Norges Bank Acquires New Stake in Zoom Video Communications, Inc. (NASDAQ:ZM)

Norges Bank bought a new position in Zoom Video Communications, Inc. (NASDAQ:ZM) during the 4th quarter, Holdings Channel reports. The institutional investor bought 2,283,744 shares of the company’s stock, valued at approximately $164,224,000.

A number of other institutional investors have also recently modified their holdings of ZM. Acadian Asset Management LLC lifted its position in Zoom Video Communications by 639.9% in the 3rd quarter. Acadian Asset Management LLC now owns 1,629,081 shares of the company’s stock valued at $113,916,000 after acquiring an additional 1,408,908 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Zoom Video Communications by 4.6% during the third quarter. Vanguard Group Inc. now owns 22,695,541 shares of the company’s stock valued at $1,587,326,000 after buying an additional 1,000,005 shares during the last quarter. ARK Investment Management LLC increased its holdings in Zoom Video Communications by 7.7% in the 4th quarter. ARK Investment Management LLC now owns 10,964,576 shares of the company’s stock worth $788,463,000 after buying an additional 781,663 shares in the last quarter. International Assets Investment Management LLC raised its position in Zoom Video Communications by 5,787.2% in the 4th quarter. International Assets Investment Management LLC now owns 583,190 shares of the company’s stock worth $41,937,000 after buying an additional 573,284 shares during the last quarter. Finally, Pacer Advisors Inc. boosted its holdings in shares of Zoom Video Communications by 36.4% during the 4th quarter. Pacer Advisors Inc. now owns 1,826,433 shares of the company’s stock valued at $131,339,000 after acquiring an additional 487,796 shares during the last quarter. 66.54% of the stock is owned by hedge funds and other institutional investors.

Zoom Video Communications Stock Performance

ZM stock opened at $64.38 on Thursday. The company has a market capitalization of $19.80 billion, a PE ratio of 24.02 and a beta of -0.05. The company’s fifty day moving average price is $63.21 and its 200-day moving average price is $65.90. Zoom Video Communications, Inc. has a one year low of $58.87 and a one year high of $75.90.

Zoom Video Communications (NASDAQ:ZM) last announced its quarterly earnings results on Monday, February 26th. The company reported $0.76 EPS for the quarter, topping the consensus estimate of $0.42 by $0.34. The business had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.13 billion. Zoom Video Communications had a net margin of 18.37% and a return on equity of 10.84%. On average, research analysts predict that Zoom Video Communications, Inc. will post 2.15 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Stifel Nicolaus lowered their price objective on shares of Zoom Video Communications from $70.00 to $65.00 and set a “hold” rating on the stock in a research report on Tuesday. Jefferies Financial Group began coverage on Zoom Video Communications in a report on Tuesday, March 19th. They issued a “hold” rating and a $70.00 target price on the stock. Mizuho cut their price target on Zoom Video Communications from $100.00 to $90.00 and set a “buy” rating for the company in a research note on Tuesday, February 27th. Sanford C. Bernstein dropped their price objective on shares of Zoom Video Communications from $82.00 to $78.00 and set a “market perform” rating on the stock in a report on Tuesday. Finally, Wells Fargo & Company reduced their target price on shares of Zoom Video Communications from $70.00 to $60.00 and set an “underweight” rating for the company in a report on Tuesday. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $76.67.

Insiders Place Their Bets

In related news, CEO Eric S. Yuan sold 27,963 shares of the company’s stock in a transaction on Wednesday, April 10th. The shares were sold at an average price of $61.98, for a total transaction of $1,733,146.74. Following the sale, the chief executive officer now owns 95,140 shares of the company’s stock, valued at $5,896,777.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CFO Kelly Steckelberg sold 5,007 shares of Zoom Video Communications stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $63.36, for a total value of $317,243.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Eric S. Yuan sold 27,963 shares of the business’s stock in a transaction that occurred on Wednesday, April 10th. The shares were sold at an average price of $61.98, for a total value of $1,733,146.74. Following the transaction, the chief executive officer now directly owns 95,140 shares in the company, valued at approximately $5,896,777.20. The disclosure for this sale can be found here. Insiders have sold a total of 101,170 shares of company stock valued at $6,356,101 in the last quarter. 10.78% of the stock is currently owned by insiders.

Zoom Video Communications 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.