Cibc World Markets Corp Sells 3,324 Shares of Zoom Video Communications, Inc. (NASDAQ:ZM)

Cibc World Markets Corp reduced its stake in shares of Zoom Video Communications, Inc. (NASDAQ:ZM - Free Report) by 22.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,269 shares of the company's stock after selling 3,324 shares during the quarter. Cibc World Markets Corp's holdings in Zoom Video Communications were worth $920,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Quest Partners LLC grew its holdings in shares of Zoom Video Communications by 28.2% during the third quarter. Quest Partners LLC now owns 9,214 shares of the company's stock worth $643,000 after purchasing an additional 2,029 shares during the last quarter. Banque Cantonale Vaudoise increased its position in Zoom Video Communications by 22.2% in the 3rd quarter. Banque Cantonale Vaudoise now owns 5,253 shares of the company's stock valued at $366,000 after acquiring an additional 956 shares in the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of Zoom Video Communications in the third quarter worth about $443,000. Primecap Management Co. CA lifted its position in shares of Zoom Video Communications by 0.7% during the third quarter. Primecap Management Co. CA now owns 1,289,150 shares of the company's stock worth $89,905,000 after purchasing an additional 8,625 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Zoom Video Communications by 6.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,297,443 shares of the company's stock valued at $90,484,000 after purchasing an additional 78,940 shares during the last quarter. 66.54% of the stock is owned by institutional investors.

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Zoom Video Communications Stock Performance

NASDAQ:ZM traded down $0.35 during mid-day trading on Wednesday, hitting $77.78. 1,314,372 shares of the stock were exchanged, compared to its average volume of 3,029,034. The firm's 50-day simple moving average is $79.95 and its 200 day simple moving average is $78.11. The stock has a market capitalization of $23.74 billion, a price-to-earnings ratio of 25.93, a price-to-earnings-growth ratio of 5.48 and a beta of 0.26. Zoom Video Communications, Inc. has a fifty-two week low of $55.06 and a fifty-two week high of $92.80.

Insider Transactions at Zoom Video Communications

In other news, CEO Eric S. Yuan sold 75,531 shares of the company's 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jonathan Chadwick sold 25,000 shares of the company's stock in a transaction dated 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 sale, the director now directly owns 1,514 shares of the company's stock, valued at $121,619.62. This represents a 94.29 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 369,271 shares of company stock valued at $29,496,892. 10.78% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ZM. JMP Securities reiterated a "market perform" rating on shares of Zoom Video Communications in a report on Tuesday, November 26th. Wells Fargo & Company upgraded Zoom Video Communications from an "underweight" rating to an "equal weight" rating and lifted their target price for the stock from $70.00 to $85.00 in a report on Tuesday, January 7th. Scotiabank lowered their price target on Zoom Video Communications from $85.00 to $75.00 and set a "sector perform" rating for the company in a report on Monday, March 17th. Stifel Nicolaus cut their price objective on Zoom Video Communications from $90.00 to $85.00 and set a "hold" rating on the stock in a report on Tuesday, February 25th. Finally, Evercore ISI raised Zoom Video Communications from an "in-line" rating to an "outperform" rating and increased their target price for the stock from $70.00 to $115.00 in a research note on Tuesday, November 26th. Fifteen equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average 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.