Zoom Communications (NASDAQ:ZM) Earns Neutral Rating from Piper Sandler

Zoom Communications (NASDAQ:ZM)‘s stock had its “neutral” rating reaffirmed by stock analysts at Piper Sandler in a note issued to investors on Friday,Benzinga reports. They currently have a $85.00 price target on the stock. Piper Sandler’s target price would indicate a potential upside of 3.07% from the stock’s current price.

A number of other brokerages have also recently commented on ZM. Bank of America upped their target price on shares of Zoom Communications from $79.00 to $84.00 and gave the company a “neutral” rating in a report on Thursday, May 22nd. Needham & Company LLC reaffirmed a “buy” rating and set a $100.00 target price on shares of Zoom Communications in a report on Friday. Rosenblatt Securities upped their target price on shares of Zoom Communications from $100.00 to $110.00 and gave the company a “buy” rating in a report on Friday. Wedbush reaffirmed an “outperform” rating and set a $95.00 target price on shares of Zoom Communications in a report on Friday. Finally, Scotiabank increased their price objective on shares of Zoom Communications from $75.00 to $85.00 and gave the stock a “sector perform” rating in a research note on Friday, May 16th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $89.00.

Zoom Communications Trading Up 12.7%

Shares of ZM stock opened at $82.47 on Friday. Zoom Communications has a 12 month low of $64.41 and a 12 month high of $92.80. The stock has a market cap of $24.95 billion, a P/E ratio of 21.76, a P/E/G ratio of 21.58 and a beta of 0.68. The company has a 50 day simple moving average of $75.08 and a two-hundred day simple moving average of $76.64.

Zoom Communications (NASDAQ:ZM) last announced its earnings results on Wednesday, May 21st. The company reported $1.43 EPS for the quarter, beating analysts’ consensus estimates of $1.30 by $0.13. Zoom Communications had a net margin of 24.99% and a return on equity of 11.95%. The business had revenue of $1.17 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same period in the prior year, the company earned $1.35 earnings per share. The firm’s revenue was up 2.9% on a year-over-year basis. As a group, equities analysts forecast that Zoom Communications will post 2.93 earnings per share for the current year.

Insider Activity

In other news, CEO Eric S. Yuan sold 33,691 shares of the firm’s stock in a transaction on Monday, July 14th. The shares were sold at an average price of $74.79, for a total transaction of $2,519,749.89. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Jonathan Chadwick sold 25,000 shares of the firm’s stock in a transaction on Tuesday, July 15th. The shares were sold at an average price of $74.86, for a total transaction of $1,871,500.00. Following the transaction, the director directly owned 5,875 shares of the company’s stock, valued at $439,802.50. The trade was a 80.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 87,542 shares of company stock worth $6,609,623. 11.51% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Zoom Communications

Several institutional investors have recently bought and sold shares of the stock. Marex Group plc purchased a new position in Zoom Communications during the second quarter valued at $1,034,000. MRP Capital Investments LLC lifted its position in Zoom Communications by 114.5% during the second quarter. MRP Capital Investments LLC now owns 3,250 shares of the company’s stock valued at $253,000 after purchasing an additional 1,735 shares during the last quarter. State of Wyoming lifted its position in Zoom Communications by 8.4% during the second quarter. State of Wyoming now owns 8,036 shares of the company’s stock valued at $627,000 after purchasing an additional 623 shares during the last quarter. Hudson Bay Capital Management LP bought a new position in Zoom Communications during the second quarter valued at $551,000. Finally, Kestra Investment Management LLC lifted its position in Zoom Communications by 122,628.6% during the second quarter. Kestra Investment Management LLC now owns 8,591 shares of the company’s stock valued at $670,000 after purchasing an additional 8,584 shares during the last quarter. 66.54% of the stock is owned by hedge funds and other institutional investors.

About Zoom 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.