Shares of Zoom Video Communications, Inc. (NASDAQ:ZM - Get Free Report) saw unusually-high trading volume on Tuesday . Approximately 1,832,353 shares changed hands during trading, a decline of 23% from the previous session's volume of 2,386,979 shares.The stock last traded at $73.98 and had previously closed at $81.10.
Wall Street Analysts Forecast Growth
Several brokerages have issued reports on ZM. Barclays lowered their target price on Zoom Video Communications from $85.00 to $80.00 and set an "equal weight" rating on the stock in a research note on Wednesday. Bank of America upped their price objective on shares of Zoom Video Communications from $75.00 to $90.00 and gave the company a "neutral" rating in a report on Tuesday, November 26th. Cantor Fitzgerald reiterated a "neutral" rating and issued a $87.00 target price on shares of Zoom Video Communications in a research note on Tuesday. Royal Bank of Canada restated an "outperform" rating and set a $95.00 price target on shares of Zoom Video Communications in a research note on Tuesday, November 26th. Finally, Citigroup reduced their price objective on shares of Zoom Video Communications from $86.00 to $85.00 and set a "neutral" rating for the company in a research note on Tuesday, February 18th. Fifteen investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $90.05.
Check Out Our Latest Analysis on Zoom Video Communications
Zoom Video Communications Trading Up 1.1 %
The firm has a market capitalization of $22.59 billion and a PE ratio of 24.57. The stock has a 50 day simple moving average of $82.30 and a 200 day simple moving average of $76.76.
Insiders Place Their Bets
In related news, COO Aparna Bawa sold 9,317 shares of the company's stock in a transaction that occurred on Friday, January 10th. The stock was 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 owns 14,053 shares in the company, valued at $1,105,830.57. This represents a 39.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Eric S. Yuan sold 83,332 shares of the business's stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $86.28, for a total transaction of $7,189,884.96. The disclosure for this sale can be found here. Insiders have sold a total of 382,242 shares of company stock valued at $31,230,938 in the last quarter. Insiders own 10.78% of the company's stock.
Institutional Inflows and Outflows
Several institutional investors have recently made changes to their positions in ZM. Norges Bank bought a new stake in Zoom Video Communications during the fourth quarter worth about $751,908,000. FMR LLC grew its stake in shares of Zoom Video Communications by 23.8% in the 3rd quarter. FMR LLC now owns 12,444,887 shares of the company's stock worth $867,906,000 after buying an additional 2,395,396 shares during the last quarter. Altshuler Shaham Ltd increased its position in Zoom Video Communications by 285.9% during the 4th quarter. Altshuler Shaham Ltd now owns 2,056,277 shares of the company's stock valued at $167,813,000 after buying an additional 1,523,480 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its stake in 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 valued at $521,123,000 after buying an additional 1,247,717 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Zoom Video Communications in the fourth quarter worth $99,471,000. Institutional investors own 66.54% of the company's stock.
Zoom Video Communications Company Profile
(
Get Free Report)
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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