Zoom Video Communications (NASDAQ:ZM) Given New $75.00 Price Target at Scotiabank

Zoom Video Communications (NASDAQ:ZM - Free Report) had its price target cut by Scotiabank from $85.00 to $75.00 in a report issued on Monday,Benzinga reports. They currently have a sector perform rating on the stock.

Several other research analysts have also recently weighed in on the stock. Evercore ISI upgraded shares of Zoom Video Communications from an "in-line" rating to an "outperform" rating and upped their price target for the company from $70.00 to $115.00 in a report on Tuesday, November 26th. Sanford C. Bernstein lifted their target price on Zoom Video Communications from $78.00 to $89.00 and gave the company a "market perform" rating in a research report on Tuesday, November 26th. Royal Bank of Canada reissued an "outperform" rating and issued a $95.00 price objective on shares of Zoom Video Communications in a research report on Tuesday, November 26th. Morgan Stanley upped their target price on shares of Zoom Video Communications from $86.00 to $96.00 and gave the company an "equal weight" rating in a report on Wednesday, December 18th. Finally, UBS Group lowered their price target on Zoom Video Communications from $90.00 to $85.00 and set a "neutral" rating on the stock in a research report on Tuesday, February 25th. Fifteen analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $89.33.

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Zoom Video Communications Price Performance

Shares of Zoom Video Communications stock traded down $0.06 during trading hours on Monday, hitting $75.97. The company's stock had a trading volume of 6,268,809 shares, compared to its average volume of 3,034,347. Zoom Video Communications has a 12 month low of $55.06 and a 12 month high of $92.80. The company has a market capitalization of $23.19 billion, a PE ratio of 25.32, a price-to-earnings-growth ratio of 5.48 and a beta of 0.26. The stock has a 50 day moving average of $80.05 and a 200 day moving average of $77.77.

Insiders Place Their Bets

In related news, insider Velchamy Sankarlingam sold 10,817 shares of Zoom Video Communications stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $78.69, for a total value of $851,189.73. Following the transaction, the insider now directly owns 117,760 shares of the company's stock, valued at $9,266,534.40. This trade represents a 8.41 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Eric S. Yuan sold 83,332 shares of the company's stock in a transaction on Tuesday, February 4th. The stock was 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. Insiders have sold a total of 369,271 shares of company stock worth $29,496,892 in the last 90 days. Company insiders own 10.78% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ZM. California State Teachers Retirement System lifted its holdings in shares of Zoom Video Communications by 4.4% in the fourth quarter. California State Teachers Retirement System now owns 387,108 shares of the company's stock worth $31,592,000 after acquiring an additional 16,328 shares during the last quarter. 111 Capital bought a new position in Zoom Video Communications in the 4th quarter valued at approximately $456,000. NorthCrest Asset Manangement LLC acquired a new stake in Zoom Video Communications in the fourth quarter valued at approximately $287,000. Lansforsakringar Fondforvaltning AB publ acquired a new stake in Zoom Video Communications in the fourth quarter valued at approximately $7,255,000. Finally, Siemens Fonds Invest GmbH grew its stake in shares of Zoom Video Communications by 3.8% during the fourth quarter. Siemens Fonds Invest GmbH now owns 4,732 shares of the company's stock worth $391,000 after buying an additional 174 shares during the last quarter. Institutional investors own 66.54% of the company's stock.

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.