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Zoom Video Communications (NASDAQ:ZM) Shares Gap Down Following Analyst Downgrade – MarketBeat

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Zoom Video Communications, Inc. (NASDAQ:ZMGet Rating) shares gapped down before the market opened on Tuesday after Evercore ISI lowered their price target on the stock from $95.00 to $85.00. The stock had previously closed at $80.26, but opened at $72.59. Zoom Video Communications shares last traded at $73.26, with a volume of 214,512 shares.
A number of other analysts also recently issued reports on the company. Credit Suisse Group began coverage on Zoom Video Communications in a report on Friday, September 23rd. They set a “neutral” rating and a $83.00 price target for the company. Mizuho decreased their price target on Zoom Video Communications from $120.00 to $100.00 and set a “buy” rating for the company in a report on Tuesday. Argus downgraded Zoom Video Communications from a “buy” rating to a “hold” rating in a report on Friday, August 26th. Royal Bank of Canada decreased their price target on Zoom Video Communications from $150.00 to $130.00 in a report on Tuesday, August 23rd. Finally, Benchmark decreased their price target on Zoom Video Communications from $128.00 to $118.00 and set a “buy” rating for the company in a report on Tuesday, August 23rd. Two equities research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Zoom Video Communications presently has a consensus rating of “Hold” and a consensus price target of $123.00.

Insider Buying and Selling

In related news, insider Velchamy Sankarlingam sold 2,374 shares of the company’s stock in a transaction that occurred on Saturday, October 8th. The stock was sold at an average price of $71.59, for a total value of $169,954.66. Following the sale, the insider now owns 15,869 shares in the company, valued at approximately $1,136,061.71. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 11.24% of the company’s stock.

Institutional Investors Weigh In On Zoom Video Communications

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. SeaCrest Wealth Management LLC purchased a new position in shares of Zoom Video Communications during the 2nd quarter worth $26,000. Ronald Blue Trust Inc. purchased a new position in shares of Zoom Video Communications in the 2nd quarter worth $27,000. Wagner Wealth Management LLC purchased a new position in shares of Zoom Video Communications in the 2nd quarter worth $32,000. Global Wealth Management Investment Advisory Inc. raised its position in shares of Zoom Video Communications by 63.3% in the 1st quarter. Global Wealth Management Investment Advisory Inc. now owns 294 shares of the company’s stock worth $34,000 after buying an additional 114 shares during the period. Finally, TCI Wealth Advisors Inc. raised its position in shares of Zoom Video Communications by 57.9% in the 3rd quarter. TCI Wealth Advisors Inc. now owns 529 shares of the company’s stock worth $39,000 after buying an additional 194 shares during the period. Hedge funds and other institutional investors own 52.86% of the company’s stock.

Zoom Video Communications Trading Down 8.7 %

The firm has a market capitalization of $21.81 billion, a PE ratio of 22.36, a price-to-earnings-growth ratio of 3.19 and a beta of -0.29. The firm has a 50-day moving average of $78.62 and a two-hundred day moving average of $93.79.
Zoom Video Communications (NASDAQ:ZMGet Rating) last announced its quarterly earnings results on Monday, November 21st. The company reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.23. Zoom Video Communications had a return on equity of 11.87% and a net margin of 23.05%. The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.10 billion. During the same period in the prior year, the firm earned $0.72 EPS. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. Equities research analysts expect that Zoom Video Communications, Inc. will post 1.32 earnings per share for the current fiscal year.

Zoom Video Communications Company Profile

(Get Rating)
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.

Further Reading

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