Zoom Video Communications (NASDAQ:ZM) Stock Price Up 5.8% – Here’s What Happened

Zoom Video Communications, Inc. (NASDAQ:ZM) shares shot up 5.8% on Tuesday . The company traded as high as $87.78 and last traded at $86.77. 1,569,491 shares traded hands during trading, a decline of 29% from the average session volume of 2,215,046 shares. The stock had previously closed at $82.00.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on ZM shares. Wedbush began coverage on shares of Zoom Video Communications in a research note on Thursday, October 17th. They set an “outperform” rating and a $85.00 price objective for the company. Evercore ISI upgraded Zoom Video Communications from an “in-line” rating to an “outperform” rating and upped their price target for the company from $70.00 to $115.00 in a research report on Tuesday, November 26th. Morgan Stanley boosted their price objective on Zoom Video Communications from $86.00 to $96.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 18th. Mizuho boosted their price target on shares of Zoom Video Communications from $90.00 to $105.00 and gave the company an “outperform” rating in a research report on Tuesday, November 26th. Finally, Needham & Company LLC restated a “hold” rating on shares of Zoom Video Communications in a research report on Friday, January 10th. Sixteen analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $89.10.

Zoom Video Communications Stock Performance

The firm’s 50 day moving average is $82.55 and its two-hundred day moving average is $72.76. The stock has a market capitalization of $27.17 billion, a PE ratio of 29.55, a P/E/G ratio of 4.99 and a beta of -0.01.

Insider Activity at Zoom Video Communications

In other news, CAO Shane Crehan sold 1,551 shares of the firm’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $84.94, for a total value of $131,741.94. Following the sale, the chief accounting officer now directly owns 3,251 shares in the company, valued at approximately $276,139.94. This trade represents a 32.30 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jonathan Chadwick sold 25,000 shares of the business’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $80.33, for a total transaction of $2,008,250.00. Following the transaction, the director now owns 1,514 shares of the company’s stock, valued at approximately $121,619.62. The trade was a 94.29 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 477,481 shares of company stock worth $37,774,948. Company insiders own 10.78% of the company’s stock.

Institutional Investors Weigh In On Zoom Video Communications

Several institutional investors have recently added to or reduced their stakes in ZM. FMR LLC lifted its holdings 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 valued at $867,906,000 after purchasing an additional 2,395,396 shares during the last quarter. Eagle Asset Management Inc. acquired a new stake in shares of Zoom Video Communications in the third quarter valued at approximately $62,038,000. Assenagon Asset Management S.A. boosted its holdings in shares of 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 valued at $102,119,000 after acquiring an additional 699,625 shares during the period. Nordea Investment Management AB grew its position in shares of Zoom Video Communications by 202.8% during the fourth 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. Finally, International Assets Investment Management LLC increased its holdings in shares of Zoom Video Communications by 6,614.6% in the 3rd quarter. International Assets Investment Management LLC now owns 499,966 shares of the company’s stock valued at $34,868,000 after acquiring an additional 492,520 shares during the period. Hedge funds and other institutional investors own 66.54% of the company’s stock.

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.