Royal Bank of Canada Reiterates Outperform Rating for Zoom Video Communications (NASDAQ:ZM)

Zoom Video Communications (NASDAQ:ZM)‘s stock had its “outperform” rating reaffirmed by equities researchers at Royal Bank of Canada in a research note issued to investors on Tuesday,Benzinga reports. They presently have a $95.00 price target on the stock. Royal Bank of Canada’s price target would indicate a potential upside of 15.80% from the company’s previous close.

A number of other equities research analysts have also issued reports on the stock. Piper Sandler increased their target price on shares of Zoom Video Communications from $68.00 to $89.00 and gave the stock a “neutral” rating in a report on Tuesday. Morgan Stanley raised their price target on Zoom Video Communications from $68.00 to $86.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 13th. Benchmark upped their price objective on Zoom Video Communications from $83.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Deutsche Bank Aktiengesellschaft raised their target price on Zoom Video Communications from $71.00 to $75.00 and gave the stock a “hold” rating in a research report on Friday, August 23rd. Finally, Bank of America reduced their price target on shares of Zoom Video Communications from $78.00 to $75.00 and set a “neutral” rating for the company in a research report on Thursday, August 22nd. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, Zoom Video Communications has an average rating of “Hold” and a consensus target price of $82.16.

Zoom Video Communications Stock Down 7.9 %

NASDAQ:ZM traded down $6.99 on Tuesday, reaching $82.04. The company’s stock had a trading volume of 5,698,814 shares, compared to its average volume of 3,312,091. The firm has a market cap of $25.25 billion, a price-to-earnings ratio of 29.41, a price-to-earnings-growth ratio of 7.33 and a beta of -0.05. Zoom Video Communications has a 12-month low of $55.06 and a 12-month high of $92.80. The stock has a 50 day moving average price of $73.85 and a 200 day moving average price of $65.74.

Insider Activity

In other Zoom Video Communications news, COO Aparna Bawa sold 831 shares of Zoom Video Communications stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $66.29, for a total transaction of $55,086.99. Following the transaction, the chief operating officer now directly owns 1,978 shares of the company’s stock, valued at $131,121.62. The trade was a 29.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Eric S. Yuan sold 2,420 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $68.38, for a total transaction of $165,479.60. Following the completion of the transaction, the chief executive officer now directly owns 85,514 shares in the company, valued at approximately $5,847,447.32. This represents a 2.75 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 367,108 shares of company stock valued at $26,796,191 in the last ninety days. Company insiders own 10.78% of the company’s stock.

Institutional Investors Weigh In On Zoom Video Communications

Large investors have recently added to or reduced their stakes in the company. Lazard Asset Management LLC boosted its stake in shares of Zoom Video Communications by 110.1% during the 1st quarter. Lazard Asset Management LLC now owns 64,570 shares of the company’s stock valued at $4,220,000 after buying an additional 33,835 shares during the last quarter. Jacobs Levy Equity Management Inc. acquired a new position in Zoom Video Communications during the 1st quarter worth $260,000. California State Teachers Retirement System increased its position in shares of Zoom Video Communications by 1.7% in the 1st quarter. California State Teachers Retirement System now owns 396,209 shares of the company’s stock worth $25,900,000 after purchasing an additional 6,630 shares during the last quarter. Tidal Investments LLC increased its position in shares of Zoom Video Communications by 89.7% in the 1st quarter. Tidal Investments LLC now owns 34,352 shares of the company’s stock worth $2,246,000 after purchasing an additional 16,248 shares during the last quarter. Finally, Comerica Bank raised its stake in shares of Zoom Video Communications by 15.6% in the 1st quarter. Comerica Bank now owns 4,966 shares of the company’s stock valued at $325,000 after purchasing an additional 670 shares in the last quarter. 66.54% of the stock is owned by institutional investors and hedge funds.

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.