving average is $74.82 and its 200-day simple moving average is $78.57.

Insider Transactions at Zoom Video Communications

In other Zoom Video Communications news, CEO Eric S. Yuan sold 83,332 shares of the stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $86.28, for a total value of $7,189,884.96. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Velchamy Sankarlingam sold 11,839 shares of the stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $71.91, for a total transaction of $851,342.49. Following the completion of the sale, the insider now directly owns 125,529 shares in the company, valued at approximately $9,026,790.39. This trade represents a 8.62 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 242,897 shares of company stock valued at $18,941,111. 10.78% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Zoom Video Communications

Several hedge funds and other institutional investors have recently made changes to their positions in ZM. Global X Japan Co. Ltd. raised its stake in shares of Zoom Video Communications by 127.5% in the 4th quarter. Global X Japan Co. Ltd. now owns 339 shares of the company’s stock worth $28,000 after buying an additional 190 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Zoom Video Communications by 177.0% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 385 shares of the company’s stock worth $28,000 after purchasing an additional 246 shares during the period. Avior Wealth Management LLC grew its holdings in shares of Zoom Video Communications by 291.2% during the 4th quarter. Avior Wealth Management LLC now owns 356 shares of the company’s stock valued at $29,000 after acquiring an additional 265 shares in the last quarter. Parkside Financial Bank & Trust grew its stake in Zoom Video Communications by 277.4% in the fourth quarter. Parkside Financial Bank & Trust now owns 351 shares of the company’s stock valued at $29,000 after purchasing an additional 258 shares in the last quarter. Finally, Raiffeisen Bank International AG acquired a new position in Zoom Video Communications in the fourth quarter worth approximately $30,000. 66.54% of the stock is currently owned by institutional investors and hedge funds.

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.