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

Zoom Video Communications (NASDAQ:ZM) had its price target lifted by Bank of America from $79.00 to $84.00 in a research report report published on Thursday,Benzinga reports. The firm currently has a neutral rating on the stock.

ZM has been the topic of a number of other reports. JPMorgan Chase & Co. upped their target price on shares of Zoom Video Communications from $80.00 to $85.00 and gave the stock a “neutral” rating in a research report on Thursday. Cantor Fitzgerald reissued a “neutral” rating and set a $87.00 price target on shares of Zoom Video Communications in a research note on Thursday. Benchmark reissued a “buy” rating and set a $97.00 price target on shares of Zoom Video Communications in a research note on Tuesday, May 20th. Morgan Stanley boosted their price target on shares of Zoom Video Communications from $79.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Thursday. Finally, UBS Group dropped their price target on shares of Zoom Video Communications from $90.00 to $85.00 and set a “neutral” rating for the company in a research note on Tuesday, February 25th. Fifteen research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $87.61.

Zoom Video Communications Trading Down 3.4%

Shares of ZM stock opened at $79.28 on Thursday. Zoom Video Communications has a 1 year low of $55.06 and a 1 year high of $92.80. The firm’s 50 day moving average is $76.00 and its 200-day moving average is $79.76. The firm has a market capitalization of $24.20 billion, a price-to-earnings ratio of 26.43, a PEG ratio of 5.48 and a beta of 0.79.

Zoom Video Communications (NASDAQ:ZM) last announced its earnings results on Wednesday, May 21st. The company reported $1.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.30 by $0.13. Zoom Video Communications had a net margin of 20.34% and a return on equity of 10.98%. The company had revenue of $1.17 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same period in the prior year, the business earned $1.35 earnings per share. Zoom Video Communications’s quarterly revenue was up 2.9% on a year-over-year basis. On average, equities research analysts forecast that Zoom Video Communications will post 2.93 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Zoom Video Communications news, insider Velchamy Sankarlingam sold 11,839 shares of the business’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 sale, the insider now directly owns 125,529 shares of the company’s stock, valued at $9,026,790.39. The trade was a 8.62% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Santiago Subotovsky sold 2,475 shares of the business’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $77.86, for a total transaction of $192,703.50. Following the sale, the director now directly owns 169,452 shares in the company, valued at $13,193,532.72. This trade represents a 1.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 164,515 shares of company stock valued at $12,132,994. Company insiders own 11.51% of the company’s stock.

Institutional Investors Weigh In On Zoom Video Communications

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. raised its holdings in shares of Zoom Video Communications by 82.0% in the 1st quarter. Geneos Wealth Management Inc. now owns 881 shares of the company’s stock valued at $65,000 after purchasing an additional 397 shares during the period. Intech Investment Management LLC raised its holdings in shares of Zoom Video Communications by 59.1% in the 1st quarter. Intech Investment Management LLC now owns 16,785 shares of the company’s stock valued at $1,238,000 after purchasing an additional 6,235 shares during the period. Bayforest Capital Ltd raised its holdings in shares of Zoom Video Communications by 432.5% in the 1st quarter. Bayforest Capital Ltd now owns 7,934 shares of the company’s stock valued at $585,000 after purchasing an additional 6,444 shares during the period. Woodline Partners LP bought a new stake in shares of Zoom Video Communications in the 1st quarter valued at about $7,209,000. Finally, Empowered Funds LLC raised its holdings in shares of Zoom Video Communications by 9.7% in the 1st quarter. Empowered Funds LLC now owns 125,789 shares of the company’s stock valued at $9,279,000 after purchasing an additional 11,073 shares during the period. 66.54% of the stock is owned by institutional investors.

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.