Zoom Video Communications (NASDAQ:ZM) Shares Gap Up to $102.00

Zoom Video Communications Inc (NASDAQ:ZM) gapped up before the market opened on Tuesday . The stock had previously closed at $105.49, but opened at $102.00. Zoom Video Communications shares last traded at $94.38, with a volume of 77020 shares changing hands.

A number of equities research analysts recently weighed in on the stock. Royal Bank of Canada lifted their price objective on shares of Zoom Video Communications from $80.00 to $86.00 and gave the company a “sector perform” rating in a report on Friday. Rosenblatt Securities reiterated a “buy” rating and set a $80.00 price objective (up previously from $60.00) on shares of Zoom Video Communications in a report on Friday. Stifel Nicolaus raised their target price on shares of Zoom Video Communications from $75.00 to $80.00 and gave the company a “buy” rating in a research report on Friday. Bank of America raised their target price on shares of Zoom Video Communications from $89.00 to $99.00 and gave the company a “buy” rating in a research report on Friday. Finally, Credit Suisse Group reissued a “neutral” rating and set a $90.00 target price (up previously from $80.00) on shares of Zoom Video Communications in a research report on Friday. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $81.51.

Zoom Video Communications (NASDAQ:ZM) last posted its earnings results on Thursday, June 6th. The company reported $0.03 EPS for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.04. The business had revenue of $122.00 million for the quarter, compared to analysts’ expectations of $111.66 million. Zoom Video Communications’s revenue for the quarter was up 103.1% on a year-over-year basis. As a group, equities research analysts anticipate that Zoom Video Communications Inc will post -0.17 earnings per share for the current year.

In other news, insider Janine Pelosi sold 81,668 shares of Zoom Video Communications stock in a transaction that occurred on Tuesday, April 23rd. The shares were sold at an average price of $36.00, for a total value of $2,940,048.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Eric S. Yuan sold 583,787 shares of Zoom Video Communications stock in a transaction that occurred on Tuesday, April 23rd. The stock was sold at an average price of $36.00, for a total transaction of $21,016,332.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,405,918 shares of company stock worth $83,480,215.

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Zoom Video Communications Company Profile (NASDAQ:ZM)

Zoom Video Communications, Inc provides a video-first communications platform that delivers changes how people interact primarily in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. It connects people through frictionless video, voice, chat, and content sharing. The company's cloud-native platform enables face-to-face video experiences and connects users across various devices and locations in a single meeting.

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