Truvestments Capital LLC Takes Position in Zoom Video Communications, Inc. (NASDAQ:ZM)

Truvestments Capital LLC acquired a new position in Zoom Video Communications, Inc. (NASDAQ:ZM) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 537 shares of the company’s stock, valued at approximately $37,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ZM. Jacobs Levy Equity Management Inc. acquired a new position in shares of Zoom Video Communications in the 1st quarter valued at about $260,000. California State Teachers Retirement System increased its stake in Zoom Video Communications by 1.7% in the 1st quarter. California State Teachers Retirement System now owns 396,209 shares of the company’s stock valued at $25,900,000 after buying an additional 6,630 shares during the period. Tidal Investments LLC lifted its position in Zoom Video Communications by 89.7% in the 1st quarter. Tidal Investments LLC now owns 34,352 shares of the company’s stock worth $2,246,000 after buying an additional 16,248 shares in the last quarter. Comerica Bank boosted its stake in shares of Zoom Video Communications by 15.6% during the 1st quarter. Comerica Bank now owns 4,966 shares of the company’s stock valued at $325,000 after buying an additional 670 shares during the period. Finally, iA Global Asset Management Inc. boosted its stake in shares of Zoom Video Communications by 27.3% during the 1st quarter. iA Global Asset Management Inc. now owns 4,060 shares of the company’s stock valued at $265,000 after buying an additional 870 shares during the period. 66.54% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, CEO Eric S. Yuan sold 2,420 shares of the stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $68.38, for a total value of $165,479.60. Following the completion of the transaction, the chief executive officer now owns 85,514 shares in the company, valued at approximately $5,847,447.32. This represents a 2.75 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Velchamy Sankarlingam sold 3,614 shares of the firm’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $66.87, for a total transaction of $241,668.18. Following the transaction, the insider now directly owns 94,000 shares of the company’s stock, valued at $6,285,780. The trade was a 3.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 367,108 shares of company stock worth $26,796,191 in the last ninety days. Insiders own 10.78% of the company’s stock.

Zoom Video Communications Trading Up 2.3 %

Shares of Zoom Video Communications stock opened at $85.36 on Thursday. The company has a market cap of $26.27 billion, a price-to-earnings ratio of 28.45, a PEG ratio of 7.12 and a beta of -0.05. Zoom Video Communications, Inc. has a 1 year low of $55.06 and a 1 year high of $92.80. The company’s fifty day simple moving average is $74.55 and its 200-day simple moving average is $66.03.

Analyst Ratings Changes

ZM has been the subject of several recent research reports. Royal Bank of Canada reiterated an “outperform” rating and set a $95.00 price objective on shares of Zoom Video Communications in a report on Tuesday. Scotiabank raised Zoom Video Communications to a “hold” rating in a research note on Tuesday, November 19th. Mizuho lifted their price target on Zoom Video Communications from $90.00 to $105.00 and gave the company an “outperform” rating in a report on Tuesday. Stifel Nicolaus increased their price objective on Zoom Video Communications from $70.00 to $90.00 and gave the stock a “hold” rating in a report on Tuesday. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Zoom Video Communications in a research note on Friday, October 11th. Two investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $85.19.

About Zoom Video Communications

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.