Zoom Communications (NASDAQ:ZM) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says

Zoom Communications (NASDAQ:ZM) had its price objective boosted by research analysts at Royal Bank Of Canada from $95.00 to $100.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank Of Canada’s price target indicates a potential upside of 21.26% from the stock’s current price.

ZM has been the subject of several other research reports. Rosenblatt Securities lifted their price target on Zoom Communications from $100.00 to $110.00 and gave the company a “buy” rating in a report on Friday. Needham & Company LLC restated a “buy” rating and issued a $100.00 price target on shares of Zoom Communications in a report on Friday. KeyCorp lowered their price target on Zoom Communications from $73.00 to $69.00 and set an “underweight” rating for the company in a report on Friday. Citigroup lowered their price target on Zoom Communications from $85.00 to $84.00 and set a “neutral” rating for the company in a report on Thursday, May 15th. Finally, Stifel Nicolaus lowered their price target on Zoom Communications from $85.00 to $80.00 and set a “hold” rating for the company in a report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, fifteen have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Zoom Communications currently has a consensus rating of “Hold” and an average target price of $89.00.

Zoom Communications Trading Up 12.7%

Shares of ZM stock opened at $82.47 on Friday. The firm has a 50-day moving average price of $75.08 and a 200 day moving average price of $76.64. Zoom Communications has a twelve month low of $64.41 and a twelve month high of $92.80. The company has a market capitalization of $24.95 billion, a price-to-earnings ratio of 21.76, a PEG ratio of 21.58 and a beta of 0.68.

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

Insiders Place Their Bets

In other news, Director Janet Napolitano sold 2,617 shares of Zoom Communications stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $76.78, for a total value of $200,933.26. Following the transaction, the director directly owned 4,728 shares of the company’s stock, valued at $363,015.84. The trade was a 35.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Eric S. Yuan sold 33,691 shares of Zoom Communications stock in a transaction dated Monday, July 14th. The shares were sold at an average price of $74.79, for a total value of $2,519,749.89. 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 owned by insiders.

Hedge Funds Weigh In On Zoom Communications

Several hedge funds and other institutional investors have recently bought and sold shares of ZM. Envestnet Asset Management Inc. lifted its position in Zoom Communications by 11.7% during the 4th quarter. Envestnet Asset Management Inc. now owns 29,147 shares of the company’s stock worth $2,379,000 after acquiring an additional 3,064 shares in the last quarter. NewEdge Advisors LLC lifted its position in Zoom Communications by 8.2% during the 4th quarter. NewEdge Advisors LLC now owns 6,856 shares of the company’s stock worth $560,000 after acquiring an additional 521 shares in the last quarter. Marshall Wace LLP lifted its position in Zoom Communications by 216.2% during the 4th quarter. Marshall Wace LLP now owns 58,510 shares of the company’s stock worth $4,775,000 after acquiring an additional 40,003 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Zoom Communications by 7.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,662,680 shares of the company’s stock worth $135,707,000 after acquiring an additional 115,802 shares in the last quarter. Finally, MML Investors Services LLC lifted its position in Zoom Communications by 89.6% during the 4th quarter. MML Investors Services LLC now owns 17,812 shares of the company’s stock worth $1,454,000 after acquiring an additional 8,417 shares in the last quarter. 66.54% of the stock is owned by institutional investors and hedge funds.

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.