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

Norges Bank bought a new position in Zoom Video Communications, Inc. (NASDAQ:ZM) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 9,213,426 shares of the company’s stock, valued at approximately $751,908,000. Norges Bank owned approximately 3.01% of Zoom Video Communications as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. Global X Japan Co. Ltd. raised its position in Zoom Video Communications by 127.5% in the 4th quarter. Global X Japan Co. Ltd. now owns 339 shares of the company’s stock worth $28,000 after buying an additional 190 shares during the last quarter. Avior Wealth Management LLC grew its stake in shares of Zoom Video Communications by 291.2% in the fourth quarter. Avior Wealth Management LLC now owns 356 shares of the company’s stock worth $29,000 after acquiring an additional 265 shares during the period. Parkside Financial Bank & Trust grew its stake in shares of Zoom Video Communications by 277.4% in the fourth quarter. Parkside Financial Bank & Trust now owns 351 shares of the company’s stock worth $29,000 after acquiring an additional 258 shares during the period. Truvestments Capital LLC purchased a new position in shares of Zoom Video Communications during the third quarter valued at approximately $37,000. Finally, Geneos Wealth Management Inc. purchased a new stake in Zoom Video Communications in the fourth quarter worth approximately $39,000. Hedge funds and other institutional investors own 66.54% of the company’s stock.

Wall Street Analysts Forecast Growth

ZM has been the subject of a number of research reports. Morgan Stanley boosted their target price on shares of Zoom Video Communications from $86.00 to $96.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 18th. Wells Fargo & Company raised Zoom Video Communications from an “underweight” rating to an “equal weight” rating and raised their target price for the stock from $70.00 to $85.00 in a research report on Tuesday, January 7th. Stifel Nicolaus lowered their price objective on shares of Zoom Video Communications from $90.00 to $85.00 and set a “hold” rating on the stock in a research note on Tuesday, February 25th. Barclays cut their target price on shares of Zoom Video Communications from $85.00 to $80.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 26th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $95.00 price target on shares of Zoom Video Communications in a research note on Wednesday, March 19th. Fifteen analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $89.33.

Zoom Video Communications Stock Down 1.3 %

Shares of ZM stock opened at $76.78 on Friday. The company’s fifty day simple moving average is $79.84 and its two-hundred day simple moving average is $78.10. Zoom Video Communications, Inc. has a 52 week low of $55.06 and a 52 week high of $92.80. The stock has a market cap of $23.44 billion, a P/E ratio of 25.59, a PEG ratio of 5.48 and a beta of 0.26.

Insider Transactions at Zoom Video Communications

In other Zoom Video Communications news, COO Aparna Bawa sold 9,317 shares of the stock in a transaction on Friday, January 10th. The shares were sold at an average price of $78.69, for a total transaction of $733,154.73. Following the completion of the transaction, the chief operating officer now owns 14,053 shares in the company, valued at $1,105,830.57. This trade represents a 39.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Eric S. Yuan sold 33,751 shares of the business’s stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $78.69, for a total transaction of $2,655,866.19. Following the completion of the sale, the chief executive officer now owns 34,703 shares in the company, 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. Over the last three months, insiders have sold 371,746 shares of company stock valued at $29,689,595. 10.78% of the stock is currently owned by insiders.

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.