Zoom Video Communications (NASDAQ:ZM) Price Target Cut to $75.00 by Analysts at Scotiabank

Zoom Video Communications (NASDAQ:ZM) had its price objective decreased by Scotiabank from $85.00 to $75.00 in a research note published on Monday,Benzinga reports. Scotiabank currently has a sector perform rating on the stock.

ZM has been the subject of several other reports. Stifel Nicolaus dropped their price objective on Zoom Video Communications from $90.00 to $85.00 and set a “hold” rating for the company in a report on Tuesday, February 25th. Rosenblatt Securities reaffirmed a “buy” rating and set a $95.00 price target on shares of Zoom Video Communications in a research note on Tuesday, February 25th. Mizuho increased their price objective on Zoom Video Communications from $90.00 to $105.00 and gave the company an “outperform” rating in a report on Tuesday, November 26th. Jefferies Financial Group raised 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 report on Thursday, December 19th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $95.00 target price on shares of Zoom Video Communications in a report on Tuesday, November 26th. Fifteen analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $89.33.

Zoom Video Communications Stock Performance

Shares of NASDAQ:ZM opened at $76.26 on Monday. Zoom Video Communications has a 52 week low of $55.06 and a 52 week high of $92.80. The company’s fifty day moving average is $80.13 and its 200-day moving average is $77.79. The company has a market capitalization of $23.28 billion, a PE ratio of 25.42, a P/E/G ratio of 5.48 and a beta of 0.26.

Insider Activity

In other news, CEO Eric S. Yuan sold 33,751 shares of the stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $78.69, for a total transaction of $2,655,866.19. Following the transaction, the chief executive officer now directly owns 34,703 shares in the company, valued at approximately $2,730,779.07. This represents a 49.30 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jonathan Chadwick sold 25,000 shares of the stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $80.33, for a total value of $2,008,250.00. Following the transaction, the director now owns 1,514 shares in the company, valued at $121,619.62. This trade represents a 94.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 369,271 shares of company stock valued at $29,496,892 in the last 90 days. Insiders own 10.78% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in ZM. Norges Bank bought a new stake in shares of Zoom Video Communications in the 4th quarter worth $751,908,000. FMR LLC grew its holdings in Zoom Video Communications by 23.8% during the third quarter. FMR LLC now owns 12,444,887 shares of the company’s stock valued at $867,906,000 after purchasing an additional 2,395,396 shares during the period. Altshuler Shaham Ltd grew its holdings in Zoom Video Communications by 285.9% during the fourth 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 period. T. Rowe Price Investment Management Inc. lifted its position 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 acquiring an additional 1,247,717 shares in the last quarter. Finally, Raymond James Financial Inc. purchased a new position in shares of Zoom Video Communications in the fourth quarter valued at about $99,471,000. Hedge funds and other institutional investors own 66.54% of the company’s stock.

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.