Benchmark Increases Zoom Communications (NASDAQ:ZM) Price Target to $110.00

Key Points

• Benchmark has raised its price target for Zoom Communications (NASDAQ: ZM) from $102.00 to $110.00, indicating a potential upside of 27.46% from its last closing price.
• The current consensus rating for Zoom stock includes one Strong Buy, eleven Buy, fifteen Hold, and one Sell rating.
• Insiders have recently sold a total of 90,400 shares of Zoom stock, amounting to approximately $6.87 million in sales over the past three months.

Zoom Communications (NASDAQ:ZM - Free Report) had its price objective upped by Benchmark from $102.00 to $110.00 in a report released on Thursday, Marketbeat.com reports. The firm currently has a buy rating on the stock.

ZM has been the subject of several other reports. William Blair reiterated an "outperform" rating on shares of Zoom Communications in a research note on Thursday, May 22nd. Wells Fargo & Company raised their price objective on shares of Zoom Communications from $75.00 to $80.00 and gave the company an "equal weight" rating in a research note on Thursday, May 22nd. Morgan Stanley boosted their price objective on shares of Zoom Communications from $79.00 to $85.00 and gave the stock an "equal weight" rating in a research note on Thursday, May 22nd. Wedbush reaffirmed an "outperform" rating and issued a $95.00 price objective on shares of Zoom Communications in a report on Friday, August 22nd. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $100.00 price objective on shares of Zoom Communications in a research note on Thursday. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $91.30.

Zoom Communications Price Performance

NASDAQ ZM traded up $0.39 during mid-day trading on Thursday, reaching $84.55. The stock had a trading volume of 1,181,560 shares, compared to its average volume of 2,839,973. Zoom Communications has a 1 year low of $64.41 and a 1 year high of $92.80. The company has a fifty day moving average price of $77.53 and a 200 day moving average price of $76.99. The stock has a market cap of $25.58 billion, a PE ratio of 22.31, a price-to-earnings-growth ratio of 11.73 and a beta of 0.57.

Insider Buying and Selling

In other news, Director Santiago Subotovsky sold 2,475 shares of the stock in a transaction that occurred on Friday, September 5th. The stock was sold at an average price of $83.40, for a total value of $206,415.00. Following the sale, the director directly owned 155,119 shares in the company, valued at approximately $12,936,924.60. This represents a 1.57% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jonathan Chadwick sold 25,000 shares of the firm's stock in a transaction on Tuesday, July 15th. The stock was sold at an average price of $74.86, for a total value of $1,871,500.00. Following the transaction, the director owned 5,875 shares in the company, valued at $439,802.50. The trade was a 80.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 90,400 shares of company stock valued at $6,871,114 over the last ninety days. 11.51% of the stock is owned by insiders.

Hedge Funds Weigh In On Zoom Communications

A number of institutional investors have recently modified their holdings of the stock. Wayfinding Financial LLC acquired a new position in shares of Zoom Communications during the 1st quarter worth approximately $25,000. SouthState Corp purchased a new position in Zoom Communications in the first quarter valued at about $25,000. Elevation Point Wealth Partners LLC purchased a new position in shares of Zoom Communications during the 2nd quarter worth approximately $27,000. MassMutual Private Wealth & Trust FSB grew its stake in Zoom Communications by 177.0% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 385 shares of the company's stock worth $28,000 after acquiring an additional 246 shares during the period. Finally, REAP Financial Group LLC lifted its holdings in shares of Zoom Communications by 181.7% during the 2nd quarter. REAP Financial Group LLC now owns 355 shares of the company's stock valued at $28,000 after acquiring an additional 229 shares in the last quarter. Hedge funds and other institutional investors own 66.54% of the company's stock.

About Zoom 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.