Zoom Video Communications (NASDAQ:ZM) Raised to Outperform at Evercore ISI

Zoom Video Communications (NASDAQ:ZM) was upgraded by research analysts at Evercore ISI from an “in-line” rating to an “outperform” rating in a research note issued to investors on Tuesday,Briefing.com Automated Import reports. The brokerage currently has a $115.00 price target on the stock, up from their previous price target of $70.00. Evercore ISI’s price target would suggest a potential upside of 29.17% from the stock’s previous close.

A number of other analysts have also commented on ZM. Wells Fargo & Company increased their price objective on Zoom Video Communications from $55.00 to $60.00 and gave the company an “underweight” rating in a research note on Thursday, August 22nd. Morgan Stanley raised their target price on shares of Zoom Video Communications from $68.00 to $86.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 13th. Needham & Company LLC reiterated a “hold” rating on shares of Zoom Video Communications in a report on Friday, October 11th. Benchmark raised their price objective on Zoom Video Communications from $83.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $95.00 target price on shares of Zoom Video Communications in a research report on Thursday, October 10th. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $79.11.

Zoom Video Communications Stock Performance

Zoom Video Communications stock opened at $89.03 on Tuesday. Zoom Video Communications has a fifty-two week low of $55.06 and a fifty-two week high of $92.80. The firm has a market capitalization of $27.40 billion, a price-to-earnings ratio of 31.91, a price-to-earnings-growth ratio of 7.33 and a beta of -0.05. The stock’s fifty day moving average is $73.85 and its two-hundred day moving average is $65.74.

Insider Transactions at Zoom Video Communications

In related news, CAO Shane Crehan sold 1,550 shares of Zoom Video Communications stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $66.87, for a total value of $103,648.50. Following the completion of the sale, the chief accounting officer now owns 1,463 shares in the company, valued at approximately $97,830.81. The trade was a 51.44 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Aparna Bawa sold 880 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $68.09, for a total transaction of $59,919.20. Following the completion of the sale, the chief operating officer now directly owns 2,809 shares of the company’s stock, valued at $191,264.81. The trade was a 23.85 % decrease in their position. 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. Company insiders own 10.78% of the company’s stock.

Hedge Funds Weigh In On Zoom Video Communications

Large investors have recently modified their holdings of the stock. Lazard Asset Management LLC raised its holdings in shares of Zoom Video Communications by 110.1% during the first quarter. Lazard Asset Management LLC now owns 64,570 shares of the company’s stock worth $4,220,000 after purchasing an additional 33,835 shares during the period. Jacobs Levy Equity Management Inc. acquired a new position in Zoom Video Communications in the first quarter valued at approximately $260,000. California State Teachers Retirement System raised its position in shares of Zoom Video Communications by 1.7% during the 1st quarter. California State Teachers Retirement System now owns 396,209 shares of the company’s stock worth $25,900,000 after purchasing an additional 6,630 shares during the period. Tidal Investments LLC lifted its holdings in shares of Zoom Video Communications by 89.7% in the 1st quarter. Tidal Investments LLC now owns 34,352 shares of the company’s stock worth $2,246,000 after purchasing an additional 16,248 shares during the last quarter. Finally, Comerica Bank boosted its position in Zoom Video Communications by 15.6% during the 1st quarter. Comerica Bank now owns 4,966 shares of the company’s stock valued at $325,000 after purchasing an additional 670 shares during the period. Institutional investors own 66.54% of the company’s stock.

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.