Scotiabank Cuts Zoom Video Communications (NASDAQ:ZM) Price Target to $75.00

Zoom Video Communications (NASDAQ:ZM) had its price target reduced by Scotiabank from $85.00 to $75.00 in a research report released on Monday,Benzinga reports. Scotiabank currently has a sector perform rating on the stock.

Other research analysts also recently issued research reports about the company. Benchmark restated a “buy” rating and set a $97.00 price target on shares of Zoom Video Communications in a report on Tuesday, February 25th. Barclays reduced their target price on Zoom Video Communications from $85.00 to $80.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 26th. UBS Group dropped their price target on Zoom Video Communications from $90.00 to $85.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 25th. Royal Bank of Canada reissued an “outperform” rating and issued a $95.00 price target on shares of Zoom Video Communications in a research report on Tuesday, November 26th. Finally, Sanford C. Bernstein upped their price objective on Zoom Video Communications from $78.00 to $89.00 and gave the company a “market perform” rating in a research report on Tuesday, November 26th. Fifteen research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $89.33.

Zoom Video Communications Stock Up 1.1 %

Shares of ZM stock opened at $76.26 on Monday. The business has a 50-day moving average price of $80.13 and a two-hundred day moving average price of $77.79. Zoom Video Communications has a 12-month low of $55.06 and a 12-month high of $92.80. The firm has a market cap of $23.28 billion, a P/E ratio of 25.42, a price-to-earnings-growth ratio of 5.48 and a beta of 0.26.

Insider Buying and Selling

In related news, Director Jonathan Chadwick sold 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $80.33, for a total transaction of $2,008,250.00. Following the completion of the transaction, the director now owns 1,514 shares of the company’s stock, valued at approximately $121,619.62. This represents a 94.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Eric S. Yuan sold 118,036 shares of the business’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $79.03, for a total transaction of $9,328,385.08. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 369,271 shares of company stock valued at $29,496,892. Corporate insiders own 10.78% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. HighTower Advisors LLC increased its holdings in shares of Zoom Video Communications by 449.4% in the 3rd quarter. HighTower Advisors LLC now owns 63,618 shares of the company’s stock worth $4,429,000 after acquiring an additional 52,039 shares during the period. Merit Financial Group LLC bought a new position in shares of Zoom Video Communications during the 4th quarter valued at about $1,072,000. Eagle Asset Management Inc. acquired a new position in shares of Zoom Video Communications in the third quarter worth about $62,038,000. State Street Corp boosted its holdings in shares of Zoom Video Communications by 2.3% in the third 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 during the period. Finally, GSA Capital Partners LLP purchased a new stake in shares of Zoom Video Communications in the third quarter worth approximately $712,000. 66.54% of the stock is currently owned by hedge funds and other 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.