Zoom Video Communications (NASDAQ:ZM) Price Target Cut to $68.00

Zoom Video Communications (NASDAQ:ZM) had its target price decreased by equities researchers at Piper Sandler from $72.00 to $68.00 in a research note issued on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s price target indicates a potential upside of 20.25% from the stock’s current price.

A number of other analysts also recently issued reports on ZM. Wells Fargo & Company decreased their price objective on shares of Zoom Video Communications from $60.00 to $55.00 and set an “underweight” rating for the company in a report on Friday, June 21st. Stifel Nicolaus lowered their price objective on Zoom Video Communications from $70.00 to $65.00 and set a “hold” rating on the stock in a research note on Tuesday, May 21st. Royal Bank of Canada reiterated an “outperform” rating and issued a $95.00 target price on shares of Zoom Video Communications in a research note on Tuesday, May 21st. Rosenblatt Securities upped their price target on shares of Zoom Video Communications from $75.00 to $78.00 and gave the company a “buy” rating in a research note on Tuesday, May 21st. Finally, Citigroup lifted their price objective on shares of Zoom Video Communications from $76.00 to $77.00 and gave the company a “neutral” rating in a research note on Tuesday, May 21st. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Zoom Video Communications currently has a consensus rating of “Hold” and an average price target of $75.22.

Zoom Video Communications Stock Down 0.6 %

Zoom Video Communications stock traded down $0.33 during midday trading on Wednesday, hitting $56.55. 719,527 shares of the stock were exchanged, compared to its average volume of 3,299,194. Zoom Video Communications has a 52-week low of $55.63 and a 52-week high of $75.90. The business’s 50-day moving average price is $60.74 and its 200-day moving average price is $64.07. The stock has a market capitalization of $17.49 billion, a price-to-earnings ratio of 21.10, a price-to-earnings-growth ratio of 8.81 and a beta of -0.05.

Zoom Video Communications (NASDAQ:ZM) last announced its earnings results on Monday, May 20th. The company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.23. The firm had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.13 billion. Zoom Video Communications had a return on equity of 10.55% and a net margin of 18.37%. On average, sell-side analysts predict that Zoom Video Communications will post 2.43 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CAO Shane Crehan sold 1,538 shares of the stock in a transaction dated Sunday, June 9th. The shares were sold at an average price of $62.42, for a total value of $96,001.96. Following the completion of the transaction, the chief accounting officer now directly owns 1,475 shares in the company, valued at approximately $92,069.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Zoom Video Communications news, CAO Shane Crehan sold 1,538 shares of the company’s stock in a transaction dated Sunday, June 9th. The shares were sold at an average price of $62.42, for a total value of $96,001.96. Following the sale, the chief accounting officer now owns 1,475 shares in the company, valued at $92,069.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Kelly Steckelberg sold 5,007 shares of Zoom Video Communications stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $57.59, for a total transaction of $288,353.13. The disclosure for this sale can be found here. In the last ninety days, insiders sold 68,733 shares of company stock worth $4,179,192. 10.78% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Zoom Video Communications

Institutional investors have recently modified their holdings of the stock. CWM LLC boosted its stake in Zoom Video Communications by 6.0% during the 2nd quarter. CWM LLC now owns 8,304 shares of the company’s stock valued at $492,000 after purchasing an additional 471 shares during the last quarter. Versant Capital Management Inc lifted its stake in Zoom Video Communications by 1,257.7% during the 2nd quarter. Versant Capital Management Inc now owns 964 shares of the company’s stock valued at $57,000 after acquiring an additional 893 shares during the period. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Zoom Video Communications in the second quarter worth approximately $36,000. DNB Asset Management AS boosted its holdings in Zoom Video Communications by 4.8% in the second quarter. DNB Asset Management AS now owns 41,219 shares of the company’s stock worth $2,440,000 after purchasing an additional 1,903 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale grew its position in Zoom Video Communications by 613.8% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 529,041 shares of the company’s stock worth $34,980,000 after purchasing an additional 454,923 shares during the period. 66.54% of the stock is owned by hedge funds and other institutional investors.

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.