Zoom Video Communications (NASDAQ:ZM) Rating Increased to Outperform at Evercore ISI

Zoom Video Communications (NASDAQ:ZM - Get Free Report) was upgraded by Evercore ISI from an "in-line" rating to an "outperform" rating in a research note issued on Tuesday, MarketBeat Ratings reports. The brokerage presently has a $115.00 price objective on the stock, up from their previous price objective of $70.00. Evercore ISI's price target points to a potential upside of 39.92% from the stock's current price.

A number of other equities research analysts have also commented on the stock. Stifel Nicolaus increased their price objective on shares of Zoom Video Communications from $65.00 to $70.00 and gave the stock a "hold" rating in a report on Thursday, October 10th. Morgan Stanley raised their price target on Zoom Video Communications from $68.00 to $86.00 and gave the company an "equal weight" rating in a report on Wednesday, November 13th. Royal Bank of Canada reissued an "outperform" rating and set a $95.00 price objective on shares of Zoom Video Communications in a report on Thursday, October 10th. Needham & Company LLC reaffirmed a "hold" rating on shares of Zoom Video Communications in a research note on Friday, October 11th. Finally, Scotiabank upgraded shares of Zoom Video Communications to a "hold" rating in a research report on Tuesday, November 19th. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $85.20.

Zoom Video Communications Stock Performance

Shares of NASDAQ:ZM traded down $6.84 during trading on Tuesday, hitting $82.19. 9,912,675 shares of the stock were exchanged, compared to its average volume of 3,333,873. The company has a market capitalization of $25.30 billion, a price-to-earnings ratio of 29.21, a price-to-earnings-growth ratio of 7.33 and a beta of -0.05. Zoom Video Communications has a 1-year low of $55.06 and a 1-year high of $92.80. The company's fifty day simple moving average is $73.85 and its 200-day simple moving average is $65.74.

Insider Activity

In related news, CAO Shane Crehan sold 1,550 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $66.87, for a total value of $103,648.50. Following the sale, the chief accounting officer now owns 1,463 shares in the company, valued at approximately $97,830.81. This represents a 51.44 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Eric S. Yuan sold 178,571 shares of the stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $76.91, for a total transaction of $13,733,895.61. The disclosure for this sale can be found here. Insiders sold a total of 367,108 shares of company stock valued at $26,796,191 in the last quarter. Company insiders own 10.78% of the company's stock.

Institutional Investors Weigh In On Zoom Video Communications

Hedge funds and other institutional investors have recently modified their holdings of the company. Tri Ri Asset Management Corp bought a new stake in shares of Zoom Video Communications in the third quarter valued at approximately $2,653,000. Sanctuary Advisors LLC increased its position in shares of Zoom Video Communications by 22.1% in the third quarter. Sanctuary Advisors LLC now owns 15,020 shares of the company's stock worth $1,047,000 after purchasing an additional 2,714 shares during the period. Hohimer Wealth Management LLC raised its stake in Zoom Video Communications by 0.5% in the third quarter. Hohimer Wealth Management LLC now owns 49,538 shares of the company's stock valued at $3,455,000 after purchasing an additional 260 shares in the last quarter. Toronto Dominion Bank lifted its holdings in shares of Zoom Video Communications by 32.1% during the 3rd quarter. Toronto Dominion Bank now owns 31,965 shares of the company's stock worth $2,229,000 after acquiring an additional 7,768 shares during the period. Finally, Geode Capital Management LLC raised its position in Zoom Video Communications by 4.2% during the third quarter. Geode Capital Management LLC now owns 4,595,435 shares of the company's stock valued at $320,177,000 after purchasing an additional 184,518 shares in the last quarter. 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.