UBS Group Cuts Zoom Video Communications (NASDAQ:ZM) Price Target to $85.00

Zoom Video Communications (NASDAQ:ZM) had its price objective decreased by UBS Group from $90.00 to $85.00 in a research report report published on Tuesday morning,Benzinga reports. UBS Group currently has a neutral rating on the stock.

Several other brokerages have also recently issued reports on ZM. Barclays boosted their price target on Zoom Video Communications from $70.00 to $85.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 27th. Scotiabank raised Zoom Video Communications to a “hold” rating in a report on Tuesday, November 19th. Evercore ISI upgraded shares of Zoom Video Communications from an “in-line” rating to an “outperform” rating and upped their price objective for the stock from $70.00 to $115.00 in a research report on Tuesday, November 26th. Piper Sandler raised their price objective on shares of Zoom Video Communications from $68.00 to $89.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Finally, The Goldman Sachs Group boosted their target price on Zoom Video Communications from $72.00 to $86.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Fifteen analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $90.05.

Zoom Video Communications Price Performance

ZM stock opened at $72.88 on Tuesday. Zoom Video Communications has a 12 month low of $55.06 and a 12 month high of $92.80. The company has a market cap of $22.34 billion and a price-to-earnings ratio of 24.29. The company has a fifty day moving average price of $82.54 and a 200 day moving average price of $76.63.

Insider Buying and Selling

In other news, CAO Shane Crehan sold 1,551 shares of Zoom Video Communications stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $84.94, for a total transaction of $131,741.94. Following the completion of the sale, the chief accounting officer now directly owns 3,251 shares in the company, valued at $276,139.94. The trade was a 32.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Aparna Bawa sold 9,317 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $78.69, for a total transaction of $733,154.73. Following the transaction, the chief operating officer now directly owns 14,053 shares in the company, valued at $1,105,830.57. The trade was a 39.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 382,242 shares of company stock worth $31,230,938 in the last ninety days. Insiders own 10.78% of the company’s stock.

Institutional Investors Weigh In On Zoom Video Communications

Several hedge funds have recently made changes to their positions in the business. Leigh Baldwin & CO. LLC purchased a new position in shares of Zoom Video Communications during the 4th quarter worth about $239,000. Mackenzie Financial Corp increased its position in Zoom Video Communications by 98.6% during the fourth quarter. Mackenzie Financial Corp now owns 70,955 shares of the company’s stock worth $5,791,000 after purchasing an additional 35,230 shares during the last quarter. Forum Financial Management LP purchased a new position in Zoom Video Communications during the fourth quarter worth approximately $345,000. Peak Retirement Planning Inc. acquired a new position in shares of Zoom Video Communications in the 4th quarter valued at $961,000. Finally, Toronto Dominion Bank grew its stake in shares of Zoom Video Communications by 4.9% during the 4th quarter. Toronto Dominion Bank now owns 33,541 shares of the company’s stock valued at $2,737,000 after buying an additional 1,576 shares during the period. 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.