Piper Sandler Cuts Zoom Video Communications (NASDAQ:ZM) Price Target to $68.00

Zoom Video Communications (NASDAQ:ZM) had its price target reduced by research analysts at Piper Sandler from $72.00 to $68.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s price objective would suggest a potential upside of 20.25% from the stock’s previous close.

Several other research firms have also recently issued reports on ZM. Morgan Stanley cut their price target on shares of Zoom Video Communications from $72.00 to $68.00 and set an “equal weight” rating for the company in a report on Friday, June 14th. Citigroup boosted their price objective on shares of Zoom Video Communications from $76.00 to $77.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 21st. Jefferies Financial Group assumed coverage on Zoom Video Communications in a research report on Tuesday, March 19th. They issued a “hold” rating and a $70.00 price objective on the stock. Stifel Nicolaus cut their target price on shares of Zoom Video Communications from $70.00 to $65.00 and set a “hold” rating for the company in a research note on Tuesday, May 21st. Finally, Wells Fargo & Company decreased their price target on shares of Zoom Video Communications from $60.00 to $55.00 and set an “underweight” rating on the stock in a research note on Friday, June 21st. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $75.22.

Zoom Video Communications Stock Down 0.6 %

ZM traded down $0.33 on Wednesday, reaching $56.55. The company had a trading volume of 719,527 shares, compared to its average volume of 3,299,194. The stock has a market capitalization of $17.49 billion, a PE ratio of 21.10, a P/E/G ratio of 8.81 and a beta of -0.05. The stock has a 50-day moving average price of $60.74 and a 200-day moving average price of $64.07. Zoom Video Communications has a 1 year low of $55.63 and a 1 year high of $75.90.

Zoom Video Communications (NASDAQ:ZM) last issued its quarterly earnings results on Monday, May 20th. The company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.23. Zoom Video Communications had a return on equity of 10.55% and a net margin of 18.37%. The firm had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.13 billion. As a group, analysts expect that Zoom Video Communications will post 2.43 earnings per share for the current fiscal year.

Insider Activity at Zoom Video Communications

In related news, CAO Shane Crehan sold 2,493 shares of the company’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $58.26, for a total value of $145,242.18. Following the completion of the sale, the chief accounting officer now owns 2,367 shares of the company’s stock, valued at $137,901.42. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Kelly Steckelberg sold 5,007 shares of the business’s stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $57.59, for a total value of $288,353.13. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Shane Crehan sold 2,493 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $58.26, for a total transaction of $145,242.18. Following the sale, the chief accounting officer now owns 2,367 shares of the company’s stock, valued at $137,901.42. The disclosure for this sale can be found here. Insiders have sold a total of 68,733 shares of company stock worth $4,179,192 in the last three months. 10.78% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Principal Securities Inc. bought a new position in Zoom Video Communications in the 4th quarter worth $25,000. Quadrant Capital Group LLC increased its stake in shares of Zoom Video Communications by 269.7% in the fourth quarter. Quadrant Capital Group LLC now owns 366 shares of the company’s stock worth $26,000 after purchasing an additional 267 shares during the period. Frazier Financial Advisors LLC acquired a new position in shares of Zoom Video Communications during the 4th quarter worth about $32,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Zoom Video Communications during the 2nd quarter valued at approximately $36,000. Finally, Rakuten Securities Inc. acquired a new stake in Zoom Video Communications in the 4th quarter valued at approximately $43,000. 66.54% of the stock is owned by institutional investors and hedge funds.

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.