Stifel Nicolaus Issues Positive Forecast for Zoom Communications (NASDAQ:ZM) Stock Price

Zoom Communications (NASDAQ:ZM) had its target price upped by Stifel Nicolaus from $80.00 to $90.00 in a report released on Thursday morning,Benzinga reports. Stifel Nicolaus currently has a hold rating on the stock.

A number of other research firms also recently issued reports on ZM. Wall Street Zen upgraded shares of Zoom Communications from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 30th. JMP Securities reiterated a “market perform” rating on shares of Zoom Communications in a research note on Thursday. Benchmark increased their price objective on shares of Zoom Communications from $102.00 to $110.00 and gave the company a “buy” rating in a research note on Thursday. Piper Sandler reiterated a “neutral” rating and set a $85.00 price objective on shares of Zoom Communications in a research note on Friday, August 22nd. Finally, Royal Bank Of Canada reiterated an “outperform” rating and set a $100.00 price objective on shares of Zoom Communications in a research note on Thursday. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, fifteen have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Zoom Communications currently has a consensus rating of “Hold” and a consensus target price of $91.30.

Zoom Communications Stock Performance

NASDAQ ZM opened at $86.83 on Thursday. The firm’s 50 day moving average price is $77.32 and its 200-day moving average price is $76.90. Zoom Communications has a 52-week low of $64.41 and a 52-week high of $92.80. The company has a market cap of $26.27 billion, a PE ratio of 22.91, a P/E/G ratio of 12.03 and a beta of 0.57.

Insider Activity at Zoom Communications

In related news, insider Velchamy Sankarlingam sold 2,595 shares of the stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $85.09, for a total transaction of $220,808.55. Following the completion of the sale, the insider owned 130,242 shares of the company’s stock, valued at $11,082,291.78. This represents a 1.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Eric S. Yuan sold 33,691 shares of the firm’s stock in a transaction on Monday, July 14th. The stock was sold at an average price of $74.79, for a total transaction of $2,519,749.89. The disclosure for this sale can be found here. Insiders have sold a total of 90,400 shares of company stock valued at $6,871,114 over the last three months. Company insiders own 11.51% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Valeo Financial Advisors LLC purchased a new position in shares of Zoom Communications in the second quarter worth $9,156,000. Thrivent Financial for Lutherans purchased a new position in shares of Zoom Communications in the second quarter worth $269,000. Marex Group plc purchased a new position in shares of Zoom Communications in the second quarter worth $1,034,000. MRP Capital Investments LLC raised its holdings in shares of Zoom Communications by 114.5% in the second quarter. MRP Capital Investments LLC now owns 3,250 shares of the company’s stock worth $253,000 after buying an additional 1,735 shares during the last quarter. Finally, State of Wyoming raised its holdings in shares of Zoom Communications by 8.4% in the second quarter. State of Wyoming now owns 8,036 shares of the company’s stock worth $627,000 after buying an additional 623 shares during the last quarter. Hedge funds and other institutional investors own 66.54% of the company’s stock.

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.