Zoom Video Communications (NASDAQ:ZM) Upgraded to Neutral at Citigroup

Citigroup upgraded shares of Zoom Video Communications (NASDAQ:ZM) from a sell rating to a neutral rating in a research note published on Friday morning, Marketbeat reports. The firm currently has $66.00 target price on the stock.

ZM has been the subject of several other reports. Mizuho reaffirmed a buy rating and set a $100.00 price objective on shares of Zoom Video Communications in a research note on Tuesday, August 22nd. HSBC started coverage on shares of Zoom Video Communications in a research note on Friday, September 15th. They set a buy rating and a $83.00 target price for the company. Sanford C. Bernstein lowered their target price on shares of Zoom Video Communications from $92.00 to $82.00 and set a market perform rating for the company in a research note on Tuesday, August 22nd. Royal Bank of Canada reissued an outperform rating and set a $95.00 target price on shares of Zoom Video Communications in a research note on Thursday, October 12th. Finally, Rosenblatt Securities reissued a neutral rating and set a $75.00 target price on shares of Zoom Video Communications in a research note on Wednesday, November 15th. Seventeen analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Hold and an average target price of $81.55.

Zoom Video Communications Stock Up 2.9 %

Shares of NASDAQ:ZM opened at $66.00 on Friday. The firm’s 50 day moving average price is $64.83 and its 200-day moving average price is $67.15. Zoom Video Communications has a twelve month low of $58.87 and a twelve month high of $85.13. The stock has a market capitalization of $19.86 billion, a PE ratio of 150.00, a price-to-earnings-growth ratio of 1.07 and a beta of -0.16.

Zoom Video Communications (NASDAQ:ZM) last released its quarterly earnings data on Monday, November 20th. The company reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.21. The firm had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.12 billion. Zoom Video Communications had a net margin of 3.17% and a return on equity of 3.51%. The company’s revenue for the quarter was up 3.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.21 earnings per share. Analysts expect that Zoom Video Communications will post 1.77 earnings per share for the current fiscal year.

Insider Buying and Selling at Zoom Video Communications

In other Zoom Video Communications news, CAO Shane Crehan sold 3,722 shares of the firm’s stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $70.69, for a total value of $263,108.18. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CAO Shane Crehan sold 3,722 shares of Zoom Video Communications stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $70.69, for a total transaction of $263,108.18. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Velchamy Sankarlingam sold 1,586 shares of the firm’s stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $70.69, for a total value of $112,114.34. Following the sale, the insider now directly owns 58,306 shares of the company’s stock, valued at $4,121,651.14. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 157,375 shares of company stock worth $10,417,755. Corporate insiders own 11.28% of the company’s stock.

Hedge Funds Weigh In On Zoom Video Communications

Several institutional investors have recently bought and sold shares of the company. Savoie Capital LLC acquired a new position in shares of Zoom Video Communications during the third quarter worth about $3,623,000. Diversified Trust Co grew its position in shares of Zoom Video Communications by 45.8% during the third quarter. Diversified Trust Co now owns 11,687 shares of the company’s stock worth $817,000 after buying an additional 3,669 shares in the last quarter. Creative Planning lifted its stake in Zoom Video Communications by 12.2% during the third quarter. Creative Planning now owns 29,476 shares of the company’s stock worth $2,062,000 after purchasing an additional 3,195 shares during the last quarter. Harbour Investments Inc. lifted its stake in Zoom Video Communications by 7.4% during the third quarter. Harbour Investments Inc. now owns 2,535 shares of the company’s stock worth $177,000 after purchasing an additional 175 shares during the last quarter. Finally, WealthPlan Investment Management LLC lifted its stake in Zoom Video Communications by 931.3% during the third quarter. WealthPlan Investment Management LLC now owns 6,270 shares of the company’s stock worth $439,000 after purchasing an additional 5,662 shares during the last quarter. 54.85% of the stock is owned by institutional investors and hedge funds.

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.