Sanford C. Bernstein Trims Zoom Video Communications (NASDAQ:ZM) Target Price to $78.00

Zoom Video Communications (NASDAQ:ZM) had its price target reduced by Sanford C. Bernstein from $82.00 to $78.00 in a research report sent to investors on Tuesday, Benzinga reports. Sanford C. Bernstein currently has a market perform rating on the stock.

ZM has been the topic of a number of other reports. Jefferies Financial Group began coverage on Zoom Video Communications in a research report on Tuesday, March 19th. They issued a hold rating and a $70.00 target price on the stock. Wedbush reissued a neutral rating and issued a $80.00 target price on shares of Zoom Video Communications in a report on Tuesday, February 27th. Evercore ISI decreased their price target on shares of Zoom Video Communications from $72.00 to $70.00 and set an in-line rating on the stock in a research note on Tuesday. JPMorgan Chase & Co. dropped their price objective on shares of Zoom Video Communications from $83.00 to $80.00 and set a neutral rating for the company in a research note on Tuesday, February 27th. Finally, Robert W. Baird decreased their target price on shares of Zoom Video Communications from $90.00 to $84.00 and set an outperform rating on the stock in a research report on Tuesday. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Zoom Video Communications has a consensus rating of Hold and a consensus target price of $76.18.

Zoom Video Communications Price Performance

Shares of ZM opened at $62.42 on Tuesday. The firm has a market cap of $19.20 billion, a P/E ratio of 23.29 and a beta of -0.05. Zoom Video Communications has a 1 year low of $58.87 and a 1 year high of $75.90. The company has a 50 day simple moving average of $63.12 and a two-hundred day simple moving average of $65.87.

Zoom Video Communications (NASDAQ:ZM) last posted its earnings results on Monday, February 26th. The company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.42 by $0.34. The company had revenue of $1.15 billion during the quarter, compared to analysts’ expectations of $1.13 billion. Zoom Video Communications had a net margin of 18.37% and a return on equity of 10.84%. On average, sell-side analysts anticipate that Zoom Video Communications will post 2.15 earnings per share for the current year.

Insider Transactions at Zoom Video Communications

In other news, CFO Kelly Steckelberg sold 5,007 shares of Zoom Video Communications stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $63.36, for a total transaction of $317,243.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Eric S. Yuan sold 2,420 shares of the business’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $61.82, for a total value of $149,604.40. Following the completion of the sale, the chief executive officer now owns 90,300 shares in the company, valued at approximately $5,582,346. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Kelly Steckelberg sold 5,007 shares of the stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $63.36, for a total transaction of $317,243.52. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 101,170 shares of company stock worth $6,356,101. Insiders own 10.78% of the company’s stock.

Institutional Trading of Zoom Video Communications

A number of hedge funds have recently bought and sold shares of the stock. Swedbank AB purchased a new position in shares of Zoom Video Communications in the 1st quarter valued at $2,100,000. Plato Investment Management Ltd grew its stake in Zoom Video Communications by 549.3% in the first quarter. Plato Investment Management Ltd now owns 8,389 shares of the company’s stock valued at $548,000 after purchasing an additional 7,097 shares during the last quarter. iA Global Asset Management Inc. raised its holdings in Zoom Video Communications by 27.3% in the first quarter. iA Global Asset Management Inc. now owns 4,060 shares of the company’s stock worth $265,000 after purchasing an additional 870 shares in the last quarter. Comerica Bank lifted its position in shares of Zoom Video Communications by 15.6% during the first quarter. Comerica Bank now owns 4,966 shares of the company’s stock valued at $325,000 after buying an additional 670 shares during the last quarter. Finally, Tidal Investments LLC boosted its holdings 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 valued at $2,246,000 after buying an additional 16,248 shares in the last quarter. Hedge funds and other institutional investors 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.