Zoom Video Communications (NASDAQ:ZM) Raised to “Hold” at Scotiabank

Zoom Video Communications (NASDAQ:ZM) was upgraded by investment analysts at Scotiabank to a “hold” rating in a report released on Tuesday,Zacks.com reports.

Several other analysts have also commented on ZM. Benchmark raised their price objective on Zoom Video Communications from $83.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Bank of America dropped their price target on shares of Zoom Video Communications from $78.00 to $75.00 and set a “neutral” rating on the stock in a research note on Thursday, August 22nd. Needham & Company LLC restated a “hold” rating on shares of Zoom Video Communications in a research report on Friday, October 11th. Morgan Stanley lifted their target price on shares of Zoom Video Communications from $68.00 to $86.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 13th. Finally, Wells Fargo & Company boosted their target price on shares of Zoom Video Communications from $55.00 to $60.00 and gave the stock an “underweight” rating in a research note on Thursday, August 22nd. Two equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $76.26.

Zoom Video Communications Stock Performance

Shares of NASDAQ ZM opened at $78.86 on Tuesday. Zoom Video Communications has a 1 year low of $55.06 and a 1 year high of $87.15. The company’s fifty day moving average price is $72.77 and its 200 day moving average price is $65.21. The company has a market capitalization of $24.27 billion, a PE ratio of 28.27, a price-to-earnings-growth 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. Zoom Video Communications had a return on equity of 10.77% and a net margin of 19.08%. The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same period last year, the firm earned $0.55 EPS. The company’s quarterly revenue was up 2.1% on a year-over-year basis. On average, equities analysts expect that Zoom Video Communications will post 2.77 EPS for the current year.

Insider Buying and Selling

In other Zoom Video Communications news, CEO Eric S. Yuan sold 2,420 shares of the company’s stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $68.38, for a total transaction of $165,479.60. Following the transaction, the chief executive officer now directly owns 85,514 shares in the company, valued at $5,847,447.32. This represents a 2.75 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Shane Crehan sold 1,550 shares of Zoom Video Communications 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 directly owns 1,463 shares of the company’s stock, valued at $97,830.81. The trade was a 51.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over 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.

Hedge Funds Weigh In On Zoom Video Communications

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Innealta Capital LLC acquired a new position in shares of Zoom Video Communications in the second quarter worth $33,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Zoom Video Communications during the 2nd quarter worth $36,000. Truvestments Capital LLC purchased a new stake in Zoom Video Communications during the 3rd quarter worth about $37,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in Zoom Video Communications in the 2nd quarter valued at about $41,000. Finally, Allworth Financial LP lifted its stake in Zoom Video Communications by 43.8% in the third quarter. Allworth Financial LP now owns 591 shares of the company’s stock worth $41,000 after acquiring an additional 180 shares during the last quarter. 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.