Zoom Video Communications (NASDAQ:ZM) Price Target Cut to $73.00 by Analysts at Morgan Stanley

Zoom Video Communications (NASDAQ:ZM) had its price objective cut by analysts at Morgan Stanley from $96.00 to $73.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price objective indicates a potential upside of 2.56% from the company’s current price.

ZM has been the subject of a number of other reports. Jefferies Financial Group raised shares of Zoom Video Communications from a “hold” rating to a “buy” rating and raised their price objective for the stock from $85.00 to $100.00 in a report on Thursday, December 19th. Mizuho lowered their price objective on Zoom Video Communications from $105.00 to $71.00 and set an “outperform” rating on the stock in a research note on Tuesday. Stifel Nicolaus cut their target price on Zoom Video Communications from $90.00 to $85.00 and set a “hold” rating for the company in a research report on Tuesday, February 25th. Wells Fargo & Company upgraded Zoom Video Communications from an “underweight” rating to an “equal weight” rating and increased their price objective for the stock from $70.00 to $85.00 in a research note on Tuesday, January 7th. Finally, Scotiabank dropped their target price on shares of Zoom Video Communications from $85.00 to $75.00 and set a “sector perform” rating for the company in a research report on Monday, March 17th. Fifteen investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $86.62.

Zoom Video Communications Price Performance

Zoom Video Communications stock traded down $1.22 during trading hours on Wednesday, hitting $71.18. The company had a trading volume of 670,614 shares, compared to its average volume of 3,083,476. The firm has a market capitalization of $21.73 billion, a P/E ratio of 23.73, a price-to-earnings-growth ratio of 5.48 and a beta of 0.67. The firm’s fifty day moving average is $76.20 and its 200-day moving average is $78.47. Zoom Video Communications has a fifty-two week low of $55.06 and a fifty-two week high of $92.80.

Insider Buying and Selling at Zoom Video Communications

In other news, Director Santiago Subotovsky sold 2,475 shares of the company’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $77.86, for a total transaction of $192,703.50. Following the completion of the transaction, the director now directly owns 169,452 shares of the company’s stock, valued at $13,193,532.72. This represents a 1.44 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Eric S. Yuan sold 83,332 shares of Zoom Video Communications stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $86.28, for a total transaction of $7,189,884.96. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 161,338 shares of company stock valued at $13,045,903. Corporate insiders own 10.78% of the company’s stock.

Institutional Investors Weigh In On Zoom Video Communications

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank acquired a new position in Zoom Video Communications during the fourth quarter worth approximately $751,908,000. Altshuler Shaham Ltd lifted its holdings in Zoom Video Communications by 285.9% during the 4th quarter. Altshuler Shaham Ltd now owns 2,056,277 shares of the company’s stock valued at $167,813,000 after purchasing an additional 1,523,480 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its holdings in shares of Zoom Video Communications by 24.3% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,385,523 shares of the company’s stock valued at $521,123,000 after purchasing an additional 1,247,717 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Zoom Video Communications during the 4th quarter worth about $99,471,000. Finally, Contrarius Group Holdings Ltd acquired a new stake in Zoom Video Communications during the fourth quarter worth approximately $72,854,000. 66.54% of the stock is 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.