Zoom Video Communications (NASDAQ:ZM) Upgraded to "Equal Weight" at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Zoom Video Communications (NASDAQ:ZM - Free Report) from an underweight rating to an equal weight rating in a research report report published on Tuesday morning, MarketBeat Ratings reports. They currently have $85.00 target price on the stock, up from their prior target price of $70.00.

A number of other research firms have also weighed in on ZM. Sanford C. Bernstein increased their target price on Zoom Video Communications from $78.00 to $89.00 and gave the stock a "market perform" rating in a research note on Tuesday, November 26th. Jefferies Financial Group raised shares of Zoom Video Communications from a "hold" rating to a "buy" rating and raised their price target for the stock from $85.00 to $100.00 in a research note on Thursday, December 19th. Needham & Company LLC reissued a "hold" rating on shares of Zoom Video Communications in a research report on Friday, October 11th. Scotiabank upgraded shares of Zoom Video Communications to a "hold" rating in a research note on Tuesday, November 19th. Finally, Piper Sandler lifted their price target on shares of Zoom Video Communications from $68.00 to $89.00 and gave the company a "neutral" rating in a research note on Tuesday, November 26th. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $87.81.

Zoom Video Communications Price Performance

Shares of NASDAQ:ZM traded down $1.89 during trading on Tuesday, hitting $80.45. The company had a trading volume of 2,148,934 shares, compared to its average volume of 1,997,501. The stock has a market cap of $24.66 billion, a price-to-earnings ratio of 26.82, a price-to-earnings-growth ratio of 5.29 and a beta of -0.01. The company has a fifty day simple moving average of $82.58 and a two-hundred day simple moving average of $70.48. Zoom Video Communications has a one year low of $55.06 and a one year high of $92.80.

Insider Activity at Zoom Video Communications

In related news, insider Velchamy Sankarlingam sold 10,338 shares of the business's stock in a transaction that occurred on Thursday, October 10th. The stock was sold at an average price of $69.51, for a total transaction of $718,594.38. Following the completion of the sale, the insider now directly owns 104,414 shares in the company, valued at approximately $7,257,817.14. The trade was a 9.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Shane Crehan sold 1,551 shares of the company's stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $84.94, for a total transaction of $131,741.94. Following the sale, the chief accounting officer now directly owns 3,251 shares of the company's stock, valued at $276,139.94. The trade was a 32.30 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 406,263 shares of company stock valued at $30,851,778. 10.78% of the stock is owned by company insiders.

Hedge Funds Weigh In On Zoom Video Communications

Large investors have recently modified their holdings of the business. Baker Avenue Asset Management LP boosted its position in shares of Zoom Video Communications by 82.1% during the third quarter. Baker Avenue Asset Management LP now owns 28,593 shares of the company's stock worth $1,994,000 after buying an additional 12,890 shares during the period. Sanctuary Advisors LLC acquired a new position in Zoom Video Communications during the 2nd quarter worth about $763,000. HighTower Advisors LLC boosted its holdings in Zoom Video Communications by 449.4% during the 3rd quarter. HighTower Advisors LLC now owns 63,618 shares of the company's stock valued at $4,429,000 after acquiring an additional 52,039 shares during the period. Robeco Institutional Asset Management B.V. grew its position in Zoom Video Communications by 15.4% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,257,714 shares of the company's stock valued at $87,713,000 after acquiring an additional 167,618 shares in the last quarter. Finally, National Pension Service increased its stake in Zoom Video Communications by 30.1% during the third quarter. National Pension Service now owns 655,227 shares of the company's stock worth $45,696,000 after purchasing an additional 151,728 shares during the period. Institutional investors and hedge funds own 66.54% of the company's stock.

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.