Zoom Communications (NASDAQ:ZM) Given New $85.00 Price Target at Citigroup

Zoom Communications (NASDAQ:ZM) had its price objective upped by Citigroup from $84.00 to $85.00 in a research note issued to investors on Monday morning, Marketbeat Ratings reports. The brokerage currently has a neutral rating on the stock.

Several other equities research analysts also recently commented on ZM. JMP Securities restated a “market perform” rating on shares of Zoom Communications in a research report on Friday, August 22nd. Benchmark restated a “buy” rating and issued a $97.00 price target on shares of Zoom Communications in a research report on Tuesday, May 20th. Robert W. Baird dropped their price objective on shares of Zoom Communications from $100.00 to $95.00 and set an “outperform” rating on the stock in a research note on Friday, August 22nd. Scotiabank upped their price objective on shares of Zoom Communications from $75.00 to $85.00 and gave the company a “sector perform” rating in a research note on Friday, May 16th. Finally, Stifel Nicolaus dropped their price objective on shares of Zoom Communications from $85.00 to $80.00 and set a “hold” rating on the stock in a research note on Friday, August 22nd. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, fifteen have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $90.30.

Zoom Communications Stock Performance

Shares of NASDAQ:ZM opened at $80.96 on Monday. The company has a market cap of $24.49 billion, a PE ratio of 21.36, a price-to-earnings-growth ratio of 12.14 and a beta of 0.68. Zoom Communications has a 52 week low of $64.41 and a 52 week high of $92.80. The firm has a 50 day simple moving average of $75.23 and a 200 day simple moving average of $76.59.

Insiders Place Their Bets

In related news, insider Velchamy Sankarlingam sold 7,661 shares of the firm’s stock in a transaction on Thursday, July 10th. The shares were sold at an average price of $77.50, for a total value of $593,727.50. Following the transaction, the insider directly owned 129,377 shares in the company, valued at approximately $10,026,717.50. This trade represents a 5.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Eric S. Yuan sold 33,691 shares of the firm’s stock in a transaction on Monday, July 14th. The shares were sold at an average price of $74.79, for a total transaction of $2,519,749.89. The disclosure for this sale can be found here. Insiders sold a total of 93,017 shares of company stock worth $7,052,757 in the last ninety days. 11.51% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. NewEdge Advisors LLC boosted its holdings in Zoom Communications by 8.2% in the 4th quarter. NewEdge Advisors LLC now owns 6,856 shares of the company’s stock valued at $560,000 after purchasing an additional 521 shares during the period. MML Investors Services LLC boosted its holdings in Zoom Communications by 89.6% in the 4th quarter. MML Investors Services LLC now owns 17,812 shares of the company’s stock valued at $1,454,000 after purchasing an additional 8,417 shares during the period. Stifel Financial Corp boosted its holdings in Zoom Communications by 3.3% in the 4th quarter. Stifel Financial Corp now owns 13,910 shares of the company’s stock valued at $1,135,000 after purchasing an additional 450 shares during the period. Kovitz Investment Group Partners LLC bought a new stake in Zoom Communications in the 4th quarter valued at $268,000. Finally, Mission Creek Capital Partners Inc. bought a new stake in Zoom Communications in the 4th quarter valued at $812,000. 66.54% of the stock is currently owned by institutional investors and hedge funds.

Zoom 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.