Zoom Video Communications (NASDAQ:ZM) Rating Increased to Buy at Rosenblatt Securities

Zoom Video Communications (NASDAQ:ZM) was upgraded by analysts at Rosenblatt Securities from a “neutral” rating to a “buy” rating in a report issued on Thursday, Marketbeat.com reports. The firm currently has a $75.00 target price on the stock. Rosenblatt Securities’ price target suggests a potential upside of 26.95% from the stock’s previous close.

ZM has been the topic of several other reports. JPMorgan Chase & Co. decreased their target price on shares of Zoom Video Communications from $83.00 to $80.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 27th. Wells Fargo & Company downgraded shares of Zoom Video Communications from an “equal weight” rating to an “underweight” rating and set a $70.00 price target on the stock. in a report on Wednesday, December 20th. BNP Paribas downgraded shares of Zoom Video Communications from a “neutral” rating to an “underperform” rating and set a $60.00 price target on the stock. in a report on Thursday, January 18th. Piper Sandler upped their price target on shares of Zoom Video Communications from $69.00 to $72.00 and gave the company a “neutral” rating in a report on Friday, January 12th. Finally, Wedbush reiterated a “neutral” rating and set a $80.00 price target on shares of Zoom Video Communications 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. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $77.56.

Zoom Video Communications Stock Down 0.3 %

Shares of ZM stock opened at $59.08 on Thursday. The stock has a market cap of $18.17 billion, a P/E ratio of 28.96 and a beta of -0.07. Zoom Video Communications has a 52 week low of $58.87 and a 52 week high of $75.90. The company’s fifty day simple moving average is $65.02 and its two-hundred day simple moving average is $66.07.

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

Insider Activity at Zoom Video Communications

In related news, CEO Eric S. Yuan sold 27,963 shares of the stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $61.98, for a total transaction of $1,733,146.74. Following the completion of the sale, the chief executive officer now owns 95,140 shares of the company’s stock, valued at $5,896,777.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Zoom Video Communications news, insider Velchamy Sankarlingam sold 1,553 shares of the firm’s stock in a transaction 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 of the company’s stock, valued at $5,036,920. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Eric S. Yuan sold 27,963 shares of the firm’s stock in a transaction on Wednesday, April 10th. The stock was sold at an average price of $61.98, for a total transaction of $1,733,146.74. Following the completion of the transaction, the chief executive officer now directly owns 95,140 shares of the company’s stock, valued at approximately $5,896,777.20. The disclosure for this sale can be found here. Insiders sold 66,249 shares of company stock valued at $4,252,841 over the last 90 days. Insiders own 11.28% of the company’s stock.

Institutional Trading of Zoom Video Communications

Hedge funds and other institutional investors have recently made changes to their positions in the business. Pearl River Capital LLC grew its position in Zoom Video Communications by 31.6% during the third quarter. Pearl River Capital LLC now owns 37,190 shares of the company’s stock valued at $2,601,000 after buying an additional 8,928 shares during the period. California Public Employees Retirement System grew its position in Zoom Video Communications by 3.4% during the third quarter. California Public Employees Retirement System now owns 460,836 shares of the company’s stock valued at $32,231,000 after buying an additional 14,945 shares during the period. CIBC Asset Management Inc grew its position in Zoom Video Communications by 15.9% during the third quarter. CIBC Asset Management Inc now owns 42,353 shares of the company’s stock valued at $2,962,000 after buying an additional 5,826 shares during the period. Vanguard Group Inc. grew its position in Zoom Video Communications by 4.6% during the third quarter. Vanguard Group Inc. now owns 22,695,541 shares of the company’s stock valued at $1,587,326,000 after buying an additional 1,000,005 shares during the period. Finally, Galvin Gaustad & Stein LLC grew its position in Zoom Video Communications by 25.4% during the fourth quarter. Galvin Gaustad & Stein LLC now owns 328,048 shares of the company’s stock valued at $23,590,000 after buying an additional 66,433 shares during the period. 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.