Wells Fargo & Company Cuts Zoom Video Communications (NASDAQ:ZM) Price Target to $60.00

Zoom Video Communications (NASDAQ:ZMFree Report) had its target price decreased by Wells Fargo & Company from $70.00 to $60.00 in a research report report published on Tuesday morning, Benzinga reports. Wells Fargo & Company currently has an underweight rating on the stock.

A number of other research analysts have also weighed in on ZM. Sanford C. Bernstein decreased their target price on shares of Zoom Video Communications from $82.00 to $78.00 and set a market perform rating on the stock in a research note on Tuesday. Rosenblatt Securities raised their target price on shares of Zoom Video Communications from $75.00 to $78.00 and gave the stock a buy rating in a research note on Tuesday. Royal Bank of Canada reissued an outperform rating and issued a $95.00 target price on shares of Zoom Video Communications in a research note on Tuesday. Jefferies Financial Group assumed coverage on shares of Zoom Video Communications in a research note on Tuesday, March 19th. They issued a hold rating and a $70.00 target price on the stock. Finally, JPMorgan Chase & Co. decreased their target price on shares of Zoom Video Communications from $83.00 to $80.00 and set a neutral rating on the stock in a research note on Tuesday, February 27th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of Hold and an average price target of $76.18.

Read Our Latest Stock Report on Zoom Video Communications

Zoom Video Communications Trading Down 3.0 %

Shares of Zoom Video Communications stock opened at $62.42 on Tuesday. The firm has a market capitalization of $19.20 billion, a PE ratio of 23.29 and a beta of -0.05. Zoom Video Communications has a twelve month low of $58.87 and a twelve month high of $75.90. The firm’s 50-day moving average price is $63.12 and its 200 day moving average price is $65.87.

Zoom Video Communications (NASDAQ:ZMGet Free Report) last issued its quarterly earnings results on Monday, February 26th. The company reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.34. The firm had revenue of $1.15 billion for 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 10.84%. On average, sell-side analysts predict that Zoom Video Communications will post 2.15 EPS for the current fiscal year.

Insider Activity at Zoom Video Communications

In related news, CFO Kelly Steckelberg sold 5,007 shares of Zoom Video Communications stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $63.36, for a total value of $317,243.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Zoom Video Communications news, CFO Kelly Steckelberg sold 5,007 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $63.36, for a total value of $317,243.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Shane Crehan sold 1,931 shares of the business’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $70.00, for a total transaction of $135,170.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 101,170 shares of company stock worth $6,356,101. Insiders own 10.78% of the company’s stock.

Institutional Investors Weigh In On Zoom Video Communications

Institutional investors and hedge funds have recently bought and sold shares of the stock. Principal Securities Inc. purchased a new stake in Zoom Video Communications in the fourth quarter valued at $25,000. Quadrant Capital Group LLC lifted its position in Zoom Video Communications by 269.7% in the fourth quarter. Quadrant Capital Group LLC now owns 366 shares of the company’s stock valued at $26,000 after acquiring an additional 267 shares during the last quarter. AM Squared Ltd purchased a new stake in Zoom Video Communications in the third quarter valued at $28,000. Frazier Financial Advisors LLC purchased a new stake in shares of Zoom Video Communications in the fourth quarter valued at about $32,000. Finally, Allworth Financial LP raised its holdings in shares of Zoom Video Communications by 101.4% in the third quarter. Allworth Financial LP now owns 560 shares of the company’s stock valued at $39,000 after buying an additional 282 shares during the last quarter. 66.54% of the stock is owned by hedge funds and other institutional investors.

Zoom Video Communications Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Zoom Video Communications (NASDAQ:ZM)

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