Zoom Video Communications (NASDAQ:ZM) Earns “Outperform” Rating from Royal Bank of Canada

Zoom Video Communications (NASDAQ:ZM)‘s stock had its “outperform” rating reiterated by investment analysts at Royal Bank of Canada in a note issued to investors on Tuesday,Benzinga reports. They currently have a $95.00 target price on the stock. Royal Bank of Canada’s price target indicates a potential upside of 15.80% from the company’s previous close.

Several other research firms have also weighed in on ZM. Evercore ISI raised shares of Zoom Video Communications from an “in-line” rating to an “outperform” rating and lifted their price objective for the stock from $70.00 to $115.00 in a research note on Tuesday. Robert W. Baird reduced their target price on Zoom Video Communications from $84.00 to $77.00 and set an “outperform” rating for the company in a report on Thursday, August 22nd. Rosenblatt Securities reaffirmed a “buy” rating and set a $78.00 price objective on shares of Zoom Video Communications in a research note on Friday. Bank of America cut their price target on shares of Zoom Video Communications from $78.00 to $75.00 and set a “neutral” rating on the stock in a report on Thursday, August 22nd. Finally, Benchmark raised their price objective on shares of Zoom Video Communications from $83.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $82.16.

Zoom Video Communications Stock Performance

Shares of ZM stock traded down $6.99 during midday trading on Tuesday, reaching $82.04. 5,698,814 shares of the company were exchanged, compared to its average volume of 3,312,091. Zoom Video Communications has a 12 month low of $55.06 and a 12 month high of $92.80. The company has a market cap of $25.25 billion, a P/E ratio of 29.41, a PEG ratio of 7.33 and a beta of -0.05. The company’s 50 day moving average price is $73.85 and its two-hundred day moving average price is $65.74.

Insider Buying and Selling

In related news, CEO Eric S. Yuan sold 178,571 shares of the company’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $76.91, for a total value of $13,733,895.61. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Velchamy Sankarlingam sold 3,614 shares of Zoom Video Communications stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $66.87, for a total transaction of $241,668.18. Following the sale, the insider now owns 94,000 shares in the company, valued at $6,285,780. This represents a 3.70 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 367,108 shares of company stock worth $26,796,191. Insiders own 10.78% of the company’s stock.

Hedge Funds Weigh In On Zoom Video Communications

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