Rosenblatt Securities Reiterates “Buy” Rating for Zoom Video Communications (NASDAQ:ZM)

Zoom Video Communications (NASDAQ:ZM)‘s stock had its “buy” rating restated by equities research analysts at Rosenblatt Securities in a note issued to investors on Friday,Benzinga reports. They presently have a $78.00 price target on the stock. Rosenblatt Securities’ price target suggests a potential downside of 9.18% from the stock’s current price.

ZM has been the topic of a number of other reports. Wedbush started coverage on Zoom Video Communications in a research note on Thursday, October 17th. They set an “outperform” rating and a $85.00 price target on the stock. Scotiabank raised shares of Zoom Video Communications to a “hold” rating in a research note on Tuesday. Royal Bank of Canada reaffirmed an “outperform” rating and set a $95.00 target price on shares of Zoom Video Communications in a research note on Thursday, October 10th. Benchmark raised their price target on shares of Zoom Video Communications from $83.00 to $85.00 and gave the company a “buy” rating in a research report on Thursday, October 10th. Finally, Wells Fargo & Company upped their price objective on Zoom Video Communications from $55.00 to $60.00 and gave the stock an “underweight” rating in a research report on Thursday, August 22nd. Two investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $76.61.

Zoom Video Communications Trading Up 5.8 %

ZM stock traded up $4.68 during midday trading on Friday, hitting $85.88. 5,566,069 shares of the company’s stock were exchanged, compared to its average volume of 3,244,191. Zoom Video Communications has a 1-year low of $55.06 and a 1-year high of $87.15. The business has a 50-day simple moving average of $73.06 and a two-hundred day simple moving average of $65.32. The stock has a market capitalization of $26.43 billion, a PE ratio of 30.78, a P/E/G ratio of 6.64 and a beta of -0.05.

Zoom Video Communications (NASDAQ:ZM) last posted its earnings results on Wednesday, August 21st. The company reported $1.39 EPS for the quarter, beating analysts’ consensus estimates of $1.21 by $0.18. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Zoom Video Communications had a net margin of 19.08% and a return on equity of 10.77%. During the same quarter in the prior year, the company posted $0.55 earnings per share. Zoom Video Communications’s revenue for the quarter was up 2.1% compared to the same quarter last year. As a group, research analysts expect that Zoom Video Communications will post 2.77 EPS for the current fiscal year.

Insider Activity

In other Zoom Video Communications news, insider Velchamy Sankarlingam sold 3,614 shares of the firm’s stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $66.87, for a total transaction of $241,668.18. Following the completion of the transaction, the insider now owns 94,000 shares of the company’s stock, valued at approximately $6,285,780. This trade represents a 3.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Shane Crehan sold 1,550 shares of the company’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $66.87, for a total value of $103,648.50. Following the completion of the sale, the chief accounting officer now owns 1,463 shares in the company, valued at $97,830.81. This represents a 51.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 367,108 shares of company stock worth $26,796,191. Company insiders own 10.78% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Tri Ri Asset Management Corp acquired a new position in Zoom Video Communications in the third quarter valued at $2,676,000. Hohimer Wealth Management LLC lifted its stake in shares of Zoom Video Communications by 0.5% during the third quarter. Hohimer Wealth Management LLC now owns 49,538 shares of the company’s stock worth $3,455,000 after purchasing an additional 260 shares in the last quarter. Toronto Dominion Bank grew its position in Zoom Video Communications by 32.1% in the third quarter. Toronto Dominion Bank now owns 31,965 shares of the company’s stock valued at $2,229,000 after acquiring an additional 7,768 shares in the last quarter. Geode Capital Management LLC increased its stake in Zoom Video Communications by 4.2% during the 3rd quarter. Geode Capital Management LLC now owns 4,595,435 shares of the company’s stock worth $320,177,000 after buying an additional 184,518 shares during the period. Finally, Public Employees Retirement System of Ohio grew its stake in Zoom Video Communications by 0.9% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 96,915 shares of the company’s stock valued at $6,759,000 after purchasing an additional 817 shares in the last quarter. Hedge funds and other 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.