Zurcher Kantonalbank Zurich Cantonalbank Buys 19,087 Shares of Zoom Video Communications, Inc. (NASDAQ:ZM)

Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Zoom Video Communications, Inc. (NASDAQ:ZM) by 16.2% in the fourth quarter, HoldingsChannel reports. The firm owned 137,194 shares of the company’s stock after acquiring an additional 19,087 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Zoom Video Communications were worth $11,196,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the stock. FMR LLC lifted its stake in shares of Zoom Video Communications by 23.8% in the 3rd quarter. FMR LLC now owns 12,444,887 shares of the company’s stock worth $867,906,000 after purchasing an additional 2,395,396 shares during the period. Raymond James Financial Inc. purchased a new stake in Zoom Video Communications during the fourth quarter valued at approximately $99,471,000. Eagle Asset Management Inc. purchased a new stake in Zoom Video Communications during the third quarter valued at approximately $62,038,000. Assenagon Asset Management S.A. raised its position in Zoom Video Communications by 126.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,251,302 shares of the company’s stock worth $102,119,000 after acquiring an additional 699,625 shares during the period. Finally, Nordea Investment Management AB boosted its stake in shares of Zoom Video Communications by 202.8% during the 4th quarter. Nordea Investment Management AB now owns 779,051 shares of the company’s stock worth $64,054,000 after acquiring an additional 521,778 shares during the last quarter. 66.54% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Zoom Video Communications news, COO Aparna Bawa sold 9,317 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $78.69, for a total transaction of $733,154.73. Following the sale, the chief operating officer now directly owns 14,053 shares of the company’s stock, valued at $1,105,830.57. The trade was a 39.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Shane Crehan sold 1,412 shares of Zoom Video Communications stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $78.69, for a total value of $111,110.28. Following the completion of the transaction, the chief accounting officer now owns 5,404 shares of the company’s stock, valued at approximately $425,240.76. This trade represents a 20.72 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 369,271 shares of company stock worth $29,496,892. Insiders own 10.78% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. The Goldman Sachs Group raised their target price on Zoom Video Communications from $72.00 to $86.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Scotiabank raised Zoom Video Communications to a “hold” rating in a research note on Tuesday, November 19th. Wells Fargo & Company upgraded Zoom Video Communications from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $70.00 to $85.00 in a research note on Tuesday, January 7th. Needham & Company LLC reissued a “hold” rating on shares of Zoom Video Communications in a report on Tuesday, February 25th. Finally, Piper Sandler lifted their price target on shares of Zoom Video Communications from $68.00 to $89.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Fifteen investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong 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 $90.05.

Zoom Video Communications Price Performance

NASDAQ:ZM opened at $73.95 on Thursday. The company has a market cap of $22.67 billion, a price-to-earnings ratio of 24.65, a PEG ratio of 5.48 and a beta of 0.26. Zoom Video Communications, Inc. has a 1 year low of $55.06 and a 1 year high of $92.80. The stock’s 50 day simple moving average is $80.80 and its two-hundred day simple moving average is $77.64.

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.