Zoom Video Communications (NASDAQ:ZM) Reaches New 52-Week High - Here's What Happened

Zoom Video Communications, Inc. (NASDAQ:ZM - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $81.92 and last traded at $81.92, with a volume of 7990 shares traded. The stock had previously closed at $81.46.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on ZM shares. Robert W. Baird dropped their price target on Zoom Video Communications from $84.00 to $77.00 and set an "outperform" rating on the stock in a research report on Thursday, August 22nd. Benchmark lifted their price target on shares of Zoom Video Communications from $83.00 to $85.00 and gave the company a "buy" rating in a research note on Thursday, October 10th. Bank of America reduced their price target on shares of Zoom Video Communications from $78.00 to $75.00 and set a "neutral" rating for the company in a report on Thursday, August 22nd. Wedbush assumed coverage on shares of Zoom Video Communications in a report on Thursday, October 17th. They set an "outperform" rating and a $85.00 price objective on the stock. Finally, Rosenblatt Securities reaffirmed a "buy" rating and issued a $78.00 target price on shares of Zoom Video Communications in a research note on Friday, October 4th. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $75.32.

Zoom Video Communications Price Performance

The company's 50-day simple moving average is $70.46 and its 200-day simple moving average is $64.10. The stock has a market capitalization of $26.34 billion, a price-to-earnings ratio of 30.90, a P/E/G ratio of 7.02 and a beta of -0.05.

Zoom Video Communications (NASDAQ:ZM - Get Free Report) last issued its quarterly earnings data on Wednesday, August 21st. The company reported $1.39 EPS for the quarter, beating analysts' consensus estimates of $1.21 by $0.18. Zoom Video Communications had a return on equity of 10.77% and a net margin of 19.08%. The firm had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. During the same period in the prior year, the firm posted $0.55 EPS. The company's revenue for the quarter was up 2.1% on a year-over-year basis. Research analysts expect that Zoom Video Communications, Inc. will post 2.74 earnings per share for the current year.

Insider Activity at Zoom Video Communications

In other news, COO Aparna Bawa sold 880 shares of the stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $68.09, for a total transaction of $59,919.20. Following the sale, the chief operating officer now directly owns 2,809 shares of the company's stock, valued at approximately $191,264.81. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Eric S. Yuan sold 2,420 shares of Zoom Video Communications stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $68.38, for a total value of $165,479.60. Following the transaction, the chief executive officer now directly owns 85,514 shares of the company's stock, valued at $5,847,447.32. This trade represents a 0.00 % 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, COO Aparna Bawa sold 880 shares of the company's stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $68.09, for a total value of $59,919.20. Following the sale, the chief operating officer now owns 2,809 shares of the company's stock, valued at $191,264.81. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 372,121 shares of company stock worth $27,095,467. Company insiders own 10.78% of the company's stock.

Hedge Funds Weigh In On Zoom Video Communications

A number of institutional investors have recently modified their holdings of the business. Tokio Marine Asset Management Co. Ltd. boosted its position in Zoom Video Communications by 1.9% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 7,970 shares of the company's stock valued at $556,000 after buying an additional 145 shares in the last quarter. Allworth Financial LP boosted its holdings in shares of Zoom Video Communications by 43.8% during the 3rd quarter. Allworth Financial LP now owns 591 shares of the company's stock valued at $41,000 after acquiring an additional 180 shares in the last quarter. Axiom Advisory LLC grew its position in Zoom Video Communications by 1.6% during the 3rd quarter. Axiom Advisory LLC now owns 11,712 shares of the company's stock worth $817,000 after acquiring an additional 183 shares during the last quarter. Baader Bank Aktiengesellschaft increased its holdings in Zoom Video Communications by 0.8% in the 2nd quarter. Baader Bank Aktiengesellschaft now owns 23,189 shares of the company's stock worth $1,370,000 after purchasing an additional 189 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Zoom Video Communications by 1.7% during the second quarter. The Manufacturers Life Insurance Company now owns 13,411 shares of the company's stock valued at $794,000 after purchasing an additional 223 shares in the last quarter. Institutional investors and hedge funds 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.