Zoom Video Communications (NASDAQ:ZM) Receives Outperform Rating from Royal Bank of Canada

Royal Bank of Canada restated their outperform rating on shares of Zoom Video Communications (NASDAQ:ZM) in a report issued on Tuesday,Benzinga reports. Royal Bank of Canada currently has a $95.00 price target on the stock.

Several other research firms have also recently issued reports on ZM. Stifel Nicolaus raised their price target on shares of Zoom Video Communications from $70.00 to $90.00 and gave the stock a “hold” rating in a research note on Tuesday. Bank of America decreased their price target on shares of Zoom Video Communications from $78.00 to $75.00 and set a “neutral” rating on the stock in a research note on Thursday, August 22nd. Evercore ISI raised shares of Zoom Video Communications from an “in-line” rating to an “outperform” rating and raised their target price for the stock from $70.00 to $115.00 in a research report on Tuesday. JMP Securities reissued a “market perform” rating on shares of Zoom Video Communications in a research report on Tuesday. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $78.00 target price on shares of Zoom Video Communications in a research report on Friday, November 22nd. Two investment 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. According to data from MarketBeat.com, Zoom Video Communications has a consensus rating of “Hold” and an average price target of $85.20.

Zoom Video Communications Price Performance

Zoom Video Communications stock opened at $83.41 on Tuesday. Zoom Video Communications has a 12-month low of $55.06 and a 12-month high of $92.80. The stock has a market capitalization of $25.67 billion, a P/E ratio of 29.90, a P/E/G ratio of 7.33 and a beta of -0.05. The firm’s 50-day moving average is $74.16 and its two-hundred day moving average is $65.89.

Insider Activity

In related news, CEO Eric S. Yuan sold 178,571 shares of Zoom Video Communications stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $76.91, for a total value of $13,733,895.61. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Velchamy Sankarlingam sold 3,614 shares of Zoom Video Communications stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $66.87, for a total transaction of $241,668.18. Following the completion of the sale, the insider now owns 94,000 shares of the company’s stock, valued at approximately $6,285,780. This trade represents a 3.70 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 367,108 shares of company stock worth $26,796,191 over the last 90 days. Company insiders own 10.78% of the company’s stock.

Hedge Funds Weigh In On Zoom Video Communications

Hedge funds have recently added to or reduced their stakes in the business. Baker Avenue Asset Management LP boosted its holdings in Zoom Video Communications by 82.1% in the third 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 during the period. Sanctuary Advisors LLC acquired a new position in Zoom Video Communications in the second quarter worth $763,000. Robeco Institutional Asset Management B.V. boosted its holdings in Zoom Video Communications by 15.4% in 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 purchasing an additional 167,618 shares during the period. National Pension Service boosted its holdings in Zoom Video Communications by 30.1% in the third quarter. National Pension Service now owns 655,227 shares of the company’s stock worth $45,696,000 after purchasing an additional 151,728 shares during the period. Finally, Eagle Asset Management Inc. acquired a new position in shares of Zoom Video Communications during the third quarter valued at $62,038,000. Institutional investors and hedge funds 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.