Zoom Video Communications (NASDAQ:ZM) Price Target Cut to $68.00

Zoom Video Communications (NASDAQ:ZMGet Free Report) had its price target reduced by research analysts at Morgan Stanley from $72.00 to $68.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective would suggest a potential upside of 17.77% from the stock’s current price.

Several other research analysts have also recently commented on the company. Stifel Nicolaus lowered their target price on Zoom Video Communications from $70.00 to $65.00 and set a “hold” rating for the company in a research note on Tuesday, May 21st. Rosenblatt Securities boosted their price objective on Zoom Video Communications from $75.00 to $78.00 and gave the stock a “buy” rating in a research report on Tuesday, May 21st. Sanford C. Bernstein reduced their target price 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. Jefferies Financial Group started coverage on shares of Zoom Video Communications in a report on Tuesday, March 19th. They set a “hold” rating and a $70.00 price target for the company. Finally, Robert W. Baird reduced their price objective on shares of Zoom Video Communications from $90.00 to $84.00 and set an “outperform” rating on the stock in a report on Tuesday, May 21st. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $75.72.

Read Our Latest Research Report on ZM

Zoom Video Communications Trading Down 0.3 %

ZM opened at $57.74 on Friday. The stock’s 50-day moving average price is $61.88 and its 200 day moving average price is $65.66. Zoom Video Communications has a 12-month low of $57.33 and a 12-month high of $75.90. The firm has a market cap of $17.86 billion, a price-to-earnings ratio of 21.54, a PEG ratio of 8.89 and a beta of -0.01.

Zoom Video Communications (NASDAQ:ZMGet Free Report) last issued its quarterly earnings results on Monday, May 20th. The company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.23. Zoom Video Communications had a net margin of 18.37% and a return on equity of 10.55%. The business had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.13 billion. On average, research analysts forecast that Zoom Video Communications will post 2.43 earnings per share for the current year.

Insider Activity

In related news, CFO Kelly Steckelberg sold 5,007 shares of the firm’s stock in a transaction that occurred on Wednesday, June 12th. The stock was sold at an average price of $61.43, for a total transaction of $307,580.01. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, CFO Kelly Steckelberg sold 5,007 shares of the stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $61.43, for a total transaction of $307,580.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Aparna Bawa sold 816 shares of the firm’s stock in a transaction on Monday, March 18th. The stock was sold at an average price of $66.60, for a total transaction of $54,345.60. Following the transaction, the chief operating officer now directly owns 1,978 shares in the company, valued at $131,734.80. The disclosure for this sale can be found here. In the last three months, insiders sold 110,016 shares of company stock valued at $6,814,969. Insiders own 10.78% of the company’s stock.

Institutional Trading of Zoom Video Communications

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. DekaBank Deutsche Girozentrale increased its holdings in shares of Zoom Video Communications by 613.8% in the first quarter. DekaBank Deutsche Girozentrale now owns 529,041 shares of the company’s stock valued at $34,980,000 after purchasing an additional 454,923 shares during the period. Cetera Advisors LLC grew its position in Zoom Video Communications by 52.1% in the 1st quarter. Cetera Advisors LLC now owns 6,307 shares of the company’s stock valued at $412,000 after buying an additional 2,160 shares during the last quarter. Swedbank AB acquired a new position in Zoom Video Communications in the 1st quarter valued at $2,100,000. Plato Investment Management Ltd raised its position in Zoom Video Communications by 549.3% during the 1st quarter. Plato Investment Management Ltd now owns 8,389 shares of the company’s stock worth $548,000 after buying an additional 7,097 shares during the last quarter. Finally, iA Global Asset Management Inc. lifted its stake in shares of Zoom Video Communications by 27.3% in the 1st quarter. iA Global Asset Management Inc. now owns 4,060 shares of the company’s stock worth $265,000 after acquiring an additional 870 shares during the period. 66.54% of the stock is owned by hedge funds and other institutional investors.

About Zoom Video Communications

(Get Free Report)

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.

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