Zoom Video Communications (NASDAQ:ZM) Given New $85.00 Price Target at Citigroup

Zoom Video Communications (NASDAQ:ZM - Free Report) had its price target reduced by Citigroup from $86.00 to $85.00 in a report issued on Tuesday,Benzinga reports. They currently have a neutral rating on the stock.

A number of other research firms have also weighed in on ZM. Wells Fargo & Company upgraded shares of Zoom Video Communications from an "underweight" rating to an "equal weight" rating and upped their target price for the stock from $70.00 to $85.00 in a report on Tuesday, January 7th. Benchmark increased their price objective on shares of Zoom Video Communications from $85.00 to $97.00 and gave the company a "buy" rating in a research note on Tuesday, November 26th. Mizuho increased their target price on shares of Zoom Video Communications from $90.00 to $105.00 and gave the company an "outperform" rating in a research report on Tuesday, November 26th. JMP Securities reissued a "market perform" rating on shares of Zoom Video Communications in a research report on Tuesday, November 26th. Finally, Hsbc Global Res raised shares of Zoom Video Communications to a "strong-buy" rating in a report on Tuesday, November 26th. Sixteen equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Zoom Video Communications currently has an average rating of "Hold" and a consensus target price of $89.48.

Zoom Video Communications Price Performance

Shares of Zoom Video Communications stock traded down $0.95 during trading on Tuesday, hitting $82.50. The company's stock had a trading volume of 4,110,799 shares, compared to its average volume of 2,267,947. Zoom Video Communications has a 52 week low of $55.06 and a 52 week high of $92.80. The stock has a market cap of $25.29 billion and a price-to-earnings ratio of 27.50. The stock has a 50-day moving average price of $83.21 and a two-hundred day moving average price of $75.90.

Insiders Place Their Bets

In other Zoom Video Communications news, CEO Eric S. Yuan sold 83,333 shares of the business's stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $83.50, for a total value of $6,958,305.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Shane Crehan sold 1,551 shares of the business's stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $84.94, for a total transaction of $131,741.94. Following the transaction, the chief accounting officer now owns 3,251 shares of the company's stock, valued at approximately $276,139.94. The trade was a 32.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 382,242 shares of company stock valued at $31,230,938 in the last 90 days. 10.78% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Creative Planning grew its holdings in Zoom Video Communications by 18.5% in the 3rd quarter. Creative Planning now owns 34,522 shares of the company's stock valued at $2,408,000 after buying an additional 5,396 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd raised its position in shares of Zoom Video Communications by 28.2% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 24,306 shares of the company's stock valued at $1,695,000 after purchasing an additional 5,343 shares in the last quarter. Blue Trust Inc. raised its position in shares of Zoom Video Communications by 117.7% during the 3rd quarter. Blue Trust Inc. now owns 5,105 shares of the company's stock valued at $356,000 after acquiring an additional 2,760 shares in the last quarter. Raymond James & Associates raised its position in shares of Zoom Video Communications by 0.7% during the 3rd quarter. Raymond James & Associates now owns 53,089 shares of the company's stock valued at $3,702,000 after acquiring an additional 383 shares in the last quarter. Finally, Signaturefd LLC grew its stake in Zoom Video Communications by 12.7% during the 3rd quarter. Signaturefd LLC now owns 3,443 shares of the company's stock worth $240,000 after buying an additional 387 shares during the last quarter. 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.