Zoom Video Communications (NASDAQ:ZM) Rating Increased to Equal Weight at Wells Fargo & Company

Zoom Video Communications (NASDAQ:ZM) was upgraded by investment analysts at Wells Fargo & Company from an “underweight” rating to an “equal weight” rating in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a $85.00 price target on the stock, up from their prior price target of $70.00. Wells Fargo & Company‘s price target would suggest a potential upside of 3.23% from the company’s current price.

A number of other brokerages have also commented on ZM. Needham & Company LLC restated a “hold” rating on shares of Zoom Video Communications in a research report on Friday, October 11th. Mizuho raised their price objective on Zoom Video Communications from $90.00 to $105.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 26th. Morgan Stanley raised their price objective on Zoom Video Communications from $86.00 to $96.00 and gave the stock an “equal weight” rating in a research report on Wednesday, December 18th. Wedbush initiated coverage on Zoom Video Communications in a research report on Thursday, October 17th. They set an “outperform” rating and a $85.00 price objective for the company. Finally, Sanford C. Bernstein raised their price target on Zoom Video Communications from $78.00 to $89.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Zoom Video Communications currently has a consensus rating of “Hold” and an average target price of $87.81.

Zoom Video Communications Stock Down 0.4 %

NASDAQ:ZM opened at $82.34 on Tuesday. Zoom Video Communications has a 1-year low of $55.06 and a 1-year high of $92.80. The firm has a market capitalization of $25.24 billion, a price-to-earnings ratio of 27.45, a price-to-earnings-growth ratio of 5.29 and a beta of -0.01. The stock has a fifty day simple moving average of $82.58 and a 200 day simple moving average of $70.48.

Insider Activity at Zoom Video Communications

In other news, insider Velchamy Sankarlingam sold 3,618 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $84.94, for a total transaction of $307,312.92. Following the completion of the transaction, the insider now directly owns 107,826 shares of the company’s stock, valued at approximately $9,158,740.44. This trade represents a 3.25 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Shane Crehan sold 1,551 shares of the firm’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $84.94, for a total transaction of $131,741.94. Following the transaction, the chief accounting officer now directly owns 3,251 shares of the company’s stock, valued at $276,139.94. The trade was a 32.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 406,263 shares of company stock worth $30,851,778. 10.78% 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 made changes to their positions in ZM. Pacer Advisors Inc. lifted its holdings in shares of Zoom Video Communications by 96.7% during the 2nd quarter. Pacer Advisors Inc. now owns 5,246,938 shares of the company’s stock worth $310,566,000 after acquiring an additional 2,579,720 shares during the period. AQR Capital Management LLC lifted its holdings in Zoom Video Communications by 78.5% during the 2nd quarter. AQR Capital Management LLC now owns 5,731,354 shares of the company’s stock valued at $337,233,000 after purchasing an additional 2,520,987 shares during the last quarter. FMR LLC lifted its holdings in Zoom Video Communications by 23.8% during the 3rd 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 last quarter. Eagle Asset Management Inc. bought a new position in Zoom Video Communications during the 3rd quarter valued at about $62,038,000. Finally, Nordea Investment Management AB lifted its holdings in Zoom Video Communications by 202.8% during the 4th quarter. Nordea Investment Management AB now owns 779,051 shares of the company’s stock valued at $64,054,000 after purchasing an additional 521,778 shares during 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.