Barclays Increases Zoom Video Communications (NASDAQ:ZM) Price Target to $85.00

Zoom Video Communications (NASDAQ:ZM) had its target price raised by equities researchers at Barclays from $70.00 to $85.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Barclays‘s price objective points to a potential upside of 0.04% from the company’s current price.

Other equities research analysts have also recently issued research reports about the stock. The Goldman Sachs Group increased their target price on shares of Zoom Video Communications from $72.00 to $86.00 and gave the stock a “neutral” rating in a research report on Tuesday. Robert W. Baird decreased their price target on Zoom Video Communications from $84.00 to $77.00 and set an “outperform” rating on the stock in a research report on Thursday, August 22nd. JMP Securities restated a “market perform” rating on shares of Zoom Video Communications in a research report on Tuesday. Mizuho increased their price objective on Zoom Video Communications from $90.00 to $105.00 and gave the company an “outperform” rating in a research report on Tuesday. Finally, Piper Sandler raised their price target on Zoom Video Communications from $68.00 to $89.00 and gave the company a “neutral” rating in a report on Tuesday. Two analysts have rated the stock with a sell rating, fifteen have given a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $85.19.

Zoom Video Communications Stock Performance

NASDAQ ZM traded up $1.56 during trading on Wednesday, reaching $84.97. 584,109 shares of the company traded hands, compared to its average volume of 3,335,128. The stock’s 50 day moving average price is $74.16 and its two-hundred day moving average price is $65.89. The company has a market cap of $26.15 billion, a price-to-earnings ratio of 28.32, a P/E/G ratio of 7.60 and a beta of -0.05. Zoom Video Communications has a 1-year low of $55.06 and a 1-year high of $92.80.

Insider Buying and Selling

In other Zoom Video Communications news, CFO Kelly Steckelberg sold 8,901 shares of the company’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $66.47, for a total value of $591,649.47. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Aparna Bawa sold 831 shares of Zoom Video Communications stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $66.29, for a total value of $55,086.99. Following the transaction, the chief operating officer now owns 1,978 shares of the company’s stock, valued at $131,121.62. This represents a 29.58 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 367,108 shares of company stock worth $26,796,191. 10.78% of the stock is owned by insiders.

Hedge Funds Weigh In On Zoom Video Communications

Several institutional investors and hedge funds have recently modified their holdings of the stock. Baker Avenue Asset Management LP lifted its holdings in Zoom Video Communications by 82.1% during the 3rd quarter. Baker Avenue Asset Management LP now owns 28,593 shares of the company’s stock worth $1,994,000 after purchasing an additional 12,890 shares during the last quarter. Sanctuary Advisors LLC bought a new position in Zoom Video Communications during the 2nd quarter worth $763,000. Robeco Institutional Asset Management B.V. lifted its holdings in shares of Zoom Video Communications by 15.4% during the third quarter. Robeco Institutional Asset Management B.V. now owns 1,257,714 shares of the company’s stock worth $87,713,000 after buying an additional 167,618 shares in the last quarter. National Pension Service boosted its position in shares of Zoom Video Communications by 30.1% in the third quarter. National Pension Service now owns 655,227 shares of the company’s stock valued at $45,696,000 after acquiring an additional 151,728 shares during the period. Finally, Eagle Asset Management Inc. acquired a new position in shares of Zoom Video Communications in the third quarter valued at about $62,038,000. 66.54% of the stock is currently 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.