Zoom Video Communications (NASDAQ:ZM) Upgraded by Rosenblatt Securities to Buy

Rosenblatt Securities upgraded shares of Zoom Video Communications (NASDAQ:ZM) from a neutral rating to a buy rating in a research note released on Thursday morning, Marketbeat Ratings reports. Rosenblatt Securities currently has $75.00 price target on the stock.

Several other brokerages have also issued reports on ZM. Wedbush reissued a neutral rating and issued a $80.00 price target on shares of Zoom Video Communications in a report on Tuesday, February 27th. Mizuho lowered their target price on shares of Zoom Video Communications from $100.00 to $90.00 and set a buy rating on the stock in a research note on Tuesday, February 27th. BNP Paribas lowered shares of Zoom Video Communications from a neutral rating to an underperform rating and set a $60.00 price target for the company. in a research report on Thursday, January 18th. Piper Sandler lifted their price objective on Zoom Video Communications from $69.00 to $72.00 and gave the company a neutral rating in a report on Friday, January 12th. Finally, JPMorgan Chase & Co. dropped their target price on Zoom Video Communications from $83.00 to $80.00 and set a neutral rating for the company in a report on Tuesday, February 27th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of Hold and an average target price of $77.56.

Zoom Video Communications Stock Performance

NASDAQ ZM opened at $59.94 on Thursday. Zoom Video Communications has a twelve month low of $58.87 and a twelve month high of $75.90. The stock has a market cap of $18.44 billion, a PE ratio of 29.38 and a beta of -0.07. The firm has a 50-day simple moving average of $64.95 and a 200 day simple moving average of $66.03.

Zoom Video Communications (NASDAQ:ZM) last announced its quarterly earnings data on Monday, February 26th. The company reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.34. The company had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.13 billion. Zoom Video Communications had a return on equity of 9.68% and a net margin of 14.08%. Research analysts forecast that Zoom Video Communications will post 2.15 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Velchamy Sankarlingam sold 1,553 shares of the business’s stock in a transaction that occurred on Tuesday, March 12th. The shares were sold at an average price of $70.00, for a total value of $108,710.00. Following the completion of the transaction, the insider now owns 71,956 shares in the company, valued at approximately $5,036,920. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Eric S. Yuan sold 2,421 shares of the firm’s stock in a transaction dated Monday, February 5th. The shares were sold at an average price of $63.69, for a total value of $154,193.49. Following the transaction, the chief executive officer now owns 90,001 shares of the company’s stock, valued at approximately $5,732,163.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Velchamy Sankarlingam sold 1,553 shares of Zoom Video Communications stock in a transaction that occurred on Tuesday, March 12th. The stock was sold at an average price of $70.00, for a total transaction of $108,710.00. Following the sale, the insider now owns 71,956 shares of the company’s stock, valued at approximately $5,036,920. The disclosure for this sale can be found here. Insiders have sold 66,249 shares of company stock valued at $4,252,841 over the last three months. 11.28% of the stock is owned by insiders.

Hedge Funds Weigh In On Zoom Video Communications

A number of hedge funds and other institutional investors have recently bought and sold shares of ZM. Global Wealth Management Investment Advisory Inc. boosted its holdings in Zoom Video Communications by 63.3% during the first quarter. Global Wealth Management Investment Advisory Inc. now owns 294 shares of the company’s stock worth $34,000 after buying an additional 114 shares during the last quarter. Principal Securities Inc. bought a new position in Zoom Video Communications during the 4th quarter worth approximately $25,000. Quadrant Capital Group LLC grew its holdings in Zoom Video Communications by 269.7% during the fourth quarter. Quadrant Capital Group LLC now owns 366 shares of the company’s stock valued at $26,000 after purchasing an additional 267 shares during the period. Neo Ivy Capital Management increased its stake in Zoom Video Communications by 56.8% in the second quarter. Neo Ivy Capital Management now owns 367 shares of the company’s stock valued at $39,000 after purchasing an additional 133 shares in the last quarter. Finally, Covestor Ltd increased its stake in Zoom Video Communications by 76.7% in the first quarter. Covestor Ltd now owns 394 shares of the company’s stock valued at $46,000 after purchasing an additional 171 shares in the last quarter. 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.