Zoom Video Communications (NASDAQ:ZM) Rating Increased to Buy at Rosenblatt Securities

Zoom Video Communications (NASDAQ:ZM) was upgraded by Rosenblatt Securities from a “neutral” rating to a “buy” rating in a research note issued to investors on Thursday, MarketBeat reports. The brokerage currently has a $75.00 price objective on the stock. Rosenblatt Securities’ price objective would indicate a potential upside of 26.95% from the stock’s previous close.

ZM has been the topic of several other reports. Wedbush reissued a “neutral” rating and set a $80.00 price objective on shares of Zoom Video Communications in a research report on Tuesday, February 27th. Piper Sandler lifted their target price on shares of Zoom Video Communications from $69.00 to $72.00 and gave the company a “neutral” rating in a report on Friday, January 12th. Wells Fargo & Company downgraded shares of Zoom Video Communications from an “equal weight” rating to an “underweight” rating and set a $70.00 target price on the stock. in a report on Wednesday, December 20th. JPMorgan Chase & Co. lowered their target price on shares of Zoom Video Communications from $83.00 to $80.00 and set a “neutral” rating on the stock in a report on Tuesday, February 27th. Finally, Jefferies Financial Group assumed coverage on shares of Zoom Video Communications in a report on Tuesday, March 19th. They issued a “hold” rating and a $70.00 target price on the stock. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, Zoom Video Communications has an average rating of “Hold” and an average target price of $77.56.

Zoom Video Communications Stock Down 0.3 %

Zoom Video Communications stock opened at $59.08 on Thursday. The firm has a market cap of $18.17 billion, a PE ratio of 28.96 and a beta of -0.07. Zoom Video Communications has a 52-week low of $58.87 and a 52-week high of $75.90. The company’s 50 day moving average is $65.02 and its two-hundred day moving average is $66.07.

Zoom Video Communications (NASDAQ:ZM) last announced its quarterly earnings data on Monday, February 26th. The company reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.34. Zoom Video Communications had a net margin of 14.08% and a return on equity of 9.68%. The business had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.13 billion. On average, equities research analysts anticipate that Zoom Video Communications will post 2.15 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Velchamy Sankarlingam sold 1,553 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $70.00, for a total value of $108,710.00. Following the completion of the transaction, the insider now owns 71,956 shares of the company’s stock, valued at $5,036,920. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Velchamy Sankarlingam sold 1,553 shares of the stock in a transaction on Tuesday, March 12th. The shares were sold at an average price of $70.00, for a total value of $108,710.00. Following the completion of the sale, the insider now owns 71,956 shares of the company’s stock, valued at $5,036,920. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Eric S. Yuan sold 27,963 shares of the stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $61.98, for a total transaction of $1,733,146.74. Following the completion of the sale, the chief executive officer now directly owns 95,140 shares of the company’s stock, valued at approximately $5,896,777.20. The disclosure for this sale can be found here. Insiders sold a total of 66,249 shares of company stock valued at $4,252,841 over the last 90 days. Insiders own 11.28% of the company’s stock.

Institutional Investors Weigh In On Zoom Video Communications

A number of large investors have recently added to or reduced their stakes in ZM. Renaissance Technologies LLC grew its holdings in Zoom Video Communications by 61.0% during the 1st quarter. Renaissance Technologies LLC now owns 6,449,306 shares of the company’s stock valued at $756,052,000 after purchasing an additional 2,444,294 shares in the last quarter. Norges Bank bought a new position in Zoom Video Communications during the 4th quarter valued at $164,224,000. Acadian Asset Management LLC boosted its stake in Zoom Video Communications by 639.9% during the 3rd quarter. Acadian Asset Management LLC now owns 1,629,081 shares of the company’s stock valued at $113,916,000 after acquiring an additional 1,408,908 shares during the last quarter. Vanguard Group Inc. boosted its stake in Zoom Video Communications by 4.6% during the 3rd quarter. Vanguard Group Inc. now owns 22,695,541 shares of the company’s stock valued at $1,587,326,000 after acquiring an additional 1,000,005 shares during the last quarter. Finally, ARK Investment Management LLC boosted its stake in Zoom Video Communications by 7.7% during the 4th quarter. ARK Investment Management LLC now owns 10,964,576 shares of the company’s stock valued at $788,463,000 after acquiring an additional 781,663 shares during the last quarter. 66.54% of the stock is owned by institutional investors and hedge funds.

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.