Wells Fargo & Company Cuts Zoom Video Communications (NASDAQ:ZM) Price Target to $75.00

Zoom Video Communications (NASDAQ:ZM) had its price objective lowered by Wells Fargo & Company from $85.00 to $75.00 in a report published on Tuesday,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

Several other brokerages have also issued reports on ZM. Benchmark reiterated a “buy” rating and set a $97.00 price target on shares of Zoom Video Communications in a report on Tuesday, February 25th. Scotiabank dropped their price target on shares of Zoom Video Communications from $85.00 to $75.00 and set a “sector perform” rating on the stock in a research note on Monday, March 17th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $87.00 price objective on shares of Zoom Video Communications in a research note on Tuesday, February 25th. Rosenblatt Securities reissued a “buy” rating and set a $95.00 target price on shares of Zoom Video Communications in a research report on Wednesday, March 19th. Finally, Citigroup reduced their price target on Zoom Video Communications from $86.00 to $85.00 and set a “neutral” rating for the company in a research report on Tuesday, February 18th. Fifteen investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $85.90.

Zoom Video Communications Stock Up 3.7 %

Shares of NASDAQ:ZM opened at $75.49 on Tuesday. Zoom Video Communications has a 12-month low of $55.06 and a 12-month high of $92.80. The firm has a market capitalization of $23.04 billion, a P/E ratio of 25.16, a price-to-earnings-growth ratio of 5.48 and a beta of 0.67. The firm has a fifty day moving average of $74.39 and a two-hundred day moving average of $78.58.

Insider Activity

In other Zoom Video Communications news, CEO Eric S. Yuan sold 83,332 shares of Zoom Video Communications stock in a transaction on Tuesday, February 4th. The stock was sold at an average price of $86.28, for a total value of $7,189,884.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Santiago Subotovsky sold 2,475 shares of the firm’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $77.86, for a total value of $192,703.50. Following the completion of the sale, the director now owns 169,452 shares of the company’s stock, valued at approximately $13,193,532.72. This trade represents a 1.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 242,897 shares of company stock worth $18,941,111. Company insiders own 10.78% of the company’s stock.

Institutional Trading of Zoom Video Communications

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Global X Japan Co. Ltd. increased its stake in shares of Zoom Video Communications by 127.5% in the 4th quarter. Global X Japan Co. Ltd. now owns 339 shares of the company’s stock valued at $28,000 after buying an additional 190 shares during the period. Parkside Financial Bank & Trust raised its holdings in Zoom Video Communications by 277.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 351 shares of the company’s stock worth $29,000 after purchasing an additional 258 shares during the last quarter. Avior Wealth Management LLC lifted its position in Zoom Video Communications by 291.2% during the 4th quarter. Avior Wealth Management LLC now owns 356 shares of the company’s stock valued at $29,000 after purchasing an additional 265 shares during the period. Raiffeisen Bank International AG bought a new position in shares of Zoom Video Communications in the 4th quarter valued at about $30,000. Finally, MassMutual Private Wealth & Trust FSB grew its position in shares of Zoom Video Communications by 177.0% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 385 shares of the company’s stock worth $28,000 after buying an additional 246 shares during the period. Institutional investors and hedge funds 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.