Zoom Communications (NASDAQ:ZM) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Zoom Communications (NASDAQ:ZM) from a buy rating to a strong-buy rating in a research note issued to investors on Sunday morning.

ZM has been the subject of several other reports. Piper Sandler reiterated a “neutral” rating and set a $85.00 target price on shares of Zoom Communications in a research report on Friday, August 22nd. Wedbush reiterated an “outperform” rating and set a $95.00 price objective on shares of Zoom Communications in a report on Friday, August 22nd. Benchmark upped their target price on shares of Zoom Communications from $102.00 to $110.00 and gave the stock a “buy” rating in a research note on Thursday, September 18th. JMP Securities reaffirmed a “market perform” rating on shares of Zoom Communications in a research report on Thursday, September 18th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $100.00 price target on shares of Zoom Communications in a report on Thursday, September 18th. Two analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $91.74.

Zoom Communications Stock Performance

Shares of ZM stock opened at $82.50 on Friday. The stock has a 50 day moving average price of $78.74 and a 200 day moving average price of $77.43. Zoom Communications has a 52-week low of $64.41 and a 52-week high of $92.80. The firm has a market capitalization of $24.96 billion, a P/E ratio of 21.77, a P/E/G ratio of 11.54 and a beta of 0.57.

Insiders Place Their Bets

In other news, insider Velchamy Sankarlingam sold 2,595 shares of Zoom Communications stock in a transaction that occurred on Wednesday, September 10th. The shares were sold at an average price of $85.09, for a total value of $220,808.55. Following the transaction, the insider owned 130,242 shares of the company’s stock, valued at $11,082,291.78. The trade was a 1.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Jonathan Chadwick sold 25,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $74.86, for a total transaction of $1,871,500.00. Following the transaction, the director owned 5,875 shares of the company’s stock, valued at approximately $439,802.50. This trade represents a 80.97% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 87,925 shares of company stock worth $6,680,119. Insiders own 10.78% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in shares of Zoom Communications by 0.6% during the second quarter. Vanguard Group Inc. now owns 24,951,437 shares of the company’s stock valued at $1,945,713,000 after buying an additional 154,783 shares during the last quarter. State Street Corp grew its stake in Zoom Communications by 6.0% during the 2nd quarter. State Street Corp now owns 7,189,501 shares of the company’s stock valued at $560,637,000 after purchasing an additional 410,051 shares during the last quarter. Norges Bank acquired a new position in shares of Zoom Communications in the second quarter valued at about $539,998,000. T. Rowe Price Investment Management Inc. raised its stake in shares of Zoom Communications by 0.6% in the first quarter. T. Rowe Price Investment Management Inc. now owns 6,421,733 shares of the company’s stock worth $473,732,000 after purchasing an additional 36,210 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Zoom Communications by 0.5% in the second quarter. Geode Capital Management LLC now owns 4,795,307 shares of the company’s stock worth $373,504,000 after purchasing an additional 23,910 shares during the last quarter. Institutional investors and hedge funds own 66.54% of the company’s stock.

About Zoom 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.