Wells Fargo & Company Boosts Zoom Video Communications (NASDAQ:ZM) Price Target to $60.00

Zoom Video Communications (NASDAQ:ZM) had its target price raised by analysts at Wells Fargo & Company from $55.00 to $60.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “underweight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential downside of 10.25% from the company’s previous close.

ZM has been the subject of a number of other reports. Needham & Company LLC reissued a “hold” rating on shares of Zoom Video Communications in a research report on Thursday. Sanford C. Bernstein decreased their price target on shares of 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. Robert W. Baird dropped their target price on shares of Zoom Video Communications from $84.00 to $77.00 and set an “outperform” rating for the company in a research report on Thursday. Benchmark reiterated a “buy” rating and issued a $83.00 price objective on shares of Zoom Video Communications in a report on Monday, August 5th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $95.00 price objective on shares of Zoom Video Communications in a report on Tuesday, May 21st. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $75.11.

Zoom Video Communications Trading Up 11.0 %

Shares of ZM traded up $6.62 on Thursday, reaching $66.85. 8,145,465 shares of the company’s stock traded hands, compared to its average volume of 3,232,325. The stock’s 50 day simple moving average is $58.08 and its two-hundred day simple moving average is $61.77. The stock has a market cap of $20.68 billion, a PE ratio of 24.94, a PEG ratio of 8.91 and a beta of -0.05. Zoom Video Communications has a 52-week low of $55.06 and a 52-week high of $75.90.

Zoom Video Communications (NASDAQ:ZM) last announced its earnings results on Wednesday, August 21st. The company reported $1.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.21 by $0.18. The firm had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. Zoom Video Communications had a return on equity of 10.55% and a net margin of 18.37%. The business’s revenue was up 2.1% compared to the same quarter last year. During the same period last year, the firm posted $0.55 EPS. Analysts forecast that Zoom Video Communications will post 2.43 earnings per share for the current year.

Insider Buying and Selling at Zoom Video Communications

In other Zoom Video Communications news, CAO Shane Crehan sold 1,538 shares of Zoom Video Communications stock in a transaction that occurred on Sunday, June 9th. The shares were sold at an average price of $62.42, for a total value of $96,001.96. Following the completion of the sale, the chief accounting officer now owns 1,475 shares of the company’s stock, valued at approximately $92,069.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Eric S. Yuan sold 2,420 shares of the firm’s stock in a transaction on Monday, August 5th. The shares were sold at an average price of $56.12, for a total transaction of $135,810.40. Following the sale, the chief executive officer now directly owns 90,354 shares in the company, valued at approximately $5,070,666.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Shane Crehan sold 1,538 shares of the company’s stock in a transaction on Sunday, June 9th. The stock was sold at an average price of $62.42, for a total transaction of $96,001.96. Following the completion of the transaction, the chief accounting officer now directly owns 1,475 shares of the company’s stock, valued at approximately $92,069.50. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 118,629 shares of company stock valued at $6,887,868. 10.78% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Zoom Video Communications

A number of hedge funds have recently made changes to their positions in ZM. Principal Securities Inc. purchased a new position in Zoom Video Communications during the fourth quarter valued at $25,000. Quadrant Capital Group LLC grew its position in shares of Zoom Video Communications by 269.7% during 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 purchased a new stake in shares of Zoom Video Communications in the fourth quarter worth about $32,000. Innealta Capital LLC bought a new position in Zoom Video Communications during the second quarter valued at approximately $33,000. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new position in Zoom Video Communications during the 2nd quarter valued at approximately $36,000. 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.