Point72 Hong Kong Ltd Makes New Investment in Zoom Video Communications, Inc. (NASDAQ:ZM)

Point72 Hong Kong Ltd purchased a new stake in Zoom Video Communications, Inc. (NASDAQ:ZM - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 48,995 shares of the company's stock, valued at approximately $3,417,000.

Several other hedge funds have also recently added to or reduced their stakes in the stock. True Wealth Design LLC increased its position in shares of Zoom Video Communications by 10,763.6% during the third quarter. True Wealth Design LLC now owns 1,195 shares of the company's stock worth $83,000 after acquiring an additional 1,184 shares in the last quarter. Captrust Financial Advisors raised its holdings in shares of Zoom Video Communications by 67.6% in the third quarter. Captrust Financial Advisors now owns 11,361 shares of the company's stock valued at $792,000 after purchasing an additional 4,584 shares during the last quarter. Martingale Asset Management L P increased its stake in Zoom Video Communications by 45.8% in the 3rd quarter. Martingale Asset Management L P now owns 303,094 shares of the company's stock valued at $21,138,000 after buying an additional 95,276 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Zoom Video Communications by 59.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 118,107 shares of the company's stock valued at $8,237,000 after acquiring an additional 44,203 shares during the last quarter. Finally, FORA Capital LLC acquired a new position in Zoom Video Communications during the third quarter worth $1,294,000. Institutional investors and hedge funds own 66.54% of the company's stock.

Zoom Video Communications Stock Performance

Shares of NASDAQ ZM traded down $2.67 during trading hours on Friday, hitting $82.69. 3,233,858 shares of the stock were exchanged, compared to its average volume of 4,403,806. The company has a market cap of $25.45 billion, a PE ratio of 27.56, a price-to-earnings-growth ratio of 5.51 and a beta of -0.05. The company's fifty day simple moving average is $75.22 and its two-hundred day simple moving average is $66.32. Zoom Video Communications, Inc. has a 1-year low of $55.06 and a 1-year high of $92.80.

Insider Buying and Selling

In related news, insider Velchamy Sankarlingam sold 3,614 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $66.87, for a total value of $241,668.18. Following the completion of the transaction, the insider now owns 94,000 shares of the company's stock, valued at $6,285,780. This represents a 3.70 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Aparna Bawa sold 880 shares of the company's stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $68.09, for a total transaction of $59,919.20. Following the transaction, the chief operating officer now owns 2,809 shares of the company's stock, valued at $191,264.81. This trade represents a 23.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 367,108 shares of company stock worth $26,796,191. Corporate insiders own 10.78% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on ZM shares. Morgan Stanley boosted their price target on Zoom Video Communications from $68.00 to $86.00 and gave the stock an "equal weight" rating in a research report on Wednesday, November 13th. Robert W. Baird decreased their target price on Zoom Video Communications from $84.00 to $77.00 and set an "outperform" rating on the stock in a report on Thursday, August 22nd. Piper Sandler boosted their target price on Zoom Video Communications from $68.00 to $89.00 and gave the stock a "neutral" rating in a report on Tuesday, November 26th. Sanford C. Bernstein upped their price objective on shares of Zoom Video Communications from $78.00 to $89.00 and gave the company a "market perform" rating in a report on Tuesday, November 26th. Finally, Wells Fargo & Company upped their price target on shares of Zoom Video Communications from $60.00 to $70.00 and gave the company an "underweight" rating in a research note on Tuesday, November 26th. Two analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Zoom Video Communications presently has an average rating of "Hold" and an average target price of $85.19.

Zoom Video Communications Company 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.