Benchmark Reaffirms Buy Rating for Zoom Video Communications (NASDAQ:ZM)

Zoom Video Communications (NASDAQ:ZM)‘s stock had its “buy” rating reiterated by Benchmark in a research note issued on Tuesday,Benzinga reports. They currently have a $97.00 price objective on the stock. Benchmark’s target price indicates a potential upside of 17.90% from the stock’s previous close.

A number of other equities research analysts have also recently issued reports on the stock. Wells Fargo & Company lowered their target price on shares of Zoom Video Communications from $85.00 to $75.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 22nd. 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. Citigroup decreased their price objective on Zoom Video Communications from $85.00 to $84.00 and set a “neutral” rating on the stock in a report on Thursday, May 15th. Barclays cut their target price 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. Finally, Stifel Nicolaus decreased their price target on shares of Zoom Video Communications from $90.00 to $85.00 and set a “hold” rating on the stock in a research note on Tuesday, February 25th. Fifteen research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $86.33.

Zoom Video Communications Trading Down 1.0%

NASDAQ:ZM opened at $82.27 on Tuesday. The firm’s 50 day moving average is $75.78 and its 200 day moving average is $79.70. Zoom Video Communications has a 12 month low of $55.06 and a 12 month high of $92.80. The stock has a market capitalization of $25.11 billion, a PE ratio of 27.42, a price-to-earnings-growth ratio of 5.48 and a beta of 0.79.

Insider Activity at Zoom Video Communications

In other Zoom Video Communications news, COO Aparna Bawa sold 16,099 shares of Zoom Video Communications stock in a transaction dated Tuesday, April 15th. The shares were 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 of the company’s stock, valued at approximately $143,583.02. The trade was a 89.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Eric S. Yuan sold 75,531 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $74.98, for a total value of $5,663,314.38. The disclosure for this sale can be found here. Insiders have sold 164,515 shares of company stock worth $12,132,994 over the last 90 days. 11.51% of the stock is owned by company insiders.

Institutional Investors Weigh In On Zoom Video Communications

Institutional investors have recently modified their holdings of the business. Norges Bank bought a new position in Zoom Video Communications in the fourth quarter valued at about $751,908,000. Altshuler Shaham Ltd boosted its position in shares of Zoom Video Communications by 285.9% in the fourth quarter. Altshuler Shaham Ltd now owns 2,056,277 shares of the company’s stock worth $167,813,000 after purchasing an additional 1,523,480 shares during the period. T. Rowe Price Investment Management Inc. increased its stake in Zoom Video Communications by 24.3% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,385,523 shares of the company’s stock worth $521,123,000 after buying an additional 1,247,717 shares in the last quarter. Raymond James Financial Inc. purchased a new position in Zoom Video Communications in the 4th quarter worth approximately $99,471,000. Finally, Contrarius Group Holdings Ltd purchased a new position in shares of Zoom Video Communications in the fourth quarter worth $72,854,000. 66.54% of the stock is owned by hedge funds and other institutional investors.

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.