Zoom Video Communications (NASDAQ:ZM) Trading Down 5.7% Following Insider Selling

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Zoom Video Communications Inc (NASDAQ:ZM)’s share price fell 5.7% on Tuesday following insider selling activity. The company traded as low as $61.02 and last traded at $62.00, 4,412,923 shares were traded during mid-day trading. An increase of 73% from the average session volume of 2,554,219 shares. The stock had previously closed at $65.77.

Specifically, CMO Janine Pelosi sold 6,196 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $65.77, for a total value of $407,510.92. Also, Director Kimberly Hammonds sold 37,500 shares of the business’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $65.77, for a total transaction of $2,466,375.00.

Several equities research analysts have recently issued reports on ZM shares. Citigroup decreased their price objective on shares of Zoom Video Communications from $90.00 to $75.00 and set a “neutral” rating for the company in a research report on Friday, October 18th. Bank of America lifted their price objective on shares of Zoom Video Communications from $99.00 to $103.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Goldman Sachs Group cut shares of Zoom Video Communications from a “neutral” rating to a “sell” rating and lifted their price objective for the stock from $53.00 to $66.00 in a research report on Sunday, June 30th. Zacks Investment Research raised shares of Zoom Video Communications from a “hold” rating to a “buy” rating and set a $90.00 price objective for the company in a research report on Saturday, September 14th. Finally, Royal Bank of Canada decreased their price objective on shares of Zoom Video Communications to $95.00 and set a “sector perform” rating for the company in a research report on Tuesday, October 8th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have assigned a buy rating to the company’s stock. Zoom Video Communications has a consensus rating of “Hold” and a consensus target price of $88.53.

The company has a debt-to-equity ratio of 0.06, a quick ratio of 4.00 and a current ratio of 4.00. The stock’s 50-day simple moving average is $77.55.

Zoom Video Communications (NASDAQ:ZM) last announced its quarterly earnings results on Thursday, September 5th. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.02) by $0.10. The company had revenue of $145.80 million during the quarter, compared to analysts’ expectations of $130.55 million. Zoom Video Communications’s revenue was up 95.7% compared to the same quarter last year. As a group, analysts anticipate that Zoom Video Communications Inc will post -0.03 EPS for the current fiscal year.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. SALESFORCE.COM Inc. acquired a new position in Zoom Video Communications in the second quarter valued at $246,639,000. Vanguard Group Inc. acquired a new position in Zoom Video Communications in the second quarter valued at $151,471,000. Coatue Management LLC acquired a new position in Zoom Video Communications in the second quarter valued at $109,677,000. Whale Rock Capital Management LLC acquired a new position in Zoom Video Communications in the second quarter valued at $108,258,000. Finally, Price T Rowe Associates Inc. MD acquired a new position in Zoom Video Communications in the second quarter valued at $97,188,000. 9.03% of the stock is owned by hedge funds and other institutional investors.

Zoom Video Communications Company Profile (NASDAQ:ZM)

Zoom Video Communications, Inc provides a video-first communications platform that delivers changes how people interact primarily in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. It connects people through frictionless video, voice, chat, and content sharing. The company's cloud-native platform enables face-to-face video experiences and connects users across various devices and locations in a single meeting.

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