Zoom Video Communications (NASDAQ:ZM) Trading Down 5.7% After Insider Selling

Zoom Video Communications Inc (NASDAQ:ZM) shares dropped 5.7% during mid-day trading on Tuesday after an insider sold shares in the company. The stock traded as low as $61.02 and last traded at $62.00, approximately 4,412,923 shares were traded during trading. An increase of 73% from the average daily volume of 2,554,219 shares. The stock had previously closed at $65.77.

Specifically, Director Kimberly Hammonds sold 37,500 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $65.77, for a total transaction of $2,466,375.00. Also, CMO Janine Pelosi sold 6,196 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $65.77, for a total transaction of $407,510.92.

Several brokerages recently issued reports on ZM. FBN Securities began coverage on shares of Zoom Video Communications in a research note on Tuesday, September 10th. They set a “sector perform” rating and a $85.00 price objective on the stock. Rosenblatt Securities set a $75.00 price objective on shares of Zoom Video Communications and gave the company a “hold” rating in a research note on Friday, October 18th. Morgan Stanley set a $75.00 price objective on shares of Zoom Video Communications and gave the company a “hold” rating in a research note on Friday, August 30th. Citigroup reduced their price objective on shares of Zoom Video Communications from $90.00 to $75.00 and set a “neutral” rating on the stock in a research note on Friday, October 18th. Finally, Goldman Sachs Group downgraded shares of Zoom Video Communications from a “neutral” rating to a “sell” rating and upped their price objective for the company from $53.00 to $66.00 in a research note on Sunday, June 30th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $88.53.

The company has a debt-to-equity ratio of 0.06, a quick ratio of 4.00 and a current ratio of 4.00. The stock has a 50 day moving average of $77.55.

Zoom Video Communications (NASDAQ:ZM) last posted its quarterly earnings results on Thursday, September 5th. The company reported $0.08 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.10. The company had revenue of $145.80 million for the quarter, compared to analysts’ expectations of $130.55 million. The firm’s quarterly revenue was up 95.7% compared to the same quarter last year. On average, analysts predict that Zoom Video Communications Inc will post -0.03 earnings per share for the current fiscal year.

Large investors have recently bought and sold shares of the business. Sheets Smith Wealth Management acquired a new stake in Zoom Video Communications in the 2nd quarter valued at $316,000. Intl Fcstone Inc. acquired a new stake in Zoom Video Communications in the 2nd quarter valued at $202,000. Toth Financial Advisory Corp acquired a new stake in Zoom Video Communications in the 2nd quarter valued at $59,000. Broadleaf Partners LLC acquired a new stake in Zoom Video Communications in the 2nd quarter valued at $1,414,000. Finally, Meridian Wealth Management LLC acquired a new stake in Zoom Video Communications in the 2nd quarter valued at $212,000. 9.03% of the stock is currently owned by institutional investors.

Zoom Video Communications Company Profile (NASDAQ:ZM)

Zoom Video Communications, Inc provides a video-first communications platform that delivers changes how people interact primarily in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. It connects people through frictionless video, voice, chat, and content sharing. The company's cloud-native platform enables face-to-face video experiences and connects users across various devices and locations in a single meeting.

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