Zoom Video Communications (NASDAQ:ZM) Price Target Lowered to $75.00 at Wells Fargo & Company

Zoom Video Communications (NASDAQ:ZM - Get Free Report) had its price objective cut by equities research analysts at Wells Fargo & Company from $85.00 to $75.00 in a research note issued on Tuesday,Benzinga reports. The brokerage presently has an "equal weight" rating on the stock. Wells Fargo & Company's target price suggests a potential downside of 1.35% from the company's previous close.

Several other equities analysts have also recently issued reports on the company. Needham & Company LLC reiterated a "hold" rating on shares of Zoom Video Communications in a research report on Tuesday, February 25th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $95.00 price objective on shares of Zoom Video Communications in a report on Wednesday, March 19th. Stifel Nicolaus cut their price objective on 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. Scotiabank decreased their target price on shares of Zoom Video Communications from $85.00 to $75.00 and set a "sector perform" rating on the stock in a research report on Monday, March 17th. Finally, UBS Group cut their price target on shares of Zoom Video Communications from $90.00 to $85.00 and set a "neutral" rating for the company in a report on Tuesday, February 25th. Fifteen equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Zoom Video Communications presently has an average rating of "Hold" and a consensus target price of $85.90.

Zoom Video Communications Trading Up 0.7 %

Shares of NASDAQ:ZM traded up $0.54 during midday trading on Tuesday, hitting $76.03. The stock had a trading volume of 1,300,179 shares, compared to its average volume of 3,053,864. Zoom Video Communications has a 1 year low of $55.06 and a 1 year high of $92.80. The stock has a 50 day moving average price of $74.20 and a two-hundred day moving average price of $78.69. The company has a market capitalization of $23.21 billion, a PE ratio of 25.34, a P/E/G ratio of 5.48 and a beta of 0.67.

Insider Buying and Selling

In related news, Director Santiago Subotovsky sold 2,475 shares of the company's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $77.86, for a total value of $192,703.50. Following the completion of the transaction, the director now directly owns 169,452 shares in the company, valued at approximately $13,193,532.72. This represents a 1.44 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Eric S. Yuan sold 83,332 shares of Zoom Video Communications stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $86.28, for a total value of $7,189,884.96. The disclosure for this sale can be found here. In the last quarter, insiders sold 242,897 shares of company stock worth $18,941,111. 10.78% of the stock is owned by corporate insiders.

Institutional Trading of Zoom Video Communications

Several institutional investors have recently made changes to their positions in the stock. Norges Bank purchased a new stake in shares of Zoom Video Communications during the 4th quarter worth about $751,908,000. Altshuler Shaham Ltd grew its stake in Zoom Video Communications by 285.9% during the fourth quarter. Altshuler Shaham Ltd now owns 2,056,277 shares of the company's stock worth $167,813,000 after buying an additional 1,523,480 shares during the period. T. Rowe Price Investment Management Inc. raised its stake in shares of Zoom Video Communications by 24.3% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,385,523 shares of the company's stock valued at $521,123,000 after acquiring an additional 1,247,717 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Zoom Video Communications in the 4th quarter valued at $99,471,000. Finally, Contrarius Group Holdings Ltd acquired a new position in shares of Zoom Video Communications during the 4th quarter valued at $72,854,000. 66.54% of the stock is owned by hedge funds and other institutional investors.

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.