Piper Sandler Trims Zoom Video Communications (NASDAQ:ZM) Target Price to $68.00

Zoom Video Communications (NASDAQ:ZM) had its price objective cut by Piper Sandler from $72.00 to $68.00 in a report released on Wednesday, Benzinga reports. They currently have a neutral rating on the stock.

Several other brokerages also recently commented on ZM. Citigroup lifted their target price on Zoom Video Communications from $76.00 to $77.00 and gave the stock a neutral rating in a report on Tuesday, May 21st. Sanford C. Bernstein cut their target price on Zoom Video Communications from $82.00 to $78.00 and set a market perform rating on the stock in a report on Tuesday, May 21st. Rosenblatt Securities lifted their target price on Zoom Video Communications from $75.00 to $78.00 and gave the stock a buy rating in a report on Tuesday, May 21st. Evercore ISI cut their target price on Zoom Video Communications from $72.00 to $70.00 and set an in-line rating on the stock in a report on Tuesday, May 21st. Finally, Wells Fargo & Company dropped their price objective on Zoom Video Communications from $60.00 to $55.00 and set an underweight rating on the stock in a research note on Friday, June 21st. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of Hold and an average price target of $75.22.

Zoom Video Communications Stock Up 1.7 %

Shares of ZM stock opened at $57.58 on Wednesday. The firm has a market capitalization of $17.81 billion, a P/E ratio of 21.49, a P/E/G ratio of 8.59 and a beta of -0.05. Zoom Video Communications has a twelve month low of $55.63 and a twelve month high of $75.90. The stock’s fifty day simple moving average is $60.42 and its 200 day simple moving average is $63.86.

Zoom Video Communications (NASDAQ:ZM) last announced its earnings results on Monday, May 20th. The company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.51 by $0.23. The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.13 billion. Zoom Video Communications had a return on equity of 10.55% and a net margin of 18.37%. As a group, equities research analysts expect that Zoom Video Communications will post 2.43 EPS for the current fiscal year.

Insiders Place Their Bets

In other Zoom Video Communications news, COO Aparna Bawa sold 874 shares of the business’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $61.78, for a total transaction of $53,995.72. Following the completion of the sale, the chief operating officer now directly owns 2,814 shares of the company’s stock, valued at approximately $173,848.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CFO Kelly Steckelberg sold 5,007 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $63.36, for a total value of $317,243.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Aparna Bawa sold 874 shares of the company’s stock in a transaction that occurred on Tuesday, June 4th. The shares were sold at an average price of $61.78, for a total value of $53,995.72. Following the completion of the transaction, the chief operating officer now directly owns 2,814 shares of the company’s stock, valued at $173,848.92. The disclosure for this sale can be found here. In the last ninety days, insiders sold 135,272 shares of company stock valued at $7,981,517. Corporate insiders own 10.78% of the company’s stock.

Hedge Funds Weigh In On Zoom Video Communications

Institutional investors have recently modified their holdings of the business. Principal Securities Inc. purchased a new position in Zoom Video Communications in the fourth quarter valued at approximately $25,000. Quadrant Capital Group LLC grew its position in shares of Zoom Video Communications by 269.7% in the fourth quarter. Quadrant Capital Group LLC now owns 366 shares of the company’s stock valued at $26,000 after purchasing an additional 267 shares in the last quarter. Frazier Financial Advisors LLC bought a new stake in shares of Zoom Video Communications during the 4th quarter valued at $32,000. Rakuten Securities Inc. purchased a new stake in Zoom Video Communications during the 4th quarter worth about $43,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new position in Zoom Video Communications in the 2nd quarter worth about $36,000. 66.54% of the stock is owned by 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.