Zoom Video Communications (NASDAQ:ZM) Shares Gap Down – What’s Next?

Shares of Zoom Video Communications, Inc. (NASDAQ:ZM) gapped down prior to trading on Tuesday . The stock had previously closed at $89.03, but opened at $84.02. Zoom Video Communications shares last traded at $83.03, with a volume of 3,378,293 shares changing hands.

Analysts Set New Price Targets

ZM has been the topic of several analyst reports. Piper Sandler upped their price objective on Zoom Video Communications from $68.00 to $89.00 and gave the company a “neutral” rating in a research note on Tuesday. Stifel Nicolaus upped their price objective on Zoom Video Communications from $70.00 to $90.00 and gave the company a “hold” rating in a research note on Tuesday. Deutsche Bank Aktiengesellschaft increased their price target on Zoom Video Communications from $71.00 to $75.00 and gave the stock a “hold” rating in a research report on Friday, August 23rd. Benchmark increased their price target on Zoom Video Communications from $83.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Finally, Wedbush initiated coverage on Zoom Video Communications in a research report on Thursday, October 17th. They set an “outperform” rating and a $85.00 price target on the stock. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Zoom Video Communications presently has a consensus rating of “Hold” and an average price target of $82.55.

Zoom Video Communications Stock Down 7.9 %

The firm has a market capitalization of $25.24 billion, a P/E ratio of 29.41, a price-to-earnings-growth ratio of 7.33 and a beta of -0.05. The firm’s 50-day simple moving average is $73.85 and its 200-day simple moving average is $65.74.

Insider Transactions at Zoom Video Communications

In related news, COO Aparna Bawa sold 831 shares of the firm’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $66.29, for a total value of $55,086.99. Following the transaction, the chief operating officer now directly owns 1,978 shares of the company’s stock, valued at approximately $131,121.62. This trade represents a 29.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Eric S. Yuan sold 2,420 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $68.38, for a total value of $165,479.60. Following the sale, the chief executive officer now directly owns 85,514 shares in the company, valued at approximately $5,847,447.32. This represents a 2.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 367,108 shares of company stock valued at $26,796,191. Corporate insiders own 10.78% of the company’s stock.

Institutional Investors Weigh In On Zoom Video Communications

Large investors have recently made changes to their positions in the company. Innealta Capital LLC acquired a new position in shares of Zoom Video Communications during the second quarter worth $33,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Zoom Video Communications during the second quarter valued at $36,000. Truvestments Capital LLC purchased a new stake in shares of Zoom Video Communications during the third quarter valued at $37,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Zoom Video Communications during the second quarter valued at $41,000. Finally, Allworth Financial LP boosted its holdings in Zoom Video Communications by 43.8% in the third quarter. Allworth Financial LP now owns 591 shares of the company’s stock valued at $41,000 after purchasing an additional 180 shares during the last quarter. 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.