Zoom Communications (NASDAQ:ZM) Stock Price Expected to Rise, Citigroup Analyst Says

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 - Free Report) had its price objective raised by Citigroup from $84.00 to $85.00 in a research note published on Monday, Marketbeat Ratings reports. Citigroup currently has a neutral rating on the stock.

Other equities analysts also recently issued research reports about the company. Scotiabank increased their price objective on Zoom Communications from $75.00 to $85.00 and gave the stock a "sector perform" rating in a report on Friday, May 16th. Zacks Research lowered shares of Zoom Communications from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, August 20th. Benchmark reissued a "buy" rating and set a $97.00 price objective on shares of Zoom Communications in a research note on Tuesday, May 20th. Needham & Company LLC restated a "buy" rating and issued a $100.00 price objective on shares of Zoom Communications in a report on Friday, August 22nd. Finally, Stifel Nicolaus lowered their target price on shares of Zoom Communications from $85.00 to $80.00 and set a "hold" rating for the company in a report on Friday, August 22nd. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, fifteen have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $90.30.

Zoom Communications Stock Up 0.7%

Shares of NASDAQ:ZM traded up $0.59 during trading on Monday, hitting $81.42. The stock had a trading volume of 3,180,268 shares, compared to its average volume of 3,902,749. The company has a market capitalization of $24.63 billion, a PE ratio of 21.48, a PEG ratio of 12.41 and a beta of 0.68. The firm's fifty day moving average is $75.37 and its 200 day moving average is $76.53. Zoom Communications has a 12 month low of $64.41 and a 12 month high of $92.80.

Insider Buying and Selling at Zoom Communications

In other news, Director Jonathan Chadwick sold 25,000 shares of the firm's stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $74.86, for a total transaction of $1,871,500.00. Following the sale, the director owned 5,875 shares of the company's stock, valued at $439,802.50. This trade represents a 80.97% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Velchamy Sankarlingam sold 7,661 shares of the stock in a transaction that occurred on Thursday, July 10th. The shares were sold at an average price of $77.50, for a total transaction of $593,727.50. Following the transaction, the insider owned 129,377 shares in the company, valued at approximately $10,026,717.50. This trade represents a 5.59% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 93,017 shares of company stock worth $7,052,757. 11.51% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in shares of Zoom Communications by 0.6% in the 2nd quarter. Vanguard Group Inc. now owns 24,951,437 shares of the company's stock worth $1,945,713,000 after purchasing an additional 154,783 shares in the last quarter. AQR Capital Management LLC increased its position in Zoom Communications by 5.2% in the fourth quarter. AQR Capital Management LLC now owns 7,538,744 shares of the company's stock worth $615,237,000 after buying an additional 373,509 shares in the last quarter. State Street Corp raised its stake in shares of Zoom Communications by 6.0% in the second quarter. State Street Corp now owns 7,189,501 shares of the company's stock worth $560,637,000 after buying an additional 410,051 shares during the period. Norges Bank purchased a new position in shares of Zoom Communications during the 2nd quarter valued at about $539,998,000. Finally, T. Rowe Price Investment Management Inc. grew its stake in shares of Zoom Communications by 0.6% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 6,421,733 shares of the company's stock valued at $473,732,000 after acquiring an additional 36,210 shares during the period. 66.54% of the stock is currently owned by institutional investors.

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.