Morgan Stanley Lowers Zoom Video Communications (NASDAQ:ZM) Price Target to $68.00

Zoom Video Communications (NASDAQ:ZM) had its target price dropped by equities research analysts at Morgan Stanley from $72.00 to $68.00 in a report released on Friday, Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s price target would suggest a potential upside of 17.77% from the stock’s previous close.

A number of other equities analysts have also recently weighed in on the company. Stifel Nicolaus dropped their price target on Zoom Video Communications from $70.00 to $65.00 and set a “hold” rating on the stock in a research note on Tuesday, May 21st. JPMorgan Chase & Co. reduced their price target on shares of Zoom Video Communications from $83.00 to $80.00 and set a “neutral” rating for the company in a research report on Tuesday, February 27th. Robert W. Baird decreased their price objective on shares of Zoom Video Communications from $90.00 to $84.00 and set an “outperform” rating for the company in a research note on Tuesday, May 21st. Wells Fargo & Company cut their target price on shares of Zoom Video Communications from $70.00 to $60.00 and set an “underweight” rating on the stock in a research note on Tuesday, May 21st. Finally, Mizuho decreased their target price on Zoom Video Communications from $100.00 to $90.00 and set a “buy” rating for the company in a research report on Tuesday, February 27th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $75.72.

Zoom Video Communications Price Performance

NASDAQ ZM opened at $57.74 on Friday. Zoom Video Communications has a 12 month low of $57.33 and a 12 month high of $75.90. The company has a market capitalization of $17.86 billion, a P/E ratio of 21.54, a PEG ratio of 8.89 and a beta of -0.01. The company’s 50 day simple moving average is $61.88 and its 200 day simple moving average is $65.66.

Zoom Video Communications (NASDAQ:ZM) last posted its quarterly earnings results on Monday, May 20th. The company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.23. Zoom Video Communications had a return on equity of 10.55% and a net margin of 18.37%. The company had revenue of $1.14 billion for the quarter, compared to analysts’ expectations of $1.13 billion. On average, analysts anticipate that Zoom Video Communications will post 2.43 earnings per share for the current year.

Insider Buying and Selling at Zoom Video Communications

In other news, CFO Kelly Steckelberg sold 5,007 shares of the stock in a transaction on Wednesday, June 12th. The shares were sold at an average price of $61.43, for a total transaction of $307,580.01. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Zoom Video Communications news, CFO Kelly Steckelberg sold 5,007 shares of the firm’s stock in a transaction dated Wednesday, June 12th. The stock was sold at an average price of $61.43, for a total transaction of $307,580.01. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Shane Crehan sold 1,475 shares of the company’s stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $62.99, for a total value of $92,910.25. The disclosure for this sale can be found here. Insiders sold 110,016 shares of company stock worth $6,814,969 over the last ninety days. 10.78% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Zoom Video Communications

Institutional investors have recently modified their holdings of the company. Pearl River Capital LLC grew its stake in Zoom Video Communications by 31.6% in the 3rd quarter. Pearl River Capital LLC now owns 37,190 shares of the company’s stock valued at $2,601,000 after buying an additional 8,928 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Zoom Video Communications by 4.6% in the third quarter. Vanguard Group Inc. now owns 22,695,541 shares of the company’s stock worth $1,587,326,000 after purchasing an additional 1,000,005 shares during the period. Galvin Gaustad & Stein LLC increased its stake in shares of Zoom Video Communications by 25.4% in the fourth quarter. Galvin Gaustad & Stein LLC now owns 328,048 shares of the company’s stock worth $23,590,000 after purchasing an additional 66,433 shares during the period. KBC Group NV lifted its position in shares of Zoom Video Communications by 134.3% during the 4th quarter. KBC Group NV now owns 561,558 shares of the company’s stock worth $40,382,000 after purchasing an additional 321,921 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC boosted its stake in Zoom Video Communications by 556.0% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 124,088 shares of the company’s stock valued at $8,923,000 after purchasing an additional 105,173 shares during the period. Institutional investors own 66.54% of the company’s stock.

Zoom Video Communications Company Profile

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.