Morgan Stanley Lowers Zoom Video Communications (NASDAQ:ZM) Price Target to $73.00

Zoom Video Communications (NASDAQ:ZM) had its target price cut by investment analysts at Morgan Stanley from $96.00 to $73.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price objective points to a potential upside of 2.11% from the company’s previous close.

Several other equities research analysts also recently weighed in on ZM. Citigroup lowered their target price on shares of Zoom Video Communications from $86.00 to $85.00 and set a “neutral” rating for the company in a research note on Tuesday, February 18th. Mizuho lowered their price objective on Zoom Video Communications from $105.00 to $71.00 and set an “outperform” rating for the company in a research report on Tuesday. Wells Fargo & Company raised Zoom Video Communications from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $70.00 to $85.00 in a research report on Tuesday, January 7th. Cantor Fitzgerald reissued a “neutral” rating and issued a $87.00 price target on shares of Zoom Video Communications in a report on Tuesday, February 25th. Finally, Scotiabank cut their price objective on shares of Zoom Video Communications from $85.00 to $75.00 and set a “sector perform” rating on the stock in a report on Monday, March 17th. Fifteen equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Zoom Video Communications presently has an average rating of “Hold” and a consensus price target of $86.62.

Zoom Video Communications Stock Performance

ZM stock opened at $71.49 on Wednesday. Zoom Video Communications has a one year low of $55.06 and a one year high of $92.80. The firm has a market cap of $21.82 billion, a price-to-earnings ratio of 23.83, a PEG ratio of 5.48 and a beta of 0.67. The firm has a 50-day simple moving average of $75.59 and a two-hundred day simple moving average of $78.43.

Insider Transactions at Zoom Video Communications

In other news, Director Santiago Subotovsky sold 2,475 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $77.86, for a total transaction of $192,703.50. Following the sale, the director now directly owns 169,452 shares of the company’s stock, valued at $13,193,532.72. This represents a 1.44 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Velchamy Sankarlingam sold 11,839 shares of Zoom Video Communications stock in a transaction dated Tuesday, April 15th. The shares were 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 owns 125,529 shares of the company’s stock, valued at approximately $9,026,790.39. This represents a 8.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 242,897 shares of company stock valued at $18,941,111 in the last 90 days. 10.78% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Zoom Video Communications

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Global X Japan Co. Ltd. grew its position in shares of Zoom Video Communications by 127.5% in the fourth quarter. Global X Japan Co. Ltd. now owns 339 shares of the company’s stock valued at $28,000 after purchasing an additional 190 shares during the period. Parkside Financial Bank & Trust lifted its stake in Zoom Video Communications by 277.4% in the 4th quarter. Parkside Financial Bank & Trust now owns 351 shares of the company’s stock valued at $29,000 after buying an additional 258 shares in the last quarter. Avior Wealth Management LLC increased its stake in Zoom Video Communications by 291.2% during the 4th quarter. Avior Wealth Management LLC now owns 356 shares of the company’s stock worth $29,000 after buying an additional 265 shares in the last quarter. Raiffeisen Bank International AG acquired a new position in shares of Zoom Video Communications during the fourth quarter valued at approximately $30,000. Finally, MassMutual Private Wealth & Trust FSB raised its holdings in shares of Zoom Video Communications by 177.0% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 385 shares of the company’s stock valued at $28,000 after acquiring an additional 246 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.