Cannon Global Investment Management LLC Acquires New Holdings in Zoom Video Communications, Inc. (NASDAQ:ZM)

Cannon Global Investment Management LLC bought a new position in shares of Zoom Video Communications, Inc. (NASDAQ:ZM - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 9,500 shares of the company's stock, valued at approximately $775,000. Zoom Video Communications makes up approximately 1.7% of Cannon Global Investment Management LLC's investment portfolio, making the stock its 18th largest position.

Several other hedge funds and other institutional investors have also recently modified their holdings of ZM. Global X Japan Co. Ltd. increased its stake 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 valued at $28,000 after buying an additional 190 shares during the last quarter. Avior Wealth Management LLC increased its position 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 valued at $29,000 after acquiring an additional 265 shares during the last quarter. Parkside Financial Bank & Trust increased its position 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 valued at $29,000 after acquiring an additional 258 shares during the last quarter. Truvestments Capital LLC bought a new stake in Zoom Video Communications during the third quarter worth about $37,000. Finally, Geneos Wealth Management Inc. acquired a new position in Zoom Video Communications during the fourth quarter valued at approximately $39,000. Institutional investors and hedge funds own 66.54% of the company's stock.

Remove Ads

Insiders Place Their Bets

In related news, Director Santiago Subotovsky sold 2,475 shares of the stock in a transaction that occurred on 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 transaction, the director now owns 169,452 shares of the company's stock, valued at $13,193,532.72. This represents a 1.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Shane Crehan sold 1,412 shares of the firm's stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $78.69, for a total transaction of $111,110.28. Following the completion of the sale, the chief accounting officer now owns 5,404 shares in the company, valued at $425,240.76. This represents a 20.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 371,746 shares of company stock worth $29,689,595 over the last three months. Insiders own 10.78% of the company's stock.

Zoom Video Communications Stock Performance

Shares of NASDAQ ZM traded down $1.94 during trading hours on Friday, hitting $74.84. 1,515,267 shares of the stock were exchanged, compared to its average volume of 3,102,337. The company's fifty day simple moving average is $79.78 and its two-hundred day simple moving average is $78.15. The company has a market cap of $22.84 billion, a PE ratio of 24.95, a price-to-earnings-growth ratio of 5.48 and a beta of 0.26. Zoom Video Communications, Inc. has a 1-year low of $55.06 and a 1-year high of $92.80.

Wall Street Analyst Weigh In

Several research firms have weighed in on ZM. Citigroup lowered their price target on Zoom Video Communications from $86.00 to $85.00 and set a "neutral" rating on the stock in a research report on Tuesday, February 18th. Jefferies Financial Group upgraded Zoom Video Communications from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $85.00 to $100.00 in a report on Thursday, December 19th. UBS Group lowered their target price on Zoom Video Communications from $90.00 to $85.00 and set a "neutral" rating on the stock in a research note on Tuesday, February 25th. Morgan Stanley lifted their price target 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, Scotiabank decreased their price objective on 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. Fifteen analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus 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.