Renaissance Technologies LLC Raises Stake in Zoom Video Communications, Inc. (NASDAQ:ZM)

Renaissance Technologies LLC grew its holdings in Zoom Video Communications, Inc. (NASDAQ:ZM - Free Report) by 9.7% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,304,848 shares of the company's stock after buying an additional 380,900 shares during the period. Zoom Video Communications accounts for about 0.5% of Renaissance Technologies LLC's holdings, making the stock its 23rd biggest holding. Renaissance Technologies LLC owned 1.40% of Zoom Video Communications worth $351,319,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Adero Partners LLC grew its holdings in Zoom Video Communications by 2.4% in the 4th quarter. Adero Partners LLC now owns 5,509 shares of the company's stock valued at $450,000 after buying an additional 129 shares in the last quarter. MML Investors Services LLC boosted its position in shares of Zoom Video Communications by 1.4% during the 3rd quarter. MML Investors Services LLC now owns 9,395 shares of the company's stock valued at $655,000 after acquiring an additional 132 shares during the last quarter. MetLife Investment Management LLC grew its holdings in shares of Zoom Video Communications by 3.4% in the third quarter. MetLife Investment Management LLC now owns 4,619 shares of the company's stock valued at $322,000 after purchasing an additional 154 shares during the period. GAMMA Investing LLC increased its position in Zoom Video Communications by 27.1% during the fourth quarter. GAMMA Investing LLC now owns 770 shares of the company's stock worth $63,000 after purchasing an additional 164 shares during the last quarter. Finally, Principal Securities Inc. raised its stake in Zoom Video Communications by 26.9% during the fourth quarter. Principal Securities Inc. now owns 783 shares of the company's stock worth $64,000 after purchasing an additional 166 shares during the period. 66.54% of the stock is owned by hedge funds and other institutional investors.

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Wall Street Analyst Weigh In

ZM has been the subject of a number of recent analyst reports. Wells Fargo & Company upgraded shares of Zoom Video Communications from an "underweight" rating to an "equal weight" rating and raised their price target for the stock from $70.00 to $85.00 in a report on Tuesday, January 7th. Stifel Nicolaus cut their target price on Zoom Video Communications from $90.00 to $85.00 and set a "hold" rating for the company in a research note on Tuesday, February 25th. Citigroup decreased their price target on Zoom Video Communications from $86.00 to $85.00 and set a "neutral" rating on the stock in a research note on Tuesday, February 18th. Rosenblatt Securities reissued a "buy" rating and set a $95.00 price objective on shares of Zoom Video Communications in a research report on Wednesday, March 19th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and issued a $95.00 target price on shares of Zoom Video Communications in a research report on Wednesday, March 19th. Fifteen investment 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 stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $89.33.

Insider Buying and Selling at Zoom Video Communications

In related news, Director Santiago Subotovsky sold 2,475 shares of Zoom Video Communications stock in a transaction on Monday, March 24th. The shares were sold at an average price of $77.86, for a total transaction of $192,703.50. Following the sale, the director now directly owns 169,452 shares in the company, valued at $13,193,532.72. This trade represents a 1.44 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 disclosure for this sale can be found here. In the last three months, insiders have sold 316,449 shares of company stock valued at $25,338,274. Insiders own 10.78% of the company's stock.

Zoom Video Communications Price Performance

Shares of Zoom Video Communications stock traded up $1.73 on Friday, reaching $71.34. 1,929,318 shares of the company were exchanged, compared to its average volume of 3,104,395. The stock's 50 day moving average price is $76.77 and its 200-day moving average price is $78.49. Zoom Video Communications, Inc. has a 1-year low of $55.06 and a 1-year high of $92.80. The company has a market cap of $21.78 billion, a P/E ratio of 23.78, a price-to-earnings-growth ratio of 5.48 and a beta of 0.67.

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.