Zoom Video Communications (NASDAQ:ZM) Upgraded at Needham & Company LLC

Needham & Company LLC upgraded shares of Zoom Video Communications (NASDAQ:ZM) from a hold rating to a moderate buy rating in a research report released on Thursday, Marketbeat Ratings reports. The brokerage currently has $100.00 price objective on the stock.

ZM has been the subject of several other research reports. Morgan Stanley dropped their price target on shares of Zoom Video Communications from $96.00 to $73.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 16th. Royal Bank of Canada reissued an “outperform” rating and issued a $95.00 price target on shares of Zoom Video Communications in a research report on Wednesday, March 19th. Scotiabank increased their price target on shares of Zoom Video Communications from $75.00 to $85.00 and gave the stock a “sector perform” rating in a research report on Friday, May 16th. Cantor Fitzgerald reissued a “neutral” rating and issued a $87.00 price target on shares of Zoom Video Communications in a research report on Tuesday, February 25th. Finally, Stifel Nicolaus dropped their price target on shares of Zoom Video Communications from $90.00 to $85.00 and set a “hold” rating for the company in a research report on Tuesday, February 25th. Fifteen research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Zoom Video Communications currently has an average rating of “Moderate Buy” and an average price target of $87.61.

Zoom Video Communications Stock Performance

Shares of ZM opened at $79.28 on Thursday. The company has a 50-day simple moving average of $76.00 and a 200-day simple moving average of $79.76. The firm has a market capitalization of $24.20 billion, a P/E ratio of 26.43, a P/E/G ratio of 5.48 and a beta of 0.79. Zoom Video Communications has a 52 week low of $55.06 and a 52 week high of $92.80.

Zoom Video Communications (NASDAQ:ZM) last announced its quarterly earnings data on Wednesday, May 21st. The company reported $1.43 EPS for the quarter, beating analysts’ consensus estimates of $1.30 by $0.13. The business had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.17 billion. Zoom Video Communications had a net margin of 20.34% and a return on equity of 10.98%. The firm’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.35 earnings per share. As a group, equities analysts forecast that Zoom Video Communications will post 2.93 earnings per share for the current year.

Insider Activity

In other news, insider Velchamy Sankarlingam sold 11,839 shares of the stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $71.91, for a total transaction of $851,342.49. Following the sale, the insider now directly owns 125,529 shares of the company’s stock, valued at $9,026,790.39. This represents a 8.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Eric S. Yuan sold 75,531 shares of the stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $74.98, for a total transaction of $5,663,314.38. The disclosure for this sale can be found here. Insiders have sold 164,515 shares of company stock valued at $12,132,994 over the last three months. 11.51% of the stock is owned by insiders.

Hedge Funds Weigh In On Zoom Video Communications

Large investors have recently bought and sold shares of the business. Wayfinding Financial LLC acquired a new position in Zoom Video Communications in the first quarter valued at approximately $25,000. SouthState Corp acquired a new stake in Zoom Video Communications in the first quarter worth $25,000. Global X Japan Co. Ltd. raised its holdings in Zoom Video Communications by 127.5% in the fourth quarter. Global X Japan Co. Ltd. now owns 339 shares of the company’s stock worth $28,000 after purchasing an additional 190 shares during the period. MassMutual Private Wealth & Trust FSB raised its holdings in Zoom Video Communications by 177.0% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 385 shares of the company’s stock worth $28,000 after purchasing an additional 246 shares during the period. Finally, Avior Wealth Management LLC raised its holdings in Zoom Video Communications by 291.2% in the fourth quarter. Avior Wealth Management LLC now owns 356 shares of the company’s stock worth $29,000 after purchasing an additional 265 shares during the period. 66.54% of the stock is currently owned by institutional investors and hedge funds.

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.