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

Zoom Video Communications (NASDAQ:ZM) had its price target boosted by Morgan Stanley from $79.00 to $85.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Morgan Stanley’s target price would suggest a potential upside of 7.21% from the stock’s current price.

Several other research analysts have also recently commented on the company. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $87.00 target price on shares of Zoom Video Communications in a research report on Tuesday, February 25th. Benchmark restated a “buy” rating and issued a $97.00 target price on shares of Zoom Video Communications in a research note on Tuesday. Wells Fargo & Company raised their target price on Zoom Video Communications from $75.00 to $80.00 and gave the company an “equal weight” rating in a research note on Thursday. Mizuho lowered their price objective on Zoom Video Communications from $105.00 to $71.00 and set an “outperform” rating for the company in a research report on Tuesday, April 15th. Finally, Barclays lowered their price objective on Zoom Video Communications from $85.00 to $80.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 26th. Fifteen investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Zoom Video Communications has a consensus rating of “Hold” and an average price target of $87.61.

Zoom Video Communications Trading Down 3.4%

ZM stock opened at $79.28 on Thursday. The firm has a 50-day moving average of $76.00 and a two-hundred day moving average of $79.76. The firm has a market capitalization of $24.20 billion, a PE ratio of 26.43, a P/E/G ratio of 5.48 and a beta of 0.79. Zoom Video Communications has a one year low of $55.06 and a one year high of $92.80.

Zoom Video Communications (NASDAQ:ZM) last posted its quarterly earnings results on Wednesday, May 21st. The company reported $1.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.30 by $0.13. Zoom Video Communications had a net margin of 20.34% and a return on equity of 10.98%. The business had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same period in the prior year, the firm earned $1.35 earnings per share. The firm’s revenue was up 2.9% compared to the same quarter last year. On average, equities research analysts anticipate that Zoom Video Communications will post 2.93 earnings per share for the current year.

Insiders Place Their Bets

In other Zoom Video Communications news, Director Santiago Subotovsky sold 2,475 shares of Zoom Video Communications stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $77.86, for a total value of $192,703.50. Following the sale, the director now owns 169,452 shares of the company’s stock, valued at approximately $13,193,532.72. The trade was a 1.44% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Velchamy Sankarlingam sold 11,839 shares of Zoom Video Communications 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 represents a 8.62% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 164,515 shares of company stock valued at $12,132,994. Company insiders own 11.51% of the company’s stock.

Hedge Funds Weigh In On Zoom Video Communications

Hedge funds have recently bought and sold shares of the company. Geneos Wealth Management Inc. lifted its position in Zoom Video Communications by 82.0% during the first quarter. Geneos Wealth Management Inc. now owns 881 shares of the company’s stock valued at $65,000 after purchasing an additional 397 shares during the last quarter. Intech Investment Management LLC boosted its stake in shares of Zoom Video Communications by 59.1% in the 1st quarter. Intech Investment Management LLC now owns 16,785 shares of the company’s stock valued at $1,238,000 after purchasing an additional 6,235 shares in the last quarter. Bayforest Capital Ltd raised its holdings in Zoom Video Communications by 432.5% during the 1st quarter. Bayforest Capital Ltd now owns 7,934 shares of the company’s stock valued at $585,000 after buying an additional 6,444 shares during the last quarter. Woodline Partners LP bought a new stake in Zoom Video Communications during the 1st quarter valued at $7,209,000. Finally, Empowered Funds LLC raised its holdings in Zoom Video Communications by 9.7% during the 1st quarter. Empowered Funds LLC now owns 125,789 shares of the company’s stock valued at $9,279,000 after buying an additional 11,073 shares during the last quarter. Hedge funds and other institutional investors own 66.54% of the company’s stock.

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.