Geode Capital Management LLC Purchases 28,725 Shares of Zoom Video Communications, Inc. (NASDAQ:ZM)

Geode Capital Management LLC lifted its position in shares of Zoom Video Communications, Inc. (NASDAQ:ZM) by 0.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,624,160 shares of the company’s stock after purchasing an additional 28,725 shares during the quarter. Geode Capital Management LLC owned 1.51% of Zoom Video Communications worth $377,429,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. HighTower Advisors LLC increased its stake in Zoom Video Communications by 449.4% during the 3rd quarter. HighTower Advisors LLC now owns 63,618 shares of the company’s stock worth $4,429,000 after purchasing an additional 52,039 shares in the last quarter. Merit Financial Group LLC bought a new stake in shares of Zoom Video Communications during the fourth quarter worth $1,072,000. State Street Corp raised its holdings in shares of Zoom Video Communications by 2.3% during the third quarter. State Street Corp now owns 6,106,293 shares of the company’s stock worth $425,853,000 after acquiring an additional 134,559 shares during the period. Nordea Investment Management AB lifted its position in Zoom Video Communications by 202.8% in the 4th quarter. Nordea Investment Management AB now owns 779,051 shares of the company’s stock valued at $64,054,000 after acquiring an additional 521,778 shares in the last quarter. Finally, Tri Ri Asset Management Corp acquired a new position in Zoom Video Communications in the 3rd quarter worth $2,676,000. Institutional investors and hedge funds own 66.54% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on ZM shares. Benchmark reissued a “buy” rating and issued a $97.00 price target on shares of Zoom Video Communications in a research note on Tuesday, February 25th. Royal Bank of Canada restated an “outperform” rating and issued a $95.00 target price on shares of Zoom Video Communications in a research note on Wednesday, March 19th. Needham & Company LLC reaffirmed a “hold” rating on shares of Zoom Video Communications in a research note on Tuesday, February 25th. UBS Group lowered their price objective on shares of Zoom Video Communications from $90.00 to $85.00 and set a “neutral” rating on the stock in a report on Tuesday, February 25th. Finally, Citigroup reduced their target price on shares of Zoom Video Communications from $86.00 to $85.00 and set a “neutral” rating for the company in a report on Tuesday, February 18th. Fifteen investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Zoom Video Communications currently has a consensus rating of “Hold” and a consensus price target of $89.33.

Insider Activity at Zoom Video Communications

In other news, insider Velchamy Sankarlingam sold 10,817 shares of the firm’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $78.69, for a total transaction of $851,189.73. Following the transaction, the insider now directly owns 117,760 shares of the company’s stock, valued at approximately $9,266,534.40. This trade represents a 8.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Eric S. Yuan sold 33,751 shares of the business’s stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $78.69, for a total value of $2,655,866.19. Following the completion of the sale, the chief executive officer now owns 34,703 shares of the company’s stock, valued at approximately $2,730,779.07. This trade represents a 49.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 371,746 shares of company stock worth $29,689,595 in the last ninety days. 10.78% of the stock is owned by company insiders.

Zoom Video Communications Stock Down 7.5 %

Shares of NASDAQ:ZM opened at $67.75 on Friday. Zoom Video Communications, Inc. has a 12-month low of $55.06 and a 12-month high of $92.80. The business has a 50 day moving average of $79.13 and a 200-day moving average of $78.35. The stock has a market cap of $20.68 billion, a PE ratio of 22.58, a P/E/G ratio of 5.48 and a beta of 0.67.

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.