Sanford C. Bernstein Forecasts Strong Price Appreciation for Zoom Video Communications (NASDAQ:ZM) Stock

Zoom Video Communications (NASDAQ:ZM) had its price target lifted by investment analysts at Sanford C. Bernstein from $78.00 to $89.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has a “market perform” rating on the stock. Sanford C. Bernstein’s price objective would indicate a potential upside of 9.38% from the company’s current price.

Several other research firms have also recently issued reports on ZM. JMP Securities reiterated a “market perform” rating on shares of Zoom Video Communications in a research report on Tuesday. Benchmark increased their price objective on Zoom Video Communications from $85.00 to $97.00 and gave the stock a “buy” rating in a research report on Tuesday. Bank of America raised their target price on Zoom Video Communications from $75.00 to $90.00 and gave the company a “neutral” rating in a report on Tuesday. Wells Fargo & Company increased their price target on shares of Zoom Video Communications from $60.00 to $70.00 and gave the company an “underweight” rating in a report on Tuesday. Finally, Robert W. Baird decreased their price objective on shares of Zoom Video Communications from $84.00 to $77.00 and set an “outperform” rating on the stock in a report on Thursday, August 22nd. Two investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, Zoom Video Communications currently has a consensus rating of “Hold” and an average price target of $85.20.

Zoom Video Communications Trading Down 8.6 %

Shares of NASDAQ:ZM traded down $7.66 during midday trading on Tuesday, hitting $81.37. The stock had a trading volume of 7,507,508 shares, compared to its average volume of 3,322,417. Zoom Video Communications has a 1 year low of $55.06 and a 1 year high of $92.80. The stock has a 50 day moving average price of $73.85 and a two-hundred day moving average price of $65.74. The company has a market capitalization of $25.04 billion, a PE ratio of 29.21, a P/E/G ratio of 7.33 and a beta of -0.05.

Insider Activity

In other news, COO Aparna Bawa sold 880 shares of Zoom Video Communications stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $68.09, for a total value of $59,919.20. Following the completion of the transaction, the chief operating officer now directly owns 2,809 shares of the company’s stock, valued at approximately $191,264.81. The trade was a 23.85 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Velchamy Sankarlingam sold 3,614 shares of the stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $66.87, for a total transaction of $241,668.18. Following the sale, the insider now owns 94,000 shares in the company, valued at approximately $6,285,780. This trade represents a 3.70 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 367,108 shares of company stock worth $26,796,191. 10.78% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Zoom Video Communications

Hedge funds have recently added to or reduced their stakes in the stock. FMR LLC boosted its position in Zoom Video Communications by 23.8% during the 3rd quarter. FMR LLC now owns 12,444,887 shares of the company’s stock worth $867,906,000 after acquiring an additional 2,395,396 shares during the period. State Street Corp raised its position in shares of Zoom Video Communications by 2.3% during the 3rd quarter. State Street Corp now owns 6,106,293 shares of the company’s stock worth $425,853,000 after buying an additional 134,559 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Zoom Video Communications by 78.5% during the 2nd quarter. AQR Capital Management LLC now owns 5,731,354 shares of the company’s stock valued at $337,233,000 after purchasing an additional 2,520,987 shares during the period. Pacer Advisors Inc. lifted its holdings in shares of Zoom Video Communications by 4.4% in the third quarter. Pacer Advisors Inc. now owns 5,480,179 shares of the company’s stock valued at $382,188,000 after buying an additional 233,241 shares during the period. Finally, Acadian Asset Management LLC boosted its stake in Zoom Video Communications by 60.9% during the second quarter. Acadian Asset Management LLC now owns 4,902,397 shares of the company’s stock valued at $290,153,000 after buying an additional 1,855,679 shares in the last quarter. 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.