Zoom Video Communications, Inc. (NASDAQ:ZM – Get Free Report)’s stock price shot up 5.8% during trading on Tuesday . The company 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.
Wall Street Analyst Weigh In
ZM has been the subject of a number of analyst reports. Sanford C. Bernstein lifted their price objective on shares of Zoom Video Communications from $78.00 to $89.00 and gave the company a “market perform” rating in a research report on Tuesday, November 26th. Wells Fargo & Company raised shares of Zoom Video Communications from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $70.00 to $85.00 in a report on Tuesday, January 7th. Piper Sandler lifted their target price on shares of Zoom Video Communications from $68.00 to $89.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Jefferies Financial Group raised shares of Zoom Video Communications from a “hold” rating to a “buy” rating and lifted their target price for the stock from $85.00 to $100.00 in a report on Thursday, December 19th. Finally, Barclays lifted their target price on shares of Zoom Video Communications from $70.00 to $85.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 27th. Sixteen research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $89.10.
Read Our Latest Stock Analysis on Zoom Video Communications
Zoom Video Communications Stock Up 0.1 %
Insider Transactions at Zoom Video Communications
In other Zoom Video Communications news, insider Velchamy Sankarlingam sold 3,618 shares of the business’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $84.94, for a total value of $307,312.92. Following the completion of the transaction, the insider now owns 107,826 shares of the company’s stock, valued at $9,158,740.44. The trade was a 3.25 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Shane Crehan sold 1,551 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer now directly owns 3,251 shares of the company’s stock, valued at approximately $276,139.94. This represents a 32.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 477,481 shares of company stock worth $37,774,948 over the last quarter. Corporate insiders own 10.78% of the company’s stock.
Institutional Investors Weigh In On Zoom Video Communications
A number of hedge funds have recently made changes to their positions in the business. Global X Japan Co. Ltd. raised its holdings in Zoom Video Communications by 127.5% during the 4th quarter. Global X Japan Co. Ltd. now owns 339 shares of the company’s stock valued at $28,000 after buying an additional 190 shares during the last quarter. Avior Wealth Management LLC raised its holdings in Zoom Video Communications by 291.2% during the 4th quarter. Avior Wealth Management LLC now owns 356 shares of the company’s stock valued at $29,000 after buying an additional 265 shares during the last quarter. Truvestments Capital LLC bought a new stake in Zoom Video Communications during the 3rd quarter valued at $37,000. Geneos Wealth Management Inc. bought a new stake in Zoom Video Communications during the 4th quarter valued at $39,000. Finally, Allworth Financial LP increased its position in 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 purchasing an additional 180 shares during the period. 66.54% of the stock is currently owned by institutional investors.
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.
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