Allstate Corp Acquires New Shares in Zoom Video Communications, Inc. (NASDAQ:ZM)

Allstate Corp purchased a new position in shares of Zoom Video Communications, Inc. (NASDAQ:ZM - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 7,198 shares of the company's stock, valued at approximately $587,000.

Several other large investors have also added to or reduced their stakes in ZM. Adero Partners LLC grew its stake in Zoom Video Communications by 2.4% in the fourth quarter. Adero Partners LLC now owns 5,509 shares of the company's stock valued at $450,000 after purchasing an additional 129 shares in the last quarter. Itau Unibanco Holding S.A. boosted its holdings in shares of Zoom Video Communications by 1.9% in the 3rd quarter. Itau Unibanco Holding S.A. now owns 7,121 shares of the company's stock valued at $497,000 after buying an additional 131 shares during the last quarter. MML Investors Services LLC grew its stake in shares of Zoom Video Communications by 1.4% in the third quarter. MML Investors Services LLC now owns 9,395 shares of the company's stock valued at $655,000 after buying an additional 132 shares in the last quarter. MetLife Investment Management LLC increased its holdings in Zoom Video Communications by 3.4% during the third quarter. MetLife Investment Management LLC now owns 4,619 shares of the company's stock worth $322,000 after buying an additional 154 shares during the last quarter. Finally, GAMMA Investing LLC raised its position in Zoom Video Communications by 27.1% during the fourth quarter. GAMMA Investing LLC now owns 770 shares of the company's stock worth $63,000 after acquiring an additional 164 shares in the last quarter. Institutional investors and hedge funds own 66.54% of the company's stock.

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Analysts Set New Price Targets

Several research analysts have recently weighed in on ZM shares. Barclays lowered their price objective on shares of Zoom Video Communications from $85.00 to $80.00 and set an "equal weight" rating on the stock in a research note on Wednesday, February 26th. Rosenblatt Securities reissued a "buy" rating and set a $95.00 price target on shares of Zoom Video Communications in a research report on Wednesday, March 19th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $95.00 price objective on shares of Zoom Video Communications in a research report on Wednesday, March 19th. Morgan Stanley boosted their target price on Zoom Video Communications from $86.00 to $96.00 and gave the stock an "equal weight" rating in a report on Wednesday, December 18th. Finally, Wells Fargo & Company raised Zoom Video Communications from an "underweight" rating to an "equal weight" rating and raised their price target for the company from $70.00 to $85.00 in a report on Tuesday, January 7th. Fifteen analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Zoom Video Communications currently has an average rating of "Hold" and a consensus price target of $89.33.

Zoom Video Communications Trading Down 2.4 %

NASDAQ ZM traded down $1.79 during midday trading on Thursday, hitting $73.25. The company had a trading volume of 2,530,160 shares, compared to its average volume of 3,085,790. The firm has a 50-day moving average price of $79.52 and a 200-day moving average price of $78.38. The company has a market capitalization of $22.36 billion, a PE ratio of 24.42, a P/E/G ratio of 5.48 and a beta of 0.67. Zoom Video Communications, Inc. has a twelve month low of $55.06 and a twelve month high of $92.80.

Insider Buying and Selling

In other news, CEO Eric S. Yuan sold 33,751 shares of the business's stock in a transaction on 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 transaction, the chief executive officer now owns 34,703 shares of the company's stock, valued at approximately $2,730,779.07. The trade was a 49.30 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Santiago Subotovsky sold 2,475 shares of the firm's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $77.86, for a total value of $192,703.50. Following the completion of the sale, the director now directly owns 169,452 shares in the company, valued at $13,193,532.72. This trade represents a 1.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 371,746 shares of company stock worth $29,689,595. Company insiders own 10.78% of the company's stock.

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.