Cannon Global Investment Management LLC Acquires Shares of 9,500 Zoom Video Communications, Inc. (NASDAQ:ZM)

Cannon Global Investment Management LLC bought a new stake 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 bought 9,500 shares of the company's stock, valued at approximately $775,000. Zoom Video Communications comprises about 1.7% of Cannon Global Investment Management LLC's investment portfolio, making the stock its 18th biggest holding.

A number of other hedge funds also recently made changes to their positions in the business. Global X Japan Co. Ltd. grew its holdings in Zoom Video Communications by 127.5% during the fourth quarter. Global X Japan Co. Ltd. now owns 339 shares of the company's stock valued at $28,000 after purchasing an additional 190 shares during the period. Avior Wealth Management LLC grew its stake in shares of Zoom Video Communications by 291.2% during the 4th 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 increased its holdings in Zoom Video Communications by 277.4% in the 4th 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 last quarter. Truvestments Capital LLC purchased a new stake in Zoom Video Communications during the third quarter valued at about $37,000. Finally, Geneos Wealth Management Inc. bought a new position in Zoom Video Communications during the fourth quarter worth about $39,000. 66.54% of the stock is currently owned by institutional investors.

Insider Activity

In other Zoom Video Communications news, CEO Eric S. Yuan sold 75,531 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $74.98, for a total transaction of $5,663,314.38. The sale was disclosed in a filing with the SEC, which is available through this link. Also, COO Aparna Bawa sold 9,317 shares of the company's stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $78.69, for a total transaction of $733,154.73. Following the sale, the chief operating officer now directly owns 14,053 shares of the company's stock, valued at $1,105,830.57. The trade was a 39.87 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 369,271 shares of company stock worth $29,496,892. Corporate insiders own 10.78% of the company's stock.

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Zoom Video Communications Stock Performance

Shares of ZM traded down $0.07 on Tuesday, reaching $78.13. The stock had a trading volume of 1,586,158 shares, compared to its average volume of 3,042,087. Zoom Video Communications, Inc. has a 12-month low of $55.06 and a 12-month high of $92.80. The firm has a market capitalization of $23.85 billion, a price-to-earnings ratio of 26.04, a price-to-earnings-growth ratio of 5.48 and a beta of 0.26. The company has a 50-day simple moving average of $79.95 and a 200-day simple moving average of $78.11.

Analysts Set New Price Targets

ZM has been the topic of a number of analyst reports. Scotiabank lowered their target price on shares of Zoom Video Communications from $85.00 to $75.00 and set a "sector perform" rating on the stock in a report on Monday, March 17th. JMP Securities reissued a "market perform" rating on shares of Zoom Video Communications in a report on Tuesday, November 26th. Stifel Nicolaus cut their target price on Zoom Video Communications from $90.00 to $85.00 and set a "hold" rating for the company in a research note on Tuesday, February 25th. Morgan Stanley upped their price target on Zoom Video Communications from $86.00 to $96.00 and gave the company an "equal weight" rating in a research report on Wednesday, December 18th. Finally, Piper Sandler boosted their price objective on shares of Zoom Video Communications from $68.00 to $89.00 and gave the company a "neutral" rating in a research note on Tuesday, November 26th. Fifteen research 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. Based on data from MarketBeat.com, Zoom Video Communications currently has a consensus rating of "Hold" and an average target price of $89.33.

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.