Bank of America Issues Positive Forecast for Zoom Video Communications (NASDAQ:ZM) Stock Price

Zoom Video Communications (NASDAQ:ZM) had its price objective lifted by equities researchers at Bank of America from $75.00 to $90.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Bank of America‘s price objective would indicate a potential upside of 9.77% from the company’s previous close.

Other equities analysts have also issued research reports about the stock. Wells Fargo & Company upped their target price on shares of Zoom Video Communications from $60.00 to $70.00 and gave the stock an “underweight” rating in a research report on Tuesday. Piper Sandler increased their price objective on shares of Zoom Video Communications from $68.00 to $89.00 and gave the stock a “neutral” rating in a research report on Tuesday. Robert W. Baird reduced their price target on Zoom Video Communications from $84.00 to $77.00 and set an “outperform” rating on the stock in a report on Thursday, August 22nd. The Goldman Sachs Group raised their price target on shares of Zoom Video Communications from $72.00 to $86.00 and gave the stock a “neutral” rating in a research note on Tuesday. Finally, Evercore ISI upgraded Zoom Video Communications from an “in-line” rating to an “outperform” rating and raised their price objective for the stock from $70.00 to $115.00 in a report on Tuesday. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $83.30.

Zoom Video Communications Stock Down 7.9 %

NASDAQ:ZM traded down $7.04 on Tuesday, reaching $81.99. 6,384,407 shares of the company’s stock traded hands, compared to its average volume of 3,316,487. The firm has a market cap of $25.24 billion, a PE ratio of 29.39, a P/E/G ratio of 7.33 and a beta of -0.05. The stock has a 50-day simple moving average of $73.85 and a 200-day simple moving average of $65.74. Zoom Video Communications has a 12 month low of $55.06 and a 12 month high of $92.80.

Insider Buying and Selling at Zoom Video Communications

In related news, insider Velchamy Sankarlingam sold 3,614 shares of the stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $66.87, for a total transaction of $241,668.18. Following the sale, the insider now directly owns 94,000 shares of the company’s stock, valued at approximately $6,285,780. This represents a 3.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Aparna Bawa sold 831 shares of Zoom Video Communications stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $66.29, for a total transaction of $55,086.99. Following the completion of the transaction, the chief operating officer now directly owns 1,978 shares of the company’s stock, valued at $131,121.62. The trade was a 29.58 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 367,108 shares of company stock valued at $26,796,191. 10.78% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Pacer Advisors Inc. increased its holdings in shares of Zoom Video Communications by 96.7% in the second quarter. Pacer Advisors Inc. now owns 5,246,938 shares of the company’s stock valued at $310,566,000 after purchasing an additional 2,579,720 shares during the last quarter. AQR Capital Management LLC grew its holdings in Zoom Video Communications by 78.5% in the 2nd quarter. AQR Capital Management LLC now owns 5,731,354 shares of the company’s stock valued at $337,233,000 after buying an additional 2,520,987 shares in the last quarter. FMR LLC boosted its holdings in Zoom Video Communications by 23.8% in the 3rd quarter. FMR LLC now owns 12,444,887 shares of the company’s stock valued at $867,906,000 after purchasing an additional 2,395,396 shares during the last quarter. Acadian Asset Management LLC grew its stake in shares of Zoom Video Communications by 60.9% in the 2nd quarter. Acadian Asset Management LLC now owns 4,902,397 shares of the company’s stock valued at $290,153,000 after buying an additional 1,855,679 shares during the period. Finally, Eagle Asset Management Inc. acquired a new stake in shares of Zoom Video Communications during the 3rd quarter worth approximately $62,038,000. 66.54% of the stock is owned by hedge funds and other 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.