Zoom Video Communications Receives $97.00 Price Target from Benchmark

Zoom Video Communications (NASDAQ:ZM) has seen its price target increased by Benchmark from $85.00 to $97.00, according to a research report published on Tuesday morning. Benchmark maintains a buy rating for the stock.

Several other equities analysts have also shared their assessments of Zoom recently. For instance, Needham & Company LLC reiterated a "hold" rating on Zoom shares in a report released on October 11. Stifel Nicolaus notably raised their target price for Zoom from $70.00 to $90.00, while also giving the stock a "hold" rating as of Tuesday. Moreover, Rosenblatt Securities reaffirmed a "buy" rating and set a target price of $78.00 on the stock on November 22. Wedbush began its coverage of Zoom Video Communications on October 17, assigning an "outperform" rating with a target price of $85.00. Additionally, Piper Sandler increased its price target from $68.00 to $89.00 and assigned a "neutral" rating on the same day. In total, two analysts gave a sell rating, 15 analysts rated the stock as hold, while seven rated it as buy. The consensus rating for the stock is "Hold" with an average target price of $85.19 as per MarketBeat data.

Performance Overview

Shares of ZM opened at $85.36 on Tuesday. The stock has a 50-day moving average of $74.92 and a 200-day moving average of $66.16. Over the past year, Zoom Video Communications reached a low of $55.06 and a high of $92.80. The company's market capitalization stands at $26.27 billion, with a P/E ratio of 28.45 and a P/E/G ratio of 7.12. Its beta is reported at -0.05.

Insider Trading Activity

In recent insider trading news, CEO Eric S. Yuan sold 178,571 shares of Zoom Video Communications on November 5, at an average price of $76.91, making the total transaction worth about $13.73 million. This sale was disclosed in a filing with the Securities and Exchange Commission (SEC). Additionally, COO Aparna Bawa sold 831 shares on September 10, at an average price of $66.29, totaling $55,086.99. Post-transaction, the COO retains 1,978 shares valued at approximately $131,121.62. In the last three months, insiders have sold a total of 367,108 shares valued at $26.79 million. Insiders now hold 10.78% of the company’s total shares.

Institutional Investments

Recently, numerous institutional investors and hedge funds have made changes to their stakes in ZM. Pacer Advisors Inc. increased its stake by 96.7% during Q2, now owning 5,246,938 shares valued at approximately $310.57 million. AQR Capital Management LLC raised its stake by 78.5%, now holding 5,731,354 shares valued at $337.23 million. FMR LLC has boosted its holdings in Zoom by 23.8% during Q3, maintaining 12,444,887 shares valued at $867.91 million. Meanwhile, Acadian Asset Management LLC increased its ownership by 60.9% during Q2 with 4,902,397 shares worth about $290.15 million. Lastly, Eagle Asset Management Inc. acquired a new stake valued at around $62.04 million in Q3. Currently, 66.54% of Zoom's stock is owned by institutional investors and hedge funds.

About Zoom Video Communications

Zoom Video Communications, Inc. provides a unified communication platform catering to various regions including the Americas, Asia Pacific, Europe, the Middle East, and Africa. Among their offerings, Zoom Meetings facilitate HD video, voice, chat, and content sharing across mobile devices, desktops, laptops, telephones, and conference rooms. Other services include Zoom Phone, an enterprise cloud phone system, and Zoom Chat, which allows users to share messages, images, and files across multiple devices.

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