Zoom Video Communications Inc (NASDAQ:ZM) shares are trading lower Tuesday following bearish analyst coverage from Citigroup.
Citigroup analyst Tyler Radke downgraded Zoom Video from a Neutral rating to a Sell rating and announced a $91 price target.
The downgrade comes a week ahead of Zoom’s second-quarter earnings results. The company is scheduled to report its quarterly results after the close on Aug. 22. Zoom is expected to report revenue of $1.11 billion, according to Benzinga Pro.
In other news, a new 13F filing with the SEC showed that Saudi Arabia’s Public Investment Fund (PIF) purchased 4.7 million Zoom shares during the last quarter.
Related Link: Saudi Public Investment Fund Picks Shares In Alphabet, Zoom, Microsoft
Zoom provides a communications platform that connects people through video, voice, chat and content sharing.
ZM Price Action: Zoom Video has a 52-week high of $184.91 and a 52-week low of $79.03.
The stock was down 7.88% at $104.32 at time of publication.
Photo: courtesy of Zoom.
