Norges Bank Takes Position in Zoom Video Communications, Inc. (NASDAQ:ZM)

Norges Bank bought a new position in shares of Zoom Video Communications, Inc. (NASDAQ:ZM - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 9,213,426 shares of the company's stock, valued at approximately $751,908,000. Norges Bank owned approximately 3.01% of Zoom Video Communications at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. FMR LLC grew its stake in Zoom Video Communications by 23.8% in the 3rd quarter. FMR LLC now owns 12,444,887 shares of the company's stock valued at $867,906,000 after acquiring an additional 2,395,396 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Zoom Video Communications during the 4th quarter worth approximately $99,471,000. Contrarius Group Holdings Ltd acquired a new position in shares of Zoom Video Communications during the 4th quarter worth approximately $72,854,000. Assenagon Asset Management S.A. lifted its stake in Zoom Video Communications by 126.8% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,251,302 shares of the company's stock valued at $102,119,000 after buying an additional 699,625 shares in the last quarter. Finally, Nordea Investment Management AB grew its holdings in Zoom Video Communications by 202.8% during the 4th quarter. Nordea Investment Management AB now owns 779,051 shares of the company's stock valued at $64,054,000 after buying an additional 521,778 shares during the last quarter. 66.54% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Eric S. Yuan sold 75,531 shares of the company's stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $74.98, for a total transaction of $5,663,314.38. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Santiago Subotovsky sold 2,475 shares of the business's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $77.86, for a total transaction of $192,703.50. Following the transaction, the director now owns 169,452 shares in the company, valued at approximately $13,193,532.72. The trade was a 1.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 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.

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Wall Street Analyst Weigh In

ZM has been the topic of a number of recent research reports. Stifel Nicolaus reduced their target price on shares of Zoom Video Communications from $90.00 to $85.00 and set a "hold" rating on the stock in a report on Tuesday, February 25th. Morgan Stanley boosted their price target on Zoom Video Communications from $86.00 to $96.00 and gave the company an "equal weight" rating in a report on Wednesday, December 18th. Rosenblatt Securities restated a "buy" rating and set a $95.00 price objective on shares of Zoom Video Communications in a report on Wednesday, March 19th. UBS Group dropped their target price on Zoom Video Communications from $90.00 to $85.00 and set a "neutral" rating for the company in a research note on Tuesday, February 25th. Finally, Royal Bank of Canada reissued an "outperform" rating and issued a $95.00 price target on shares of Zoom Video Communications in a research note on Wednesday, March 19th. Fifteen research 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 company's stock. According to MarketBeat.com, Zoom Video Communications presently has an average rating of "Hold" and a consensus target price of $89.33.

Zoom Video Communications Trading Down 1.9 %

ZM stock traded down $1.40 during mid-day trading on Monday, hitting $73.44. The stock had a trading volume of 992,283 shares, compared to its average volume of 2,589,147. Zoom Video Communications, Inc. has a 1-year low of $55.06 and a 1-year high of $92.80. The company has a fifty day moving average of $79.78 and a 200 day moving average of $78.31. The stock has a market capitalization of $22.42 billion, a price-to-earnings ratio of 24.50, a PEG ratio of 5.48 and a beta of 0.26.

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.