Piper Sandler Increases Zoom Video Communications (NASDAQ:ZM) Price Target to $89.00

Zoom Video Communications (NASDAQ:ZM) had its price objective increased by equities research analysts at Piper Sandler from $68.00 to $89.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Piper Sandler’s price target indicates a potential downside of 0.03% from the company’s previous close.

ZM has been the topic of several other reports. Benchmark boosted their target price on Zoom Video Communications from $83.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Scotiabank upgraded Zoom Video Communications to a “hold” rating in a research note on Tuesday, November 19th. Bank of America cut their target price on shares of Zoom Video Communications from $78.00 to $75.00 and set a “neutral” rating for the company in a research report on Thursday, August 22nd. Needham & Company LLC reaffirmed a “hold” rating on shares of Zoom Video Communications in a report on Friday, October 11th. Finally, Evercore ISI upgraded shares of Zoom Video Communications from an “in-line” rating to an “outperform” rating and lifted their price objective for the company from $70.00 to $115.00 in a research note on Tuesday. Two equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $81.94.

Zoom Video Communications Stock Performance

NASDAQ:ZM opened at $89.03 on Tuesday. The firm has a 50-day moving average price of $73.85 and a two-hundred day moving average price of $65.74. Zoom Video Communications has a 52 week low of $55.06 and a 52 week high of $92.80. The firm has a market cap of $27.40 billion, a price-to-earnings ratio of 31.91, a price-to-earnings-growth ratio of 7.33 and a beta of -0.05.

Insider Activity

In other Zoom Video Communications news, COO Aparna Bawa sold 831 shares of the company’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $66.29, for a total value of $55,086.99. Following the completion of the sale, the chief operating officer now owns 1,978 shares of the company’s stock, valued at $131,121.62. This represents a 29.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Eric S. Yuan sold 178,571 shares of the stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $76.91, for a total transaction of $13,733,895.61. The disclosure for this sale can be found here. In the last quarter, insiders have sold 367,108 shares of company stock worth $26,796,191. 10.78% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Zoom Video Communications

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