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

Zoom Video Communications (NASDAQ:ZM) had its price target cut by investment analysts at Citigroup from $86.00 to $85.00 in a report released on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Citigroup’s price target would indicate a potential downside of 0.23% from the company’s previous close.

Other research analysts have also recently issued research reports about the company. Cantor Fitzgerald assumed coverage on Zoom Video Communications in a research report on Friday, January 17th. They set a “neutral” rating and a $87.00 price target on the stock. Jefferies Financial Group raised Zoom Video Communications from a “hold” rating to a “buy” rating and upped their price target for the company from $85.00 to $100.00 in a research report on Thursday, December 19th. Stifel Nicolaus upped their price target on Zoom Video Communications from $70.00 to $90.00 and gave the company a “hold” rating in a research report on Tuesday, November 26th. UBS Group upped their price target on Zoom Video Communications from $75.00 to $90.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Finally, Wells Fargo & Company upgraded Zoom Video Communications from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $70.00 to $85.00 in a research note on Tuesday, January 7th. Sixteen analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $89.48.

Zoom Video Communications Price Performance

Shares of NASDAQ ZM traded up $0.10 during trading on Tuesday, reaching $85.20. 2,289,773 shares of the stock traded hands, compared to its average volume of 2,193,683. Zoom Video Communications has a 52-week low of $55.06 and a 52-week high of $92.80. The company has a 50-day moving average of $83.28 and a 200-day moving average of $75.59. The stock has a market capitalization of $26.11 billion and a P/E ratio of 28.40.

Insider Activity at Zoom Video Communications

In related news, CEO Eric S. Yuan sold 118,036 shares of the stock in a transaction on Monday, January 13th. The shares were sold at an average price of $79.03, for a total transaction of $9,328,385.08. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Shane Crehan sold 1,551 shares of the stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $84.94, for a total transaction of $131,741.94. Following the transaction, the chief accounting officer now directly owns 3,251 shares in the company, valued at approximately $276,139.94. This represents a 32.30 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 382,242 shares of company stock valued at $31,230,938. Corporate insiders own 10.78% of the company’s stock.

Hedge Funds Weigh In On Zoom Video Communications

Several institutional investors and hedge funds have recently made changes to their positions in the business. Creative Planning boosted its position in Zoom Video Communications by 18.5% during the 3rd quarter. Creative Planning now owns 34,522 shares of the company’s stock valued at $2,408,000 after buying an additional 5,396 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in Zoom Video Communications by 28.2% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 24,306 shares of the company’s stock valued at $1,695,000 after buying an additional 5,343 shares during the period. Blue Trust Inc. boosted its position in Zoom Video Communications by 117.7% during the 3rd quarter. Blue Trust Inc. now owns 5,105 shares of the company’s stock valued at $356,000 after buying an additional 2,760 shares during the period. Raymond James & Associates boosted its position in Zoom Video Communications by 0.7% during the 3rd quarter. Raymond James & Associates now owns 53,089 shares of the company’s stock valued at $3,702,000 after buying an additional 383 shares during the period. Finally, Signaturefd LLC boosted its position in Zoom Video Communications by 12.7% during the 3rd quarter. Signaturefd LLC now owns 3,443 shares of the company’s stock valued at $240,000 after buying an additional 387 shares during the period. Institutional investors own 66.54% of the company’s stock.

Zoom Video Communications Company Profile

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.