Zoom Video Communications (NASDAQ:ZM) Given New $55.00 Price Target at Wells Fargo & Company

Zoom Video Communications (NASDAQ:ZM) had its price objective trimmed by Wells Fargo & Company from $60.00 to $55.00 in a report published on Friday morning, Benzinga reports. The firm currently has an underweight rating on the stock.

A number of other brokerages have also issued reports on ZM. Jefferies Financial Group assumed coverage on shares of Zoom Video Communications in a research report on Tuesday, March 19th. They issued a hold rating and a $70.00 target price for the company. Citigroup increased their target price on shares of Zoom Video Communications from $76.00 to $77.00 and gave the company a neutral rating in a research report on Tuesday, May 21st. Robert W. Baird decreased their target price on shares of Zoom Video Communications from $90.00 to $84.00 and set an outperform rating for the company in a research report on Tuesday, May 21st. Morgan Stanley cut their price target on shares of Zoom Video Communications from $72.00 to $68.00 and set an equal weight rating for the company in a report on Friday, June 14th. Finally, Evercore ISI cut their price target on shares of Zoom Video Communications from $72.00 to $70.00 and set an in-line rating for the company in a report on Tuesday, May 21st. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of Hold and a consensus target price of $75.44.

Zoom Video Communications Stock Performance

Zoom Video Communications stock opened at $57.81 on Friday. The company has a 50-day simple moving average of $61.30 and a 200-day simple moving average of $65.12. The firm has a market capitalization of $17.88 billion, a P/E ratio of 21.57, a P/E/G ratio of 8.95 and a beta of -0.01. Zoom Video Communications has a one year low of $55.63 and a one year high of $75.90.

Zoom Video Communications (NASDAQ:ZM) last released its quarterly earnings results on Monday, May 20th. The company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.51 by $0.23. The business had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.13 billion. Zoom Video Communications had a net margin of 18.37% and a return on equity of 10.55%. As a group, sell-side analysts forecast that Zoom Video Communications will post 2.43 earnings per share for the current year.

Insider Transactions at Zoom Video Communications

In other news, insider Velchamy Sankarlingam sold 3,791 shares of the stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $62.97, for a total value of $238,719.27. Following the completion of the sale, the insider now directly owns 91,721 shares of the company’s stock, valued at $5,775,671.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Velchamy Sankarlingam sold 3,791 shares of the stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $62.97, for a total value of $238,719.27. Following the completion of the sale, the insider now directly owns 91,721 shares of the company’s stock, valued at $5,775,671.37. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Shane Crehan sold 5,099 shares of the stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $62.97, for a total transaction of $321,084.03. The disclosure for this sale can be found here. Insiders sold 104,193 shares of company stock valued at $6,427,858 over the last three months. 10.78% of the stock is 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. Principal Securities Inc. acquired a new position in Zoom Video Communications in the fourth quarter worth approximately $25,000. Quadrant Capital Group LLC grew its holdings in Zoom Video Communications by 269.7% during the fourth quarter. Quadrant Capital Group LLC now owns 366 shares of the company’s stock valued at $26,000 after purchasing an additional 267 shares during the last quarter. Frazier Financial Advisors LLC acquired a new position in Zoom Video Communications during the fourth quarter valued at approximately $32,000. Rakuten Securities Inc. acquired a new position in Zoom Video Communications during the fourth quarter valued at approximately $43,000. Finally, GAMMA Investing LLC acquired a new position in Zoom Video Communications during the fourth quarter valued at approximately $48,000. 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.