Zoom Video Communications (NASDAQ:ZM) Upgraded at Wells Fargo & Company

Wells Fargo & Company upgraded shares of Zoom Video Communications (NASDAQ:ZM) from an underweight rating to an equal weight rating in a research report report published on Tuesday morning, Marketbeat Ratings reports. Wells Fargo & Company currently has $85.00 price target on the stock, up from their previous price target of $70.00.

A number of other equities research analysts have also recently commented on ZM. Morgan Stanley lifted their price objective on Zoom Video Communications from $86.00 to $96.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 18th. Bank of America boosted their target price on Zoom Video Communications from $75.00 to $90.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Sanford C. Bernstein increased their price target on shares of Zoom Video Communications from $78.00 to $89.00 and gave the company a “market perform” rating in a research report on Tuesday, November 26th. Mizuho boosted their price objective on shares of Zoom Video Communications from $90.00 to $105.00 and gave the company an “outperform” rating in a report on Tuesday, November 26th. Finally, Hsbc Global Res upgraded shares of Zoom Video Communications to a “strong-buy” rating in a report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Zoom Video Communications currently has a consensus rating of “Hold” and an average price target of $87.81.

Zoom Video Communications Price Performance

Shares of NASDAQ ZM opened at $79.90 on Tuesday. Zoom Video Communications has a fifty-two week low of $55.06 and a fifty-two week high of $92.80. The firm has a market capitalization of $24.49 billion, a P/E ratio of 26.63, a P/E/G ratio of 5.29 and a beta of -0.01. The company’s 50 day simple moving average is $82.88 and its 200 day simple moving average is $70.76.

Insider Activity at Zoom Video Communications

In related news, COO Aparna Bawa sold 10,520 shares of Zoom Video Communications stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $68.59, for a total transaction of $721,566.80. Following the completion of the sale, the chief operating officer now owns 1,978 shares of the company’s stock, valued at approximately $135,671.02. The trade was a 84.17 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Jonathan Chadwick sold 12,500 shares of the company’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $68.36, for a total transaction of $854,500.00. Following the completion of the transaction, the director now owns 1,514 shares in the company, valued at approximately $103,497.04. This trade represents a 89.20 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 338,315 shares of company stock worth $26,197,660. Insiders own 10.78% of the company’s stock.

Institutional Investors Weigh In On Zoom Video Communications

A number of hedge funds and other institutional investors have recently modified their holdings of ZM. Pacer Advisors Inc. boosted its stake in shares of Zoom Video Communications by 96.7% in the second quarter. Pacer Advisors Inc. now owns 5,246,938 shares of the company’s stock valued at $310,566,000 after buying an additional 2,579,720 shares during the period. AQR Capital Management LLC raised its holdings in Zoom Video Communications by 78.5% in the 2nd quarter. AQR Capital Management LLC now owns 5,731,354 shares of the company’s stock valued at $337,233,000 after acquiring an additional 2,520,987 shares in the last quarter. FMR LLC lifted its position in shares of Zoom Video Communications by 23.8% during the 3rd quarter. FMR LLC now owns 12,444,887 shares of the company’s stock valued at $867,906,000 after acquiring an additional 2,395,396 shares during the period. Eagle Asset Management Inc. acquired a new stake in shares of Zoom Video Communications during the 3rd quarter worth $62,038,000. Finally, Nordea Investment Management AB grew its holdings in shares of Zoom Video Communications by 202.8% during the 4th quarter. Nordea Investment Management AB now owns 779,051 shares of the company’s stock worth $64,054,000 after purchasing an additional 521,778 shares in the last quarter. Institutional investors and hedge funds own 66.54% of the company’s stock.

About Zoom Video Communications

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.