Zoom Video Communications, Inc. (NASDAQ:ZM) Stake Boosted by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board increased its stake in Zoom Video Communications, Inc. (NASDAQ:ZM) by 297.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 639,669 shares of the company’s stock after purchasing an additional 478,769 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Zoom Video Communications were worth $41,815,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the stock. Vanguard Group Inc. increased its stake in Zoom Video Communications by 3.2% in the 4th quarter. Vanguard Group Inc. now owns 23,417,464 shares of the company’s stock worth $1,683,950,000 after purchasing an additional 721,923 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its stake in Zoom Video Communications by 3.4% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,612,008 shares of the company’s stock worth $475,469,000 after purchasing an additional 216,768 shares in the last quarter. Nikko Asset Management Americas Inc. increased its stake in Zoom Video Communications by 4.0% in the 4th quarter. Nikko Asset Management Americas Inc. now owns 6,046,234 shares of the company’s stock worth $434,785,000 after purchasing an additional 233,321 shares in the last quarter. FIL Ltd grew its stake in Zoom Video Communications by 1.3% during the 4th quarter. FIL Ltd now owns 3,069,797 shares of the company’s stock valued at $220,749,000 after acquiring an additional 40,456 shares in the last quarter. Finally, Acadian Asset Management LLC grew its stake in Zoom Video Communications by 54.8% during the 1st quarter. Acadian Asset Management LLC now owns 3,046,718 shares of the company’s stock valued at $199,146,000 after acquiring an additional 1,078,937 shares in the last quarter. Hedge funds and other institutional investors own 66.54% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ZM. Sanford C. Bernstein lowered their target price on Zoom Video Communications from $82.00 to $78.00 and set a “market perform” rating on the stock in a research note on Tuesday, May 21st. Royal Bank of Canada reaffirmed an “outperform” rating and set a $95.00 target price on shares of Zoom Video Communications in a research note on Tuesday, May 21st. Needham & Company LLC reaffirmed a “hold” rating on shares of Zoom Video Communications in a research note on Tuesday, May 21st. Piper Sandler lowered their target price on Zoom Video Communications from $72.00 to $68.00 and set a “neutral” rating on the stock in a research note on Wednesday, July 10th. Finally, Robert W. Baird lowered their target price on Zoom Video Communications from $90.00 to $84.00 and set an “outperform” rating on the stock in a research note on Tuesday, May 21st. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $75.22.

Zoom Video Communications Stock Performance

ZM opened at $60.09 on Friday. The business has a 50 day moving average price of $59.70 and a 200 day moving average price of $63.04. Zoom Video Communications, Inc. has a twelve month low of $55.63 and a twelve month high of $75.90. The firm has a market cap of $18.58 billion, a P/E ratio of 22.42, a price-to-earnings-growth ratio of 9.22 and a beta of -0.05.

Zoom Video Communications (NASDAQ:ZM) last posted its earnings results on Monday, May 20th. The company reported $0.74 earnings per share for the quarter, topping 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 firm had revenue of $1.14 billion during the quarter, compared to analyst estimates of $1.13 billion. As a group, analysts anticipate that Zoom Video Communications, Inc. will post 2.43 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Kelly Steckelberg sold 5,007 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $58.64, for a total transaction of $293,610.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Kelly Steckelberg sold 5,007 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $58.64, for a total transaction of $293,610.48. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Shane Crehan sold 1,538 shares of the company’s stock in a transaction that occurred on Sunday, June 9th. The stock was sold at an average price of $62.42, for a total value of $96,001.96. Following the transaction, the chief accounting officer now owns 1,475 shares of the company’s stock, valued at $92,069.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 123,636 shares of company stock worth $7,242,839. 10.78% of the stock is currently owned by insiders.

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.