Zoom Video Communications (NASDAQ:ZM) Given New $85.00 Price Target at Piper Sandler

Zoom Video Communications (NASDAQ:ZM - Get Free Report) had its target price upped by investment analysts at Piper Sandler from $77.00 to $85.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a "neutral" rating on the stock. Piper Sandler's price objective would suggest a potential upside of 5.85% from the company's current price.

Several other research analysts have also weighed in on ZM. Benchmark reaffirmed a "buy" rating and issued a $97.00 target price on shares of Zoom Video Communications in a research report on Tuesday. Barclays reduced 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 note on Wednesday, February 26th. Scotiabank raised their price target on shares of Zoom Video Communications from $75.00 to $85.00 and gave the stock a "sector perform" rating in a research note on Friday, May 16th. JPMorgan Chase & Co. increased their target price on shares of Zoom Video Communications from $80.00 to $85.00 and gave the stock a "neutral" rating in a research report on Thursday. Finally, Needham & Company LLC upgraded Zoom Video Communications from a "hold" rating to a "buy" rating and set a $100.00 target price on the stock in a report on Thursday. Fifteen equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $87.87.

Zoom Video Communications Price Performance

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

Insider Buying and Selling

In other news, CEO Eric S. Yuan sold 75,531 shares of the business's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $74.98, for a total value of $5,663,314.38. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Santiago Subotovsky sold 2,475 shares of the firm's stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $78.82, for a total value of $195,079.50. Following the completion of the sale, the director now directly 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. In the last three months, insiders have sold 164,515 shares of company stock valued at $12,132,994. 11.51% of the stock is owned by insiders.

Hedge Funds Weigh In On Zoom Video Communications

Large investors have recently bought and sold shares of the company. Swedbank AB raised its position in shares of Zoom Video Communications by 96.3% in the 4th quarter. Swedbank AB now owns 82,247 shares of the company's stock worth $6,712,000 after acquiring an additional 40,351 shares in the last quarter. Asset Management One Co. Ltd. lifted its position in shares of Zoom Video Communications by 8.7% during the fourth quarter. Asset Management One Co. Ltd. now owns 93,872 shares of the company's stock valued at $7,868,000 after purchasing an additional 7,518 shares in the last quarter. Silver Lake Advisory LLC increased its position in shares of Zoom Video Communications by 13.3% during the fourth quarter. Silver Lake Advisory LLC now owns 40,325 shares of the company's stock valued at $3,291,000 after acquiring an additional 4,745 shares during the last quarter. Caprock Group LLC purchased a new position in shares of Zoom Video Communications in the 4th quarter worth about $288,000. Finally, McAdam LLC bought a new position in Zoom Video Communications during the fourth quarter worth about $410,000. 66.54% of the stock is currently owned by 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.

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