Zoom Video Communications (NASDAQ:ZM) Price Target Raised to $96.00 at Morgan Stanley

Zoom Video Communications (NASDAQ:ZM - Get Free Report) had its target price lifted by analysts at Morgan Stanley from $86.00 to $96.00 in a report released on Wednesday,Benzinga reports. The firm currently has an "equal weight" rating on the stock. Morgan Stanley's price target points to a potential upside of 13.48% from the company's current price.

Several other equities analysts also recently commented on ZM. Benchmark upped their price objective on shares of Zoom Video Communications from $85.00 to $97.00 and gave the company a "buy" rating in a report on Tuesday, November 26th. The Goldman Sachs Group upped their price target on shares of Zoom Video Communications from $72.00 to $86.00 and gave the company a "neutral" rating in a research note on Tuesday, November 26th. Needham & Company LLC restated a "hold" rating on shares of Zoom Video Communications in a research report on Friday, October 11th. Wedbush began coverage on Zoom Video Communications in a research report on Thursday, October 17th. They issued an "outperform" rating and a $85.00 target price on the stock. Finally, Sanford C. Bernstein lifted their price target on Zoom Video Communications from $78.00 to $89.00 and gave the stock a "market perform" rating in a report on Tuesday, November 26th. Two research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $85.67.

Zoom Video Communications Stock Up 1.0 %

Shares of ZM stock opened at $84.60 on Wednesday. Zoom Video Communications has a 12 month low of $55.06 and a 12 month high of $92.80. The company's fifty day simple moving average is $79.04 and its 200-day simple moving average is $68.17. The firm has a market cap of $25.93 billion, a PE ratio of 28.20, a P/E/G ratio of 5.29 and a beta of -0.03.

Insider Transactions at Zoom Video Communications

In other news, insider Velchamy Sankarlingam sold 3,618 shares of Zoom Video Communications stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $84.94, for a total transaction of $307,312.92. Following the sale, the insider now directly owns 107,826 shares of the company's stock, valued at approximately $9,158,740.44. This trade represents a 3.25 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Shane Crehan sold 1,551 shares of the company's stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $84.94, for a total value of $131,741.94. Following the completion of the transaction, the chief accounting officer now directly owns 3,251 shares of the company's stock, valued at $276,139.94. This represents a 32.30 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 428,513 shares of company stock valued at $32,366,914. Corporate insiders own 10.78% of the company's stock.

Institutional Investors Weigh In On Zoom Video Communications

Several hedge funds have recently added to or reduced their stakes in ZM. Baker Avenue Asset Management LP increased its position in Zoom Video Communications by 82.1% during the 3rd quarter. Baker Avenue Asset Management LP now owns 28,593 shares of the company's stock valued at $1,994,000 after purchasing an additional 12,890 shares during the period. Sanctuary Advisors LLC acquired a new stake in shares of Zoom Video Communications during the second quarter worth $763,000. HighTower Advisors LLC raised its stake in Zoom Video Communications by 449.4% during the third quarter. HighTower Advisors LLC now owns 63,618 shares of the company's stock worth $4,429,000 after buying an additional 52,039 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in Zoom Video Communications by 15.4% in the third quarter. Robeco Institutional Asset Management B.V. now owns 1,257,714 shares of the company's stock valued at $87,713,000 after buying an additional 167,618 shares during the period. Finally, National Pension Service boosted its position in Zoom Video Communications by 30.1% during the third quarter. National Pension Service now owns 655,227 shares of the company's stock valued at $45,696,000 after acquiring an additional 151,728 shares during the last quarter. 66.54% of the stock is currently owned by institutional investors and hedge funds.

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.

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