Benchmark Raises Zoom Video Communications (NASDAQ:ZM) Price Target to $97.00

Zoom Video Communications (NASDAQ:ZM) had its price objective increased by equities research analysts at Benchmark from $85.00 to $97.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Benchmark’s price target suggests a potential upside of 19.21% from the company’s previous close.

ZM has been the topic of a number of other reports. Rosenblatt Securities reiterated a “buy” rating and set a $78.00 price objective on shares of Zoom Video Communications in a research note on Friday. Morgan Stanley lifted their price target on Zoom Video Communications from $68.00 to $86.00 and gave the company an “equal weight” rating in a report on Wednesday, November 13th. Bank of America upped their price objective on Zoom Video Communications from $75.00 to $90.00 and gave the stock a “neutral” rating in a research note on Tuesday. JMP Securities reiterated a “market perform” rating on shares of Zoom Video Communications in a research note on Tuesday. Finally, UBS Group increased their price target on shares of Zoom Video Communications from $75.00 to $90.00 and gave the company a “neutral” rating in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $85.20.

Zoom Video Communications Stock Performance

ZM traded down $7.66 during trading on Tuesday, hitting $81.37. 7,507,508 shares of the stock were exchanged, compared to its average volume of 3,322,417. The firm has a 50 day simple moving average of $73.85 and a 200 day simple moving average of $65.74. The firm has a market cap of $25.04 billion, a price-to-earnings ratio of 29.21, a P/E/G ratio of 7.33 and a beta of -0.05. Zoom Video Communications has a 1 year low of $55.06 and a 1 year high of $92.80.

Insider Buying and Selling

In other news, Director Jonathan Chadwick sold 12,500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $75.04, for a total transaction of $938,000.00. Following the sale, the director now owns 1,514 shares of the company’s stock, valued at $113,610.56. This trade represents a 89.20 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Eric S. Yuan sold 178,571 shares of Zoom Video Communications stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $76.91, for a total transaction of $13,733,895.61. The disclosure for this sale can be found here. Insiders sold 367,108 shares of company stock valued at $26,796,191 over the last quarter. 10.78% of the stock is currently owned by company insiders.

Institutional Trading of Zoom Video Communications

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Pacer Advisors Inc. increased its position 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 buying an additional 2,579,720 shares in the last quarter. AQR Capital Management LLC grew its stake 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 acquiring an additional 2,520,987 shares during the period. FMR LLC increased 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 worth $867,906,000 after acquiring an additional 2,395,396 shares in the last quarter. Acadian Asset Management LLC raised its position in Zoom Video Communications by 60.9% during the second quarter. Acadian Asset Management LLC now owns 4,902,397 shares of the company’s stock worth $290,153,000 after acquiring an additional 1,855,679 shares during the period. Finally, Eagle Asset Management Inc. purchased a new position in Zoom Video Communications during the third quarter valued at $62,038,000. Institutional investors and hedge funds own 66.54% of the company’s stock.

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.