Citigroup Cuts Zoom Video Communications (NASDAQ:ZM) Price Target to $85.00

Zoom Video Communications (NASDAQ:ZM) had its price objective trimmed by Citigroup from $86.00 to $85.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a neutral rating on the stock.

ZM has been the topic of a number of other reports. JMP Securities restated a “market perform” rating on shares of Zoom Video Communications in a report on Tuesday, November 26th. Piper Sandler increased their target price on Zoom Video Communications from $68.00 to $89.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Stifel Nicolaus increased their target price on Zoom Video Communications from $70.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday, November 26th. Royal Bank of Canada reiterated an “outperform” rating and issued a $95.00 target price on shares of Zoom Video Communications in a report on Tuesday, November 26th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $78.00 target price on shares of Zoom Video Communications in a report on Friday, November 22nd. Sixteen equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Zoom Video Communications currently has a consensus rating of “Hold” and an average target price of $89.48.

Zoom Video Communications Stock Performance

Zoom Video Communications stock opened at $83.45 on Tuesday. The stock has a market capitalization of $25.58 billion and a price-to-earnings ratio of 27.82. Zoom Video Communications has a 52-week low of $55.06 and a 52-week high of $92.80. The stock’s 50 day moving average price is $83.28 and its two-hundred day moving average price is $75.85.

Insider Buying and Selling

In other Zoom Video Communications news, CAO Shane Crehan sold 1,412 shares of the firm’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $78.69, for a total value of $111,110.28. Following the completion of the transaction, the chief accounting officer now owns 5,404 shares in the company, valued at $425,240.76. This trade represents a 20.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Eric S. Yuan sold 83,333 shares of the firm’s stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $83.50, for a total value of $6,958,305.50. The disclosure for this sale can be found here. In the last 90 days, insiders sold 382,242 shares of company stock valued at $31,230,938. 10.78% of the stock is owned by insiders.

Institutional Trading of Zoom Video Communications

A number of large investors have recently modified their holdings of the business. Global X Japan Co. Ltd. raised its holdings in shares of Zoom Video Communications by 127.5% during 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 in the last quarter. Avior Wealth Management LLC raised its holdings in shares of 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 buying an additional 265 shares in the last quarter. Parkside Financial Bank & Trust raised its holdings in shares of Zoom Video Communications by 277.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 351 shares of the company’s stock valued at $29,000 after buying an additional 258 shares in the last quarter. Raiffeisen Bank International AG purchased a new position in shares of Zoom Video Communications during the 4th quarter valued at about $30,000. Finally, Colonial Trust Co SC purchased a new position in shares of Zoom Video Communications during the 4th quarter valued at about $32,000. 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.