Needham & Company LLC Reaffirms Hold Rating for Zoom Video Communications (NASDAQ:ZM)

Zoom Video Communications (NASDAQ:ZM - Get Free Report)'s stock had its "hold" rating reaffirmed by equities research analysts at Needham & Company LLC in a research report issued to clients and investors on Tuesday,Benzinga reports.

Several other equities analysts also recently issued reports on the stock. Royal Bank of Canada restated an "outperform" rating and set a $95.00 price objective on shares of Zoom Video Communications in a report on Tuesday, November 26th. Barclays upped their price target on shares of Zoom Video Communications from $70.00 to $85.00 and gave the company an "equal weight" rating in a research note on Wednesday, November 27th. Benchmark lifted their price objective on shares of Zoom Video Communications from $85.00 to $97.00 and gave the stock a "buy" rating in a research note on Tuesday, November 26th. Cantor Fitzgerald assumed coverage on Zoom Video Communications in a research report on Friday, January 17th. They issued a "neutral" rating and a $87.00 target price on the stock. Finally, JMP Securities restated a "market perform" rating on shares of Zoom Video Communications in a research note on Tuesday, November 26th. Fifteen investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Zoom Video Communications presently has a consensus rating of "Hold" and an average price target of $90.05.

Zoom Video Communications Stock Performance

ZM stock traded up $0.82 on Tuesday, hitting $73.70. 3,080,060 shares of the company's stock were exchanged, compared to its average volume of 2,697,621. The firm has a 50 day moving average price of $82.54 and a two-hundred day moving average price of $76.63. Zoom Video Communications has a 12-month low of $55.06 and a 12-month high of $92.80. The stock has a market cap of $22.59 billion and a P/E ratio of 24.57.

Insider Activity at Zoom Video Communications

In other Zoom Video Communications news, COO Aparna Bawa sold 9,317 shares of the company's stock in a transaction 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 completion of the transaction, the chief operating officer now directly owns 14,053 shares in the company, valued at approximately $1,105,830.57. This represents a 39.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Velchamy Sankarlingam sold 3,618 shares of Zoom Video Communications stock in a transaction dated 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 owns 107,826 shares in the company, valued at approximately $9,158,740.44. This trade represents a 3.25 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 382,242 shares of company stock worth $31,230,938. 10.78% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ZM. Raymond James & Associates raised its stake in Zoom Video Communications by 0.7% in the 3rd quarter. Raymond James & Associates now owns 53,089 shares of the company's stock valued at $3,702,000 after purchasing an additional 383 shares during the last quarter. International Assets Investment Management LLC grew its holdings in shares of Zoom Video Communications by 6,614.6% during the third quarter. International Assets Investment Management LLC now owns 499,966 shares of the company's stock worth $34,868,000 after buying an additional 492,520 shares in the last quarter. Allworth Financial LP raised its position in shares of Zoom Video Communications by 43.8% in the third quarter. Allworth Financial LP now owns 591 shares of the company's stock valued at $41,000 after buying an additional 180 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Zoom Video Communications by 93.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 36,867 shares of the company's stock worth $2,564,000 after buying an additional 17,831 shares in the last quarter. Finally, Forsta AP Fonden grew its stake in Zoom Video Communications by 11.8% during the 3rd quarter. Forsta AP Fonden now owns 48,500 shares of the company's stock valued at $3,382,000 after acquiring an additional 5,100 shares in the last quarter. 66.54% of the stock is 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.