Wells Fargo & Company Lowers Zoom Video Communications (NASDAQ:ZM) Price Target to $60.00

Zoom Video Communications (NASDAQ:ZM) had its target price cut by Wells Fargo & Company from $70.00 to $60.00 in a research note released on Tuesday morning, Benzinga reports. They currently have an underweight rating on the stock.

Several other research analysts have also weighed in on ZM. Wedbush reaffirmed a neutral rating and set a $80.00 target price on shares of Zoom Video Communications in a research note on Tuesday, February 27th. Sanford C. Bernstein cut their target price on Zoom Video Communications from $82.00 to $78.00 and set a market perform rating on the stock in a research report on Tuesday. Mizuho lowered their price target on Zoom Video Communications from $100.00 to $90.00 and set a buy rating for the company in a research report on Tuesday, February 27th. Robert W. Baird cut their price objective on Zoom Video Communications from $90.00 to $84.00 and set an outperform rating on the stock in a report on Tuesday. Finally, Stifel Nicolaus decreased their target price on Zoom Video Communications from $70.00 to $65.00 and set a hold rating on the stock in a research note on Tuesday. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Zoom Video Communications has an average rating of Hold and a consensus target price of $76.18.

Zoom Video Communications Price Performance

Shares of ZM stock opened at $63.01 on Tuesday. The company has a market capitalization of $19.38 billion, a PE ratio of 23.51, a price-to-earnings-growth ratio of 11.15 and a beta of -0.05. The firm’s 50-day moving average is $63.06 and its two-hundred day moving average is $65.88. Zoom Video Communications has a 12 month low of $58.87 and a 12 month high of $75.90.

Zoom Video Communications (NASDAQ:ZM) last issued its quarterly earnings data on Monday, February 26th. The company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.42 by $0.34. Zoom Video Communications had a return on equity of 10.84% and a net margin of 18.37%. The company had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.13 billion. Sell-side analysts forecast that Zoom Video Communications will post 2.15 EPS for the current year.

Insiders Place Their Bets

In other Zoom Video Communications news, COO Aparna Bawa sold 816 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $66.60, for a total transaction of $54,345.60. Following the sale, the chief operating officer now owns 1,978 shares of the company’s stock, valued at $131,734.80. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, COO Aparna Bawa sold 816 shares of the business’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $66.60, for a total value of $54,345.60. Following the completion of the sale, the chief operating officer now directly owns 1,978 shares of the company’s stock, valued at approximately $131,734.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Kelly Steckelberg sold 5,007 shares of the firm’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $63.36, for a total value of $317,243.52. The disclosure for this sale can be found here. Insiders sold 101,170 shares of company stock valued at $6,356,101 in the last ninety days. Insiders own 10.78% of the company’s stock.

Institutional Trading of Zoom Video Communications

Institutional investors and hedge funds have recently bought and sold shares of the business. Pearl River Capital LLC increased its stake in Zoom Video Communications by 31.6% in the third quarter. Pearl River Capital LLC now owns 37,190 shares of the company’s stock valued at $2,601,000 after purchasing an additional 8,928 shares during the period. California Public Employees Retirement System increased its position in Zoom Video Communications by 3.4% in the 3rd quarter. California Public Employees Retirement System now owns 460,836 shares of the company’s stock valued at $32,231,000 after acquiring an additional 14,945 shares during the period. Vanguard Group Inc. increased its position in Zoom Video Communications by 4.6% in the 3rd quarter. Vanguard Group Inc. now owns 22,695,541 shares of the company’s stock valued at $1,587,326,000 after acquiring an additional 1,000,005 shares during the period. Galvin Gaustad & Stein LLC raised its stake in Zoom Video Communications by 25.4% during the 4th quarter. Galvin Gaustad & Stein LLC now owns 328,048 shares of the company’s stock valued at $23,590,000 after acquiring an additional 66,433 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its position in Zoom Video Communications by 556.0% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 124,088 shares of the company’s stock worth $8,923,000 after acquiring an additional 105,173 shares during the period. Hedge funds and other institutional investors own 66.54% of the company’s stock.

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.