Zoom Video Communications (NASDAQ:ZM) Trading Up 5.8% - Here's Why

Shares of Zoom Video Communications, Inc. (NASDAQ:ZM - Get Free Report) shot up 5.8% during mid-day trading on Tuesday . The stock traded as high as $87.78 and last traded at $86.77. 1,569,491 shares changed hands during trading, a decline of 29% from the average session volume of 2,215,046 shares. The stock had previously closed at $82.00.

Analyst Ratings Changes

A number of research firms recently weighed in on ZM. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $95.00 price target on shares of Zoom Video Communications in a report on Tuesday, November 26th. Needham & Company LLC reissued a "hold" rating on shares of Zoom Video Communications in a research note on Friday, January 10th. Piper Sandler upped their price objective on shares of Zoom Video Communications from $68.00 to $89.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 26th. Wedbush began coverage on shares of Zoom Video Communications in a research note on Thursday, October 17th. They set an "outperform" rating and a $85.00 target price for the company. Finally, JMP Securities restated a "market perform" rating on shares of Zoom Video Communications in a research report on Tuesday, November 26th. Sixteen equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $89.10.

Zoom Video Communications Trading Down 0.7 %

The firm has a market cap of $26.45 billion, a price-to-earnings ratio of 28.78, a P/E/G ratio of 5.47 and a beta of -0.01. The stock's fifty day moving average price is $83.08 and its 200-day moving average price is $73.58.

Insiders Place Their Bets

In other Zoom Video Communications news, CEO Eric S. Yuan sold 178,571 shares of the firm's stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $76.91, for a total value of $13,733,895.61. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jonathan Chadwick sold 25,000 shares of the company's stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $80.33, for a total value of $2,008,250.00. Following the sale, the director now directly owns 1,514 shares in the company, valued at $121,619.62. This represents a 94.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 477,481 shares of company stock valued at $37,774,948 over the last quarter. 10.78% of the stock is owned by insiders.

Hedge Funds Weigh In On Zoom Video Communications

Several large investors have recently bought and sold shares of ZM. The Manufacturers Life Insurance Company raised its position in shares of Zoom Video Communications by 1.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 13,411 shares of the company's stock worth $794,000 after acquiring an additional 223 shares in the last quarter. Algert Global LLC acquired a new stake in Zoom Video Communications during the second quarter worth approximately $526,000. Northwestern Mutual Wealth Management Co. raised its holdings in Zoom Video Communications by 6.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 20,037 shares of the company's stock worth $1,186,000 after purchasing an additional 1,145 shares in the last quarter. Truist Financial Corp acquired a new position in shares of Zoom Video Communications in the 2nd quarter valued at $296,000. Finally, Sanctuary Advisors LLC purchased a new position in shares of Zoom Video Communications in the 2nd quarter valued at $763,000. Hedge funds and other 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.