Analysts Set Zoom Video Communications, Inc. (NASDAQ:ZM) PT at $89.33

Shares of Zoom Video Communications, Inc. (NASDAQ:ZM - Get Free Report) have earned an average rating of "Hold" from the twenty-four brokerages that are presently covering the stock, MarketBeat Ratings reports. Fifteen investment analysts have rated the stock with a hold recommendation, eight have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $89.33.

Several brokerages have recently commented on ZM. Benchmark restated a "buy" rating and issued a $97.00 target price on shares of Zoom Video Communications in a research note on Tuesday, February 25th. Cantor Fitzgerald reissued a "neutral" rating and set a $87.00 price target on shares of Zoom Video Communications in a research report on Tuesday, February 25th. Jefferies Financial Group upgraded Zoom Video Communications from a "hold" rating to a "buy" rating and boosted their price target for the company from $85.00 to $100.00 in a research note on Thursday, December 19th. Barclays reduced their price objective on shares of Zoom Video Communications from $85.00 to $80.00 and set an "equal weight" rating on the stock in a research note on Wednesday, February 26th. Finally, Scotiabank dropped their price objective on shares of Zoom Video Communications from $85.00 to $75.00 and set a "sector perform" rating for the company in a research note on Monday, March 17th.

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Zoom Video Communications Trading Down 2.4 %

ZM stock traded down $1.79 during mid-day trading on Tuesday, hitting $73.25. The stock had a trading volume of 2,529,926 shares, compared to its average volume of 3,084,778. Zoom Video Communications has a 1-year low of $55.06 and a 1-year high of $92.80. The company has a fifty day moving average of $79.52 and a 200 day moving average of $78.38. The stock has a market capitalization of $22.36 billion, a price-to-earnings ratio of 24.42, a PEG ratio of 5.48 and a beta of 0.26.

Insiders Place Their Bets

In other Zoom Video Communications news, COO Aparna Bawa sold 9,317 shares of the stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $78.69, for a total transaction of $733,154.73. Following the transaction, the chief operating officer now owns 14,053 shares of the company's stock, valued at $1,105,830.57. This trade represents a 39.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Eric S. Yuan sold 83,332 shares of the business's stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $86.28, for a total value of $7,189,884.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 371,746 shares of company stock worth $29,689,595. Company insiders own 10.78% of the company's stock.

Hedge Funds Weigh In On Zoom Video Communications

Several institutional investors and hedge funds have recently made changes to their positions in ZM. Norges Bank bought a new stake in Zoom Video Communications in the fourth quarter worth about $751,908,000. Altshuler Shaham Ltd grew its holdings in shares of Zoom Video Communications by 285.9% in the 4th quarter. Altshuler Shaham Ltd now owns 2,056,277 shares of the company's stock worth $167,813,000 after acquiring an additional 1,523,480 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its position 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 purchasing an additional 1,247,717 shares during the period. Raymond James Financial Inc. acquired a new stake in Zoom Video Communications during the 4th quarter worth about $99,471,000. Finally, Contrarius Group Holdings Ltd purchased a new position in Zoom Video Communications during the 4th quarter worth approximately $72,854,000. 66.54% of the stock is currently owned by hedge funds and other 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.