KLP Kapitalforvaltning AS Takes Position in Zoom Video Communications, Inc. (NASDAQ:ZM)

KLP Kapitalforvaltning AS acquired a new position in Zoom Video Communications, Inc. (NASDAQ:ZM - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 322,800 shares of the company's stock, valued at approximately $26,344,000. KLP Kapitalforvaltning AS owned approximately 0.11% of Zoom Video Communications as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of ZM. Global X Japan Co. Ltd. lifted its holdings in shares of Zoom Video Communications by 127.5% during the 4th 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 last quarter. Parkside Financial Bank & Trust increased its position in Zoom Video Communications by 277.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 351 shares of the company's stock valued at $29,000 after buying an additional 258 shares in the last quarter. Avior Wealth Management LLC increased its position in Zoom Video Communications by 291.2% during the 4th quarter. Avior Wealth Management LLC now owns 356 shares of the company's stock valued at $29,000 after buying an additional 265 shares in the last quarter. Geneos Wealth Management Inc. purchased a new stake in Zoom Video Communications in the fourth quarter valued at about $39,000. Finally, Truvestments Capital LLC acquired a new stake in Zoom Video Communications in the third quarter worth about $37,000. Hedge funds and other institutional investors own 66.54% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on ZM shares. Benchmark reaffirmed a "buy" rating and issued a $97.00 price objective on shares of Zoom Video Communications in a research report on Tuesday, February 25th. Morgan Stanley raised their price target on shares of Zoom Video Communications from $86.00 to $96.00 and gave the stock an "equal weight" rating in a report on Wednesday, December 18th. Needham & Company LLC reissued a "hold" rating on shares of Zoom Video Communications in a research report on Tuesday, February 25th. Citigroup lowered their price target on Zoom Video Communications from $86.00 to $85.00 and set a "neutral" rating for the company in a research report on Tuesday, February 18th. Finally, Cantor Fitzgerald reiterated a "neutral" rating and set a $87.00 price target on shares of Zoom Video Communications in a research note on Tuesday, February 25th. Fifteen research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Zoom Video Communications currently has an average rating of "Hold" and an average target price of $89.33.

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Insider Buying and Selling at Zoom Video Communications

In related news, insider Velchamy Sankarlingam sold 10,817 shares of the business's stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $78.69, for a total transaction of $851,189.73. Following the completion of the sale, the insider now directly owns 117,760 shares in the company, valued at approximately $9,266,534.40. The trade was a 8.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Eric S. Yuan sold 33,751 shares of the firm's stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $78.69, for a total value of $2,655,866.19. Following the completion of the transaction, the chief executive officer now owns 34,703 shares in the company, valued at $2,730,779.07. The trade was a 49.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 371,746 shares of company stock valued at $29,689,595 over the last ninety days. Corporate insiders own 10.78% of the company's stock.

Zoom Video Communications Stock Performance

Shares of NASDAQ:ZM traded down $1.00 during midday trading on Thursday, reaching $76.78. 1,722,691 shares of the company's stock traded hands, compared to its average volume of 3,034,195. The company 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. The company has a fifty day simple moving average of $79.90 and a two-hundred day simple moving average of $78.10. Zoom Video Communications, Inc. has a 1 year low of $55.06 and a 1 year high of $92.80.

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.