Zoom Video Communications (NASDAQ:ZM) Price Target Lowered to $84.00 at Citigroup

Zoom Video Communications (NASDAQ:ZM) had its price objective decreased by investment analysts at Citigroup from $85.00 to $84.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the stock. Citigroup’s target price suggests a potential downside of 0.73% from the company’s current price.

A number of other brokerages have also issued reports on ZM. Stifel Nicolaus dropped their price objective on shares of Zoom Video Communications from $90.00 to $85.00 and set a “hold” rating for the company in a report on Tuesday, February 25th. Barclays dropped their target price on Zoom Video Communications from $85.00 to $80.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 26th. Cantor Fitzgerald restated a “neutral” rating and issued a $87.00 target price on shares of Zoom Video Communications in a report on Tuesday, February 25th. Morgan Stanley reduced their price target on shares of Zoom Video Communications from $96.00 to $73.00 and set an “equal weight” rating for the company in a research report on Wednesday, April 16th. Finally, Scotiabank decreased their target price on Zoom Video Communications from $85.00 to $75.00 and set a “sector perform” rating for the company in a research report on Monday, March 17th. Fifteen analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Zoom Video Communications has a consensus rating of “Hold” and an average target price of $86.33.

Zoom Video Communications Price Performance

ZM stock opened at $84.62 on Thursday. The business has a 50 day simple moving average of $75.22 and a 200-day simple moving average of $79.54. The firm has a market capitalization of $25.83 billion, a PE ratio of 28.21, a price-to-earnings-growth ratio of 5.48 and a beta of 0.79. Zoom Video Communications has a 1 year low of $55.06 and a 1 year high of $92.80.

Insiders Place Their Bets

In related news, insider Velchamy Sankarlingam sold 11,839 shares of the firm’s stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $71.91, for a total value of $851,342.49. Following the completion of the transaction, the insider now directly owns 125,529 shares of the company’s stock, valued at $9,026,790.39. This trade represents a 8.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Eric S. Yuan sold 75,531 shares of Zoom Video Communications stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $74.98, for a total value of $5,663,314.38. The disclosure for this sale can be found here. Over the last quarter, insiders sold 164,515 shares of company stock worth $12,132,994. 10.78% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Zoom Video Communications

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Merit Financial Group LLC acquired a new stake in shares of Zoom Video Communications during the 4th quarter worth about $1,072,000. Swedbank AB lifted its stake in shares of Zoom Video Communications by 96.3% during the fourth quarter. Swedbank AB now owns 82,247 shares of the company’s stock valued at $6,712,000 after buying an additional 40,351 shares during the period. Asset Management One Co. Ltd. boosted its position in Zoom Video Communications by 8.7% during the fourth quarter. Asset Management One Co. Ltd. now owns 93,872 shares of the company’s stock worth $7,868,000 after acquiring an additional 7,518 shares during the last quarter. Silver Lake Advisory LLC grew its stake in Zoom Video Communications by 13.3% in the 4th quarter. Silver Lake Advisory LLC now owns 40,325 shares of the company’s stock worth $3,291,000 after acquiring an additional 4,745 shares during the period. Finally, Arkadios Wealth Advisors raised its holdings in Zoom Video Communications by 35.7% in the 4th quarter. Arkadios Wealth Advisors now owns 39,628 shares of the company’s stock valued at $3,234,000 after acquiring an additional 10,417 shares during the last quarter. 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.