Zoom Video Communications (NASDAQ:ZM) Sets New 1-Year High – Here’s What Happened

Shares of Zoom Video Communications, Inc. (NASDAQ:ZM) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $74.87 and last traded at $74.82, with a volume of 341322 shares traded. The stock had previously closed at $73.85.

Analysts Set New Price Targets

ZM has been the subject of several analyst reports. Rosenblatt Securities reiterated a “buy” rating and issued a $78.00 price objective on shares of Zoom Video Communications in a research note on Friday, October 4th. Deutsche Bank Aktiengesellschaft lifted their price target on Zoom Video Communications from $71.00 to $75.00 and gave the stock a “hold” rating in a report on Friday, August 23rd. Stifel Nicolaus upped their price objective on Zoom Video Communications from $65.00 to $70.00 and gave the company a “hold” rating in a research note on Thursday, October 10th. Needham & Company LLC reiterated a “hold” rating on shares of Zoom Video Communications in a research note on Friday, October 11th. Finally, Wedbush initiated coverage on shares of Zoom Video Communications in a research report on Thursday, October 17th. They set an “outperform” rating and a $85.00 price target for the company. Two analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and six have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $75.32.

Zoom Video Communications Stock Down 1.0 %

The business’s 50-day moving average price is $69.39 and its 200 day moving average price is $63.21. The company has a market capitalization of $23.02 billion, a P/E ratio of 27.90, a price-to-earnings-growth ratio of 6.26 and a beta of -0.04.

Zoom Video Communications (NASDAQ:ZM) last announced its quarterly earnings results on Wednesday, August 21st. The company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.21 by $0.18. The firm had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. Zoom Video Communications had a net margin of 19.08% and a return on equity of 10.77%. The business’s quarterly revenue was up 2.1% compared to the same quarter last year. During the same period last year, the firm earned $0.55 EPS. Analysts anticipate that Zoom Video Communications, Inc. will post 2.74 EPS for the current fiscal year.

Insider Buying and Selling

In other Zoom Video Communications news, CEO Eric S. Yuan sold 35,722 shares of the firm’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $71.45, for a total value of $2,552,336.90. Following the sale, the chief executive officer now owns 57,371 shares of the company’s stock, valued at $4,099,157.95. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, CEO Eric S. Yuan sold 35,722 shares of the stock in a transaction on Monday, October 21st. The shares were sold at an average price of $71.45, for a total value of $2,552,336.90. Following the transaction, the chief executive officer now owns 57,371 shares of the company’s stock, valued at $4,099,157.95. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Eric S. Yuan sold 2,420 shares of Zoom Video Communications stock in a transaction on Monday, August 5th. The stock was sold at an average price of $56.12, for a total transaction of $135,810.40. Following the sale, the chief executive officer now directly owns 90,354 shares of the company’s stock, valued at $5,070,666.48. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 188,477 shares of company stock worth $12,842,978 over the last ninety days. 10.78% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Zoom Video Communications

A number of hedge funds and other institutional investors have recently modified their holdings of ZM. Sanctuary Advisors LLC purchased a new position in shares of Zoom Video Communications during the 2nd quarter valued at about $763,000. Mirae Asset Global Investments Co. Ltd. grew its position in Zoom Video Communications by 9.7% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 441,168 shares of the company’s stock valued at $30,171,000 after acquiring an additional 38,924 shares during the last quarter. Klein Pavlis & Peasley Financial Inc. bought a new position in Zoom Video Communications during the third quarter valued at approximately $827,000. Andra AP fonden raised its stake in shares of Zoom Video Communications by 78.0% during the second quarter. Andra AP fonden now owns 238,700 shares of the company’s stock worth $14,129,000 after acquiring an additional 104,600 shares in the last quarter. Finally, Swedbank AB bought a new stake in shares of Zoom Video Communications in the 1st quarter worth approximately $2,100,000. 66.54% of the stock is currently owned by hedge funds and other institutional investors.

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.