Zoom Video Communications (NASDAQ:ZM) Price Target Cut to $75.00 by Analysts at Wells Fargo & Company

Zoom Video Communications (NASDAQ:ZM) had its price target trimmed by Wells Fargo & Company from $85.00 to $75.00 in a research note released on Tuesday,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Other research analysts have also issued reports about the company. Mizuho reduced their target price on Zoom Video Communications from $105.00 to $71.00 and set an “outperform” rating on the stock in a report on Tuesday, April 15th. Rosenblatt Securities reiterated a “buy” rating and issued a $95.00 price objective on shares of Zoom Video Communications in a research report on Wednesday, March 19th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $95.00 price target on shares of Zoom Video Communications in a research note on Wednesday, March 19th. Benchmark reissued a “buy” rating and set a $97.00 price objective on shares of Zoom Video Communications in a research report on Tuesday, February 25th. Finally, Scotiabank reduced their price objective on Zoom Video Communications from $85.00 to $75.00 and set a “sector perform” rating for the company in a research report on Monday, March 17th. Fifteen 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 stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $85.90.

Zoom Video Communications Stock Performance

Shares of NASDAQ ZM opened at $75.49 on Tuesday. The firm has a 50 day moving average price of $74.39 and a 200 day moving average price of $78.58. The stock has a market cap of $23.04 billion, a P/E ratio of 25.16, a P/E/G ratio of 5.48 and a beta of 0.67. Zoom Video Communications has a 52-week low of $55.06 and a 52-week high of $92.80.

Insider Buying and Selling at Zoom Video Communications

In other news, Director Santiago Subotovsky sold 2,475 shares of the company’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $77.86, for a total transaction of $192,703.50. Following the completion of the sale, the director now directly owns 169,452 shares in the company, valued at approximately $13,193,532.72. This represents a 1.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Eric S. Yuan sold 75,531 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $74.98, for a total value of $5,663,314.38. The disclosure for this sale can be found here. Insiders have sold a total of 242,897 shares of company stock valued at $18,941,111 in the last ninety days. 10.78% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Zoom Video Communications

Hedge funds have recently bought and sold shares of the company. Norges Bank bought a new position in Zoom Video Communications in the fourth quarter valued at approximately $751,908,000. Altshuler Shaham Ltd increased its stake in shares of Zoom Video Communications by 285.9% in the 4th quarter. Altshuler Shaham Ltd now owns 2,056,277 shares of the company’s stock valued at $167,813,000 after purchasing an additional 1,523,480 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its holdings in shares of Zoom Video Communications by 24.3% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 6,385,523 shares of the company’s stock worth $521,123,000 after buying an additional 1,247,717 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Zoom Video Communications in the fourth quarter valued at about $99,471,000. Finally, Contrarius Group Holdings Ltd bought a new position in Zoom Video Communications in the fourth quarter valued at about $72,854,000. 66.54% of the stock is 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.