Zoom Video Communications (NASDAQ:ZM) Upgraded to "Moderate Buy" at Needham & Company LLC

Needham & Company LLC upgraded shares of Zoom Video Communications (NASDAQ:ZM - Free Report) from a hold rating to a moderate buy rating in a research report released on Thursday, MarketBeat reports. The firm currently has $100.00 target price on the stock.

Several other equities research analysts have also recently weighed in on the stock. Cantor Fitzgerald reiterated a "neutral" rating and issued a $87.00 target price on shares of Zoom Video Communications in a research note on Tuesday, February 25th. Citigroup reduced their target price on shares of Zoom Video Communications from $85.00 to $84.00 and set a "neutral" rating for the company in a research note on Thursday, May 15th. Stifel Nicolaus dropped their price target on shares of 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. Benchmark reissued a "buy" rating and issued a $97.00 price target on shares of Zoom Video Communications in a research report on Tuesday, May 20th. Finally, Morgan Stanley dropped their price target on shares of Zoom Video Communications from $96.00 to $73.00 and set an "equal weight" rating for the company in a research report on Wednesday, April 16th. Fifteen equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Zoom Video Communications has a consensus rating of "Moderate Buy" and an average target price of $87.61.

Zoom Video Communications Stock Up 0.1%

ZM stock traded up $0.11 during mid-day trading on Thursday, reaching $79.39. 927,165 shares of the stock traded hands, compared to its average volume of 2,972,854. Zoom Video Communications has a 52 week low of $55.06 and a 52 week high of $92.80. The business has a 50-day moving average of $76.06 and a two-hundred day moving average of $79.74. The firm has a market capitalization of $24.23 billion, a PE ratio of 26.43, a P/E/G ratio of 5.48 and a beta of 0.79.

Zoom Video Communications (NASDAQ:ZM - Get Free Report) last released its earnings results on Wednesday, May 21st. The company reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.30 by $0.13. Zoom Video Communications had a net margin of 20.34% and a return on equity of 10.98%. The business had revenue of $1.17 billion during the quarter, compared to analysts' expectations of $1.17 billion. During the same quarter last year, the company earned $1.35 earnings per share. The firm's revenue was up 2.9% on a year-over-year basis. On average, equities research analysts anticipate that Zoom Video Communications will post 2.93 EPS for the current fiscal year.

Insider Activity

In other Zoom Video Communications news, CEO Eric S. Yuan sold 75,531 shares of the firm'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 SEC, which can be accessed through this hyperlink. Also, insider Velchamy Sankarlingam sold 11,839 shares of the firm's stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $71.91, for a total transaction of $851,342.49. Following the completion of the transaction, the insider now directly owns 125,529 shares in the company, valued at approximately $9,026,790.39. The trade was a 8.62% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 164,515 shares of company stock valued at $12,132,994 over the last three months. 11.51% of the stock is owned by insiders.

Hedge Funds Weigh In On Zoom Video Communications

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Norges Bank bought a new position in shares of Zoom Video Communications during the fourth quarter worth $751,908,000. Altshuler Shaham Ltd boosted its position in shares of 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 purchasing an additional 1,523,480 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its position in shares of Zoom Video Communications by 24.3% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,385,523 shares of the company's stock worth $521,123,000 after purchasing an additional 1,247,717 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Zoom Video Communications during the fourth quarter worth $99,471,000. Finally, Contrarius Group Holdings Ltd bought a new position in shares of Zoom Video Communications during the fourth quarter worth $72,854,000. 66.54% of the stock is owned by institutional investors.

Zoom Video 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.