Citigroup Forecasts Strong Price Appreciation for Zoom Communications (NASDAQ:ZM) Stock

Key Points

• Citigroup raised its price target for Zoom Communications stock from $84.00 to $85.00, indicating a potential upside of 2.29% from its current price.
• The average analyst rating for Zoom Communications stock is currently "Hold" with an average price target of $89.04, while one analyst rates it as "Strong Buy".
• Insiders have recently sold a total of 87,542 shares of Zoom stock valued at over $6.6 million in the last three months.

Zoom Communications (NASDAQ:ZM - Get Free Report) had its price target upped by equities research analysts at Citigroup from $84.00 to $85.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm presently has a "neutral" rating on the stock. Citigroup's price objective would suggest a potential upside of 2.29% from the company's current price.

Several other equities analysts have also recently issued reports on ZM. Wall Street Zen cut shares of Zoom Communications from a "strong-buy" rating to a "buy" rating in a research note on Saturday, July 26th. Zacks Research downgraded shares of Zoom Communications from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 20th. Needham & Company LLC reissued a "buy" rating and set a $100.00 target price on shares of Zoom Communications in a research note on Friday. Bank of America lifted their price target on Zoom Communications from $79.00 to $84.00 and gave the company a "neutral" rating in a research note on Thursday, May 22nd. Finally, KeyCorp reduced their price target on Zoom Communications from $73.00 to $69.00 and set an "underweight" rating for the company in a report on Friday. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $89.04.

Zoom Communications Price Performance

NASDAQ:ZM traded up $0.6310 during trading hours on Monday, reaching $83.1010. The company had a trading volume of 1,439,272 shares, compared to its average volume of 2,753,462. Zoom Communications has a 1-year low of $64.41 and a 1-year high of $92.80. The business's 50 day moving average price is $75.08 and its 200-day moving average price is $76.57. The firm has a market cap of $25.14 billion, a PE ratio of 21.83, a price-to-earnings-growth ratio of 21.46 and a beta of 0.68.

Insider Activity at Zoom Communications

In other Zoom Communications news, insider Velchamy Sankarlingam sold 7,661 shares of the company's stock in a transaction on Thursday, July 10th. The stock was sold at an average price of $77.50, for a total value of $593,727.50. Following the completion of the sale, the insider directly owned 129,377 shares in the company, valued at $10,026,717.50. This represents a 5.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Aparna Bawa sold 10,528 shares of the firm's stock in a transaction dated Monday, July 14th. The stock was sold at an average price of $74.78, for a total transaction of $787,283.84. Following the sale, the chief operating officer owned 1,978 shares of the company's stock, valued at approximately $147,914.84. The trade was a 84.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 87,542 shares of company stock valued at $6,609,623 in the last three months. Company insiders own 10.78% of the company's stock.

Hedge Funds Weigh In On Zoom Communications

Several large investors have recently bought and sold shares of the stock. Wedmont Private Capital grew its stake in Zoom Communications by 4.1% during the 2nd quarter. Wedmont Private Capital now owns 3,499 shares of the company's stock worth $271,000 after buying an additional 137 shares during the last quarter. Smartleaf Asset Management LLC boosted its holdings in shares of Zoom Communications by 6.7% in the first quarter. Smartleaf Asset Management LLC now owns 2,293 shares of the company's stock valued at $172,000 after acquiring an additional 143 shares during the period. Wynn Capital LLC grew its position in shares of Zoom Communications by 1.6% during the first quarter. Wynn Capital LLC now owns 10,194 shares of the company's stock worth $752,000 after acquiring an additional 160 shares during the last quarter. Penserra Capital Management LLC grew its position in shares of Zoom Communications by 12.6% during the second quarter. Penserra Capital Management LLC now owns 1,446 shares of the company's stock worth $111,000 after acquiring an additional 162 shares during the last quarter. Finally, New York State Teachers Retirement System increased its holdings in shares of Zoom Communications by 0.7% in the 1st quarter. New York State Teachers Retirement System now owns 24,298 shares of the company's stock valued at $1,792,000 after acquiring an additional 171 shares during the period. Institutional investors and hedge funds own 66.54% of the company's stock.

Zoom 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.

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