Zoom Video Communications (NASDAQ:ZM) Receives “Buy” Rating from Wolfe Research
Zoom Video Communications (NASDAQ:ZM)‘s stock had its “buy” rating reissued by research analysts at Wolfe Research in a report released on Tuesday, TipRanks reports. They currently have a $375.00 price target on the stock. Wolfe Research’s price objective indicates a potential upside of 31.23% from the stock’s current price.
Several other research analysts have also weighed in on ZM. JPMorgan Chase & Co. boosted their price objective on shares of Zoom Video Communications from $385.00 to $456.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 2nd. Citigroup lowered their price objective on shares of Zoom Video Communications from $380.00 to $304.00 and set a “neutral” rating on the stock in a research note on Thursday, September 2nd. KeyCorp reiterated a “buy” rating and issued a $398.00 price target on shares of Zoom Video Communications in a research note on Tuesday. Oppenheimer reiterated a “hold” rating on shares of Zoom Video Communications in a research note on Friday, July 2nd. Finally, Morgan Stanley upgraded shares of Zoom Video Communications from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $360.00 to $400.00 in a research note on Thursday, August 26th. Three analysts have rated the stock with a sell rating, thirteen have given a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $399.75.
Shares of Zoom Video Communications stock traded down $4.48 during midday trading on Tuesday, reaching $285.76. The company had a trading volume of 180,354 shares, compared to its average volume of 4,265,439. The company has a market capitalization of $84.20 billion, a price-to-earnings ratio of 86.33, a price-to-earnings-growth ratio of 5.49 and a beta of -1.53. The stock has a fifty day simple moving average of $350.71 and a 200 day simple moving average of $341.08. Zoom Video Communications has a 1-year low of $273.20 and a 1-year high of $588.84.
Zoom Video Communications (NASDAQ:ZM) last announced its quarterly earnings results on Sunday, August 29th. The company reported $1.36 earnings per share for the quarter, topping analysts’ consensus estimates of $1.16 by $0.20. The company had revenue of $1.02 billion for the quarter, compared to analysts’ expectations of $990.27 million. Zoom Video Communications had a net margin of 27.58% and a return on equity of 29.83%. The business’s quarterly revenue was up 54.0% compared to the same quarter last year. During the same period last year, the firm posted $0.92 earnings per share. Equities research analysts expect that Zoom Video Communications will post 3.3 earnings per share for the current year.
In other Zoom Video Communications news, CEO Eric S. Yuan sold 80,529 shares of the company’s stock in a transaction that occurred on Thursday, June 17th. The shares were sold at an average price of $369.50, for a total value of $29,755,465.50. Following the completion of the transaction, the chief executive officer now directly owns 4,080 shares in the company, valued at approximately $1,507,560. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Aparna Bawa sold 2,593 shares of the company’s stock in a transaction that occurred on Monday, July 12th. The shares were sold at an average price of $381.25, for a total transaction of $988,581.25. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 280,540 shares of company stock valued at $103,423,668. 12.27% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in ZM. Dimensional Fund Advisors LP increased its position in Zoom Video Communications by 66.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 72,761 shares of the company’s stock valued at $24,544,000 after acquiring an additional 29,145 shares during the period. Victory Capital Management Inc. increased its position in Zoom Video Communications by 56.3% in the 1st quarter. Victory Capital Management Inc. now owns 162,312 shares of the company’s stock valued at $52,149,000 after acquiring an additional 58,478 shares during the period. Envestnet Asset Management Inc. increased its position in Zoom Video Communications by 113.6% in the 1st quarter. Envestnet Asset Management Inc. now owns 27,129 shares of the company’s stock valued at $8,716,000 after acquiring an additional 14,429 shares during the period. Capital Investment Advisory Services LLC increased its position in shares of Zoom Video Communications by 11.5% during the first quarter. Capital Investment Advisory Services LLC now owns 739 shares of the company’s stock worth $237,000 after buying an additional 76 shares during the period. Finally, Avidian Wealth Solutions LLC increased its position in shares of Zoom Video Communications by 10.3% during the first quarter. Avidian Wealth Solutions LLC now owns 1,603 shares of the company’s stock worth $515,000 after buying an additional 150 shares during the period. Hedge funds and other institutional investors own 46.87% of the company’s stock.
Zoom Video Communications Company Profile
Zoom Video Communications, Inc engages in the provision of video-first communications platform. The firm offers meetings, chat, rooms and workspaces, phone systems, video webinars, marketplace, and developer platform products. It serves the education, finance, government, and healthcare industries. Its platform helps people to connect through voice, chat, content sharing, and face-to-face video experiences.
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