Bank of America Forecasts Strong Price Appreciation for Zoom Video Communications (NASDAQ:ZM) Stock

Zoom Video Communications (NASDAQ:ZM) had its price target raised by research analysts at Bank of America from $75.00 to $90.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Bank of America‘s price objective indicates a potential upside of 9.77% from the company’s previous close.

Other equities research analysts have also issued research reports about the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Zoom Video Communications in a research report on Friday, October 11th. Wedbush began coverage on Zoom Video Communications in a research note on Thursday, October 17th. They set an “outperform” rating and a $85.00 price target for the company. 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. Evercore ISI upgraded shares of Zoom Video Communications from an “in-line” rating to an “outperform” rating and upped their target price for the stock from $70.00 to $115.00 in a research report on Tuesday. Finally, Robert W. Baird reduced their price target on shares of Zoom Video Communications from $84.00 to $77.00 and set an “outperform” rating for the company in a research report on Thursday, August 22nd. Two investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, Zoom Video Communications presently has an average rating of “Hold” and an average price target of $83.30.

Zoom Video Communications Price Performance

Shares of NASDAQ ZM traded down $7.04 during midday trading on Tuesday, hitting $81.99. The company’s stock had a trading volume of 6,384,407 shares, compared to its average volume of 3,316,487. Zoom Video Communications has a 1 year low of $55.06 and a 1 year high of $92.80. The business’s fifty day simple moving average is $73.85 and its two-hundred day simple moving average is $65.74. The firm has a market capitalization of $25.24 billion, a price-to-earnings ratio of 29.39, a price-to-earnings-growth ratio of 7.33 and a beta of -0.05.

Insider Activity

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 stock was sold at an average price of $76.91, for a total transaction of $13,733,895.61. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Velchamy Sankarlingam sold 3,614 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $66.87, for a total value of $241,668.18. Following the completion of the transaction, the insider now directly owns 94,000 shares in the company, valued at approximately $6,285,780. The trade was a 3.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 367,108 shares of company stock worth $26,796,191. 10.78% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Zoom Video Communications

A number of hedge funds have recently added to or reduced their stakes in ZM. Itau Unibanco Holding S.A. lifted its position in shares of Zoom Video Communications by 1.9% in the 3rd quarter. Itau Unibanco Holding S.A. now owns 7,121 shares of the company’s stock worth $497,000 after buying an additional 131 shares during the last quarter. MML Investors Services LLC lifted its holdings in Zoom Video Communications by 1.4% in the third quarter. MML Investors Services LLC now owns 9,395 shares of the company’s stock worth $655,000 after acquiring an additional 132 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. boosted its stake 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 acquiring an additional 145 shares during the period. MetLife Investment Management LLC grew its holdings in shares of Zoom Video Communications by 3.4% during the third quarter. MetLife Investment Management LLC now owns 4,619 shares of the company’s stock valued at $322,000 after purchasing an additional 154 shares during the last quarter. Finally, Menard Financial Group LLC raised its position in shares of Zoom Video Communications by 4.0% during the 3rd quarter. Menard Financial Group LLC now owns 4,331 shares of the company’s stock worth $302,000 after purchasing an additional 166 shares during the period. 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.