Zoom Video Communications (NASDAQ:ZM) Earns “Buy” Rating from Benchmark

Benchmark reaffirmed their buy rating on shares of Zoom Video Communications (NASDAQ:ZM) in a research note published on Tuesday,Benzinga reports. Benchmark currently has a $97.00 price target on the stock.

ZM has been the topic of several other reports. Cantor Fitzgerald restated a “neutral” rating and issued a $87.00 price objective on shares of Zoom Video Communications in a research report on Tuesday. Piper Sandler lifted their price objective on shares of Zoom Video Communications from $68.00 to $89.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. The Goldman Sachs Group increased their target price on Zoom Video Communications from $72.00 to $86.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Jefferies Financial Group upgraded Zoom Video Communications from a “hold” rating to a “buy” rating and raised their price target for the company from $85.00 to $100.00 in a research report on Thursday, December 19th. Finally, Scotiabank raised shares of Zoom Video Communications to a “hold” rating in a report on Tuesday, November 19th. Fifteen research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $90.05.

Zoom Video Communications Stock Down 1.7 %

Zoom Video Communications stock opened at $72.88 on Tuesday. The stock has a market cap of $22.34 billion and a price-to-earnings ratio of 24.29. The business has a 50-day simple moving average of $82.54 and a 200 day simple moving average of $76.63. Zoom Video Communications has a 52 week low of $55.06 and a 52 week high of $92.80.

Insider Buying and Selling at Zoom Video Communications

In related news, CEO Eric S. Yuan sold 118,036 shares of Zoom Video Communications stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $79.03, for a total value of $9,328,385.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Aparna Bawa sold 9,317 shares of the stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $78.69, for a total transaction of $733,154.73. Following the transaction, the chief operating officer now owns 14,053 shares in the company, valued at approximately $1,105,830.57. This trade represents a 39.87 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 382,242 shares of company stock valued at $31,230,938. Corporate insiders own 10.78% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in ZM. Baker Avenue Asset Management LP lifted its holdings 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 worth $1,994,000 after purchasing an additional 12,890 shares in the last quarter. HighTower Advisors LLC raised its position in shares of Zoom Video Communications by 449.4% during the third quarter. HighTower Advisors LLC now owns 63,618 shares of the company’s stock valued at $4,429,000 after buying an additional 52,039 shares during the last quarter. Merit Financial Group LLC purchased a new position in shares of Zoom Video Communications in the fourth quarter worth $1,072,000. Robeco Institutional Asset Management B.V. boosted its position in shares of Zoom Video Communications by 15.4% during the third quarter. Robeco Institutional Asset Management B.V. now owns 1,257,714 shares of the company’s stock worth $87,713,000 after acquiring an additional 167,618 shares during the last quarter. Finally, Eagle Asset Management Inc. purchased a new position in Zoom Video Communications during the third quarter valued at $62,038,000. Institutional investors own 66.54% of the company’s stock.

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.