Zoom Video Communications (NASDAQ:ZM) Price Target Increased to $78.00 by Analysts at Rosenblatt Securities

Zoom Video Communications (NASDAQ:ZM) had its price target raised by Rosenblatt Securities from $75.00 to $78.00 in a report issued on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. lowered their price objective on shares of Zoom Video Communications from $83.00 to $80.00 and set a neutral rating for the company in a research report on Tuesday, February 27th. Evercore ISI cut their price target on Zoom Video Communications from $72.00 to $70.00 and set an in-line rating on the stock in a report on Tuesday. Wedbush reiterated a neutral rating and set a $80.00 price objective on shares of Zoom Video Communications in a report on Tuesday, February 27th. Jefferies Financial Group began coverage on Zoom Video Communications in a research report on Tuesday, March 19th. They set a hold rating and a $70.00 price target for the company. Finally, Sanford C. Bernstein reduced their price objective on shares of Zoom Video Communications from $82.00 to $78.00 and set a market perform rating for the company in a research note on Tuesday. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average price target of $76.18.

Zoom Video Communications Trading Down 3.0 %

Shares of Zoom Video Communications stock opened at $62.42 on Tuesday. The stock’s fifty day simple moving average is $63.12 and its 200 day simple moving average is $65.87. The company 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 12 month low of $58.87 and a 12 month high of $75.90.

Zoom Video Communications (NASDAQ:ZM) last released its quarterly earnings results on Monday, February 26th. The company reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.34. Zoom Video Communications had a return on equity of 10.84% and a net margin of 18.37%. The company had revenue of $1.15 billion for the quarter, compared to analyst estimates of $1.13 billion. Analysts predict that Zoom Video Communications will post 2.15 EPS for the current fiscal year.

Insider Transactions at Zoom Video Communications

In other news, CFO Kelly Steckelberg sold 5,007 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The stock was 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 SEC, which is available at this hyperlink. In other Zoom Video Communications news, insider Velchamy Sankarlingam sold 1,553 shares of Zoom Video Communications stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $70.00, for a total value of $108,710.00. Following the completion of the sale, the insider now owns 71,956 shares in the company, valued at approximately $5,036,920. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kelly Steckelberg sold 5,007 shares of the stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $63.36, for a total transaction of $317,243.52. The disclosure for this sale can be found here. In the last 90 days, insiders sold 101,170 shares of company stock worth $6,356,101. 10.78% of the stock is owned by insiders.

Institutional Investors Weigh In On Zoom Video Communications

Several institutional investors have recently made changes to their positions in the stock. Norges Bank acquired a new stake in shares of Zoom Video Communications during the 4th quarter worth approximately $164,224,000. Acadian Asset Management LLC increased its stake in shares of Zoom Video Communications by 639.9% in the 3rd quarter. Acadian Asset Management LLC now owns 1,629,081 shares of the company’s stock valued at $113,916,000 after purchasing an additional 1,408,908 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Zoom Video Communications by 4.6% during the 3rd quarter. Vanguard Group Inc. now owns 22,695,541 shares of the company’s stock worth $1,587,326,000 after buying an additional 1,000,005 shares in the last quarter. ARK Investment Management LLC lifted its position in shares of Zoom Video Communications by 7.7% during the 4th quarter. ARK Investment Management LLC now owns 10,964,576 shares of the company’s stock worth $788,463,000 after buying an additional 781,663 shares during the last quarter. Finally, Retirement Systems of Alabama acquired a new stake in Zoom Video Communications in the first quarter valued at about $42,289,000. 66.54% of the stock is currently owned by 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.