Zoom Video Communications (NASDAQ:ZM) Given New $75.00 Price Target at Wells Fargo & Company

Zoom Video Communications (NASDAQ:ZM) had its price target cut by investment analysts at Wells Fargo & Company from $85.00 to $75.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target would suggest a potential upside of 6.40% from the company’s current price.

Several other research firms have also commented on ZM. Stifel Nicolaus dropped their target price on Zoom Video Communications from $90.00 to $85.00 and set a “hold” rating on the stock in a report on Tuesday, February 25th. Barclays decreased their price target 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, February 26th. Scotiabank dropped their price target on shares of Zoom Video Communications from $85.00 to $75.00 and set a “sector perform” rating for the company in a research note on Monday, March 17th. Citigroup decreased their price target 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. Finally, Needham & Company LLC restated a “hold” rating on shares of Zoom Video Communications in a research note on Tuesday, February 25th. Fifteen equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $86.14.

Zoom Video Communications Stock Down 1.4 %

Shares of ZM stock opened at $70.49 on Tuesday. Zoom Video Communications has a 52-week low of $55.06 and a 52-week high of $92.80. The company’s 50 day moving average is $75.09 and its 200 day moving average is $78.62. The firm has a market cap of $21.52 billion, a price-to-earnings ratio of 23.50, a PEG ratio of 5.48 and a beta of 0.67.

Insider Buying and Selling at Zoom Video Communications

In related news, COO Aparna Bawa sold 16,099 shares of the business’s stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $72.59, for a total value of $1,168,626.41. Following the completion of the sale, the chief operating officer now directly owns 1,978 shares in the company, valued at $143,583.02. The trade was a 89.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Velchamy Sankarlingam sold 11,839 shares of the company’s stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $71.91, for a total transaction of $851,342.49. Following the completion of the transaction, the insider now owns 125,529 shares in the company, valued at $9,026,790.39. This trade represents a 8.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 242,897 shares of company stock valued at $18,941,111 in the last ninety days. Company insiders own 10.78% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Global X Japan Co. Ltd. increased its stake in Zoom Video Communications by 127.5% in the fourth quarter. Global X Japan Co. Ltd. now owns 339 shares of the company’s stock valued at $28,000 after purchasing an additional 190 shares in the last quarter. MassMutual Private Wealth & Trust FSB increased its holdings in Zoom Video Communications by 177.0% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 385 shares of the company’s stock worth $28,000 after purchasing an additional 246 shares in the last quarter. Avior Wealth Management LLC grew its holdings in Zoom Video Communications by 291.2% during the fourth quarter. Avior Wealth Management LLC now owns 356 shares of the company’s stock worth $29,000 after buying an additional 265 shares in the last quarter. Parkside Financial Bank & Trust boosted its holdings in Zoom Video Communications by 277.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 351 shares of the company’s stock worth $29,000 after acquiring an additional 258 shares during the last quarter. Finally, Raiffeisen Bank International AG bought a new position in shares of Zoom Video Communications during the fourth quarter valued at about $30,000. Institutional investors 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.