Zoom Video Communications (NASDAQ:ZM) Price Target Lowered to $85.00 at Citigroup

Zoom Video Communications (NASDAQ:ZM) had its price objective reduced by Citigroup from $86.00 to $85.00 in a report published on Tuesday morning,Benzinga reports. They currently have a neutral rating on the stock.

A number of other brokerages have also recently commented on ZM. JMP Securities reaffirmed a “market perform” rating on shares of Zoom Video Communications in a research note on Tuesday, November 26th. Wells Fargo & Company raised Zoom Video Communications from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $70.00 to $85.00 in a research note on Tuesday, January 7th. Benchmark lifted their price target on Zoom Video Communications from $85.00 to $97.00 and gave the stock a “buy” rating in a research note on Tuesday, November 26th. Stifel Nicolaus lifted their price target on Zoom Video Communications from $70.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday, November 26th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Zoom Video Communications in a research note on Friday, January 10th. Sixteen analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $89.48.

Zoom Video Communications Price Performance

Shares of Zoom Video Communications stock opened at $83.45 on Tuesday. The business’s 50 day simple moving average is $83.28 and its two-hundred day simple moving average is $75.85. The stock has a market capitalization of $25.58 billion and a P/E ratio of 27.82. Zoom Video Communications has a one year low of $55.06 and a one year high of $92.80.

Insider Activity at Zoom Video Communications

In other Zoom Video Communications news, CEO Eric S. Yuan sold 83,333 shares of Zoom Video Communications stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $83.50, for a total value of $6,958,305.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jonathan Chadwick sold 25,000 shares of Zoom Video Communications stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $80.33, for a total transaction of $2,008,250.00. Following the completion of the transaction, the director now directly owns 1,514 shares of the company’s stock, valued at $121,619.62. This trade represents a 94.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 382,242 shares of company stock valued at $31,230,938 in the last three months. Company insiders own 10.78% of the company’s stock.

Institutional Trading of Zoom Video Communications

Several large investors have recently added to or reduced their stakes in ZM. Norges Bank purchased a new position in shares of Zoom Video Communications in the fourth quarter worth $751,908,000. FMR LLC raised its stake in shares of Zoom Video Communications by 23.8% in the third quarter. FMR LLC now owns 12,444,887 shares of the company’s stock valued at $867,906,000 after acquiring an additional 2,395,396 shares during the period. Altshuler Shaham Ltd raised its stake in shares of Zoom Video Communications by 285.9% in the fourth quarter. Altshuler Shaham Ltd now owns 2,056,277 shares of the company’s stock valued at $167,813,000 after acquiring an additional 1,523,480 shares during the period. T. Rowe Price Investment Management Inc. raised its stake in shares of Zoom Video Communications by 24.3% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,385,523 shares of the company’s stock valued at $521,123,000 after acquiring an additional 1,247,717 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in shares of Zoom Video Communications in the fourth quarter valued at $99,471,000. 66.54% of the stock is currently owned by institutional investors.

Zoom Video Communications Company Profile

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.