Scotiabank Boosts Zoom Video Communications (NASDAQ:ZM) Price Target to $85.00

Zoom Video Communications (NASDAQ:ZM) had its price target hoisted by Scotiabank from $75.00 to $85.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a “sector perform” rating on the stock. Scotiabank’s price objective suggests a potential upside of 0.45% from the stock’s current price.

ZM has been the topic of several other research reports. Stifel Nicolaus lowered their price objective on Zoom Video Communications from $90.00 to $85.00 and set a “hold” rating on the stock in a research report on Tuesday, February 25th. Wells Fargo & Company decreased their price target on shares of Zoom Video Communications from $85.00 to $75.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 22nd. Citigroup decreased their target price on shares of Zoom Video Communications from $85.00 to $84.00 and set a “neutral” rating on the stock in a research report on Thursday. UBS Group dropped their price target on shares of Zoom Video Communications from $90.00 to $85.00 and set a “neutral” rating for the company in a research report on Tuesday, February 25th. Finally, Barclays reduced their price target on Zoom Video Communications from $85.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 26th. Fifteen equities 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. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $86.33.

Zoom Video Communications Trading Up 0.9%

Shares of NASDAQ ZM opened at $84.62 on Friday. The firm has a market cap of $25.83 billion, a P/E ratio of 28.21, a price-to-earnings-growth ratio of 5.48 and a beta of 0.79. The business’s 50 day moving average is $75.22 and its 200-day moving average is $79.57. Zoom Video Communications has a 1-year low of $55.06 and a 1-year high of $92.80.

Insider Transactions at Zoom Video Communications

In related news, CEO Eric S. Yuan sold 75,531 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $74.98, for a total value of $5,663,314.38. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Aparna Bawa sold 16,099 shares of Zoom Video Communications stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $72.59, for a total value of $1,168,626.41. Following the completion of the transaction, the chief operating officer now directly owns 1,978 shares in the company, valued at approximately $143,583.02. This represents a 89.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 164,515 shares of company stock worth $12,132,994. Corporate insiders own 10.78% of the company’s stock.

Institutional Investors Weigh In On Zoom Video Communications

Several large investors have recently added to or reduced their stakes in ZM. Woodline Partners LP bought a new stake in Zoom Video Communications in the 1st quarter valued at about $7,209,000. Empowered Funds LLC grew its stake in Zoom Video Communications by 9.7% in the first quarter. Empowered Funds LLC now owns 125,789 shares of the company’s stock valued at $9,279,000 after acquiring an additional 11,073 shares during the period. Caxton Associates LLP bought a new stake in shares of Zoom Video Communications during the first quarter valued at approximately $1,186,000. Ashton Thomas Private Wealth LLC increased its holdings in shares of Zoom Video Communications by 39.0% during the first quarter. Ashton Thomas Private Wealth LLC now owns 9,207 shares of the company’s stock valued at $679,000 after acquiring an additional 2,583 shares in the last quarter. Finally, Teza Capital Management LLC acquired a new position in shares of Zoom Video Communications during the first quarter worth approximately $341,000. Institutional investors and hedge funds 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.