Bank of America Issues Positive Forecast for Zoom Video Communications (NASDAQ:ZM) Stock Price

Zoom Video Communications (NASDAQ:ZM) had its price objective boosted by Bank of America from $75.00 to $90.00 in a research note released on Tuesday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other research analysts have also recently weighed in on the company. Scotiabank raised Zoom Video Communications to a “hold” rating in a research note on Tuesday, November 19th. UBS Group upped their target price on Zoom Video Communications from $75.00 to $90.00 and gave the company a “neutral” rating in a report on Tuesday. Deutsche Bank Aktiengesellschaft upped their target price on Zoom Video Communications from $71.00 to $75.00 and gave the company a “hold” rating in a report on Friday, August 23rd. Needham & Company LLC reaffirmed a “hold” rating on shares of Zoom Video Communications in a report on Friday, October 11th. Finally, Robert W. Baird reduced their target price on Zoom Video Communications from $84.00 to $77.00 and set an “outperform” rating for the company in a report on Thursday, August 22nd. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $85.20.

Zoom Video Communications Price Performance

Shares of NASDAQ ZM opened at $83.41 on Tuesday. Zoom Video Communications has a 1-year low of $55.06 and a 1-year high of $92.80. The business’s fifty day moving average price is $74.16 and its two-hundred day moving average price is $65.89. The firm has a market capitalization of $25.67 billion, a PE ratio of 29.90, a P/E/G ratio of 7.33 and a beta of -0.05.

Insiders Place Their Bets

In other news, COO Aparna Bawa sold 831 shares of Zoom Video Communications stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $66.29, for a total value of $55,086.99. Following the completion of 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Kelly Steckelberg sold 8,901 shares of Zoom Video Communications stock in a transaction dated Wednesday, September 18th. The stock was sold at an average price of $66.47, for a total value of $591,649.47. The disclosure for this sale can be found here. In the last three months, insiders have sold 367,108 shares of company stock valued at $26,796,191. 10.78% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Baker Avenue Asset Management LP increased its position in Zoom Video Communications by 82.1% in the 3rd quarter. Baker Avenue Asset Management LP now owns 28,593 shares of the company’s stock valued at $1,994,000 after buying an additional 12,890 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in Zoom Video Communications in the 2nd quarter valued at about $763,000. Robeco Institutional Asset Management B.V. increased its position in Zoom Video Communications by 15.4% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,257,714 shares of the company’s stock valued at $87,713,000 after buying an additional 167,618 shares in the last quarter. National Pension Service increased its position in Zoom Video Communications by 30.1% in the 3rd quarter. National Pension Service now owns 655,227 shares of the company’s stock valued at $45,696,000 after buying an additional 151,728 shares in the last quarter. Finally, Eagle Asset Management Inc. bought a new stake in Zoom Video Communications during the 3rd quarter worth approximately $62,038,000. 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.