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

Zoom Video Communications (NASDAQ:ZM - Free Report) had its price target lowered by UBS Group from $90.00 to $85.00 in a research report report published on Tuesday,Benzinga reports. The firm currently has a neutral rating on the stock.

ZM has been the subject of a number of other research reports. Piper Sandler raised their price objective on shares of Zoom Video Communications from $68.00 to $89.00 and gave the stock a "neutral" rating in a report on Tuesday, November 26th. Citigroup decreased their price objective on shares of Zoom Video Communications from $86.00 to $85.00 and set a "neutral" rating for the company in a report on Tuesday, February 18th. Morgan Stanley raised their price objective on shares of Zoom Video Communications from $86.00 to $96.00 and gave the stock an "equal weight" rating in a report on Wednesday, December 18th. Mizuho raised their price objective on shares of Zoom Video Communications from $90.00 to $105.00 and gave the stock an "outperform" rating in a report on Tuesday, November 26th. Finally, Barclays raised their price objective on shares of Zoom Video Communications from $70.00 to $85.00 and gave the stock an "equal weight" rating in a report on Wednesday, November 27th. Fifteen 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 stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $90.05.

Zoom Video Communications Price Performance

Shares of ZM stock traded up $0.82 on Tuesday, hitting $73.70. The stock had a trading volume of 3,080,060 shares, compared to its average volume of 2,697,621. The business has a 50 day moving average of $82.30 and a 200 day moving average of $76.76. The stock has a market cap of $22.59 billion and a price-to-earnings ratio of 24.57. Zoom Video Communications has a 12-month low of $55.06 and a 12-month high of $92.80.

Insider Activity

In other Zoom Video Communications news, insider Velchamy Sankarlingam sold 3,618 shares of Zoom Video Communications stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $84.94, for a total transaction of $307,312.92. Following the completion of the sale, the insider now directly owns 107,826 shares in the company, valued at $9,158,740.44. The trade was a 3.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Eric S. Yuan sold 83,332 shares of Zoom Video Communications stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $86.28, for a total transaction of $7,189,884.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 382,242 shares of company stock worth $31,230,938. 10.78% of the stock is owned by company insiders.

Institutional Investors Weigh In On Zoom Video Communications

Several hedge funds have recently bought and sold shares of the stock. FMR LLC lifted its position in Zoom Video Communications by 2.3% during the fourth quarter. FMR LLC now owns 12,727,532 shares of the company's stock valued at $1,038,694,000 after purchasing an additional 282,645 shares during the last quarter. Norges Bank purchased a new position in shares of Zoom Video Communications during the fourth quarter worth approximately $751,908,000. AQR Capital Management LLC raised its stake in shares of Zoom Video Communications by 5.2% during the fourth quarter. AQR Capital Management LLC now owns 7,538,744 shares of the company's stock worth $615,237,000 after acquiring an additional 373,509 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its stake in shares of Zoom Video Communications by 24.3% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,385,523 shares of the company's stock worth $521,123,000 after acquiring an additional 1,247,717 shares in the last quarter. Finally, State Street Corp raised its stake in shares of Zoom Video Communications by 2.3% during the third quarter. State Street Corp now owns 6,106,293 shares of the company's stock worth $425,853,000 after acquiring an additional 134,559 shares in the last quarter. 66.54% of the stock is currently owned by institutional investors.

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.