Zoom Video Communications (NASDAQ:ZM) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Zoom Video Communications (NASDAQ:ZM) had its target price raised by equities researchers at Wells Fargo & Company from $60.00 to $70.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “underweight” rating on the stock. Wells Fargo & Company‘s price objective would suggest a potential downside of 21.37% from the company’s current price.

ZM has been the subject of several other reports. Morgan Stanley boosted their price target on 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. Stifel Nicolaus boosted their target price on shares of Zoom Video Communications from $70.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday. Royal Bank of Canada restated an “outperform” rating and issued a $95.00 price target on shares of Zoom Video Communications in a report on Thursday, October 10th. Wedbush assumed coverage on shares of Zoom Video Communications in a research note on Thursday, October 17th. They set an “outperform” rating and a $85.00 price objective for the company. Finally, Scotiabank upgraded shares of Zoom Video Communications to a “hold” rating in a research note on Tuesday, November 19th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $81.94.

Zoom Video Communications Stock Up 3.7 %

ZM opened at $89.03 on Tuesday. The stock’s fifty day moving average is $73.85 and its two-hundred day moving average is $65.74. The company has a market capitalization of $27.40 billion, a P/E ratio of 31.91, a PEG ratio of 7.33 and a beta of -0.05. Zoom Video Communications has a 52 week low of $55.06 and a 52 week high of $92.80.

Insider Buying and Selling

In other Zoom Video Communications news, insider Velchamy Sankarlingam sold 3,614 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $66.87, for a total transaction of $241,668.18. Following the completion of the transaction, the insider now directly owns 94,000 shares in the company, valued at approximately $6,285,780. This trade represents a 3.70 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Shane Crehan sold 1,550 shares of the company’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $66.87, for a total transaction of $103,648.50. Following the completion of the sale, the chief accounting officer now directly owns 1,463 shares in the company, valued at $97,830.81. This trade represents a 51.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have 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.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Baker Avenue Asset Management LP boosted its position in shares of Zoom Video Communications by 82.1% in the third quarter. Baker Avenue Asset Management LP now owns 28,593 shares of the company’s stock worth $1,994,000 after acquiring an additional 12,890 shares during the last quarter. Sanctuary Advisors LLC acquired a new stake in Zoom Video Communications in the second quarter valued at approximately $763,000. Robeco Institutional Asset Management B.V. lifted its holdings in Zoom Video Communications by 15.4% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,257,714 shares of the company’s stock worth $87,713,000 after buying an additional 167,618 shares in the last quarter. National Pension Service increased its holdings in Zoom Video Communications by 30.1% during the 3rd quarter. National Pension Service now owns 655,227 shares of the company’s stock worth $45,696,000 after purchasing an additional 151,728 shares during the last quarter. Finally, Eagle Asset Management Inc. bought a new position in Zoom Video Communications during the 3rd quarter worth approximately $62,038,000. 66.54% of the stock is currently owned by institutional investors and hedge funds.

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.