JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Zoom Video Communications (NASDAQ:ZM) Stock

Zoom Video Communications (NASDAQ:ZM - Get Free Report) had its price target boosted by investment analysts at JPMorgan Chase & Co. from $80.00 to $85.00 in a report released on Thursday,Benzinga reports. The firm currently has a "neutral" rating on the stock. JPMorgan Chase & Co.'s price target points to a potential upside of 5.85% from the stock's current price.

Several other equities analysts have also weighed in on ZM. Scotiabank increased their price target on shares of Zoom Video Communications from $75.00 to $85.00 and gave the company a "sector perform" rating in a research report on Friday, May 16th. Barclays cut their target price on shares of Zoom Video Communications from $85.00 to $80.00 and set an "equal weight" rating for the company in a research report on Wednesday, February 26th. Mizuho reduced their price objective on Zoom Video Communications from $105.00 to $71.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 15th. Royal Bank of Canada restated an "outperform" rating and issued a $95.00 price objective on shares of Zoom Video Communications in a research report on Wednesday, March 19th. Finally, Citigroup reduced their price objective on shares of Zoom Video Communications from $85.00 to $84.00 and set a "neutral" rating on the stock in a research report on Thursday, May 15th. Fifteen equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $87.87.

Zoom Video Communications Stock Performance

NASDAQ:ZM traded down $1.97 on Thursday, hitting $80.30. The stock had a trading volume of 1,402,840 shares, compared to its average volume of 2,975,165. Zoom Video Communications has a 1 year low of $55.06 and a 1 year high of $92.80. The firm's fifty day simple moving average is $75.78 and its two-hundred day simple moving average is $79.70. The stock has a market cap of $24.51 billion, a P/E ratio of 26.70, a price-to-earnings-growth ratio of 5.48 and a beta of 0.79.

Insiders Place Their Bets

In other news, insider Velchamy Sankarlingam sold 11,839 shares of the business's stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $71.91, for a total transaction of $851,342.49. Following the transaction, the insider now owns 125,529 shares of the company's stock, valued at approximately $9,026,790.39. The trade was a 8.62% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Santiago Subotovsky sold 2,475 shares of the business's stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $78.82, for a total transaction of $195,079.50. Following the sale, the director now owns 157,824 shares in the company, valued at $12,439,687.68. This trade represents a 1.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 164,515 shares of company stock worth $12,132,994 over the last quarter. Company insiders own 11.51% of the company's stock.

Hedge Funds Weigh In On Zoom Video Communications

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Swedbank AB increased its holdings in Zoom Video Communications by 96.3% in the 4th quarter. Swedbank AB now owns 82,247 shares of the company's stock valued at $6,712,000 after purchasing an additional 40,351 shares in the last quarter. Asset Management One Co. Ltd. boosted its position in Zoom Video Communications by 8.7% during the 4th quarter. Asset Management One Co. Ltd. now owns 93,872 shares of the company's stock worth $7,868,000 after acquiring an additional 7,518 shares during the last quarter. Silver Lake Advisory LLC increased its position in shares of Zoom Video Communications by 13.3% in the fourth quarter. Silver Lake Advisory LLC now owns 40,325 shares of the company's stock worth $3,291,000 after purchasing an additional 4,745 shares during the period. Caprock Group LLC acquired a new stake in Zoom Video Communications during the fourth quarter worth approximately $288,000. Finally, McAdam LLC bought a new position in shares of Zoom Video Communications in the fourth quarter valued at approximately $410,000. 66.54% of the stock is 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.

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