Zoom Video Communications, Inc. (NASDAQ:ZM - Get Free Report) saw a large decline in short interest during the month of February. As of February 28th, there was short interest totalling 6,680,000 shares, a decline of 26.7% from the February 13th total of 9,110,000 shares. Currently, 2.4% of the company's stock are sold short. Based on an average daily volume of 2,750,000 shares, the days-to-cover ratio is presently 2.4 days.
Insiders Place Their Bets
In other news, COO Aparna Bawa sold 9,317 shares of Zoom Video Communications stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $78.69, for a total value of $733,154.73. Following the completion of the transaction, the chief operating officer now owns 14,053 shares in the company, valued at approximately $1,105,830.57. This trade represents a 39.87 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Eric S. Yuan sold 118,036 shares of Zoom Video Communications stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $79.03, for a total value of $9,328,385.08. The disclosure for this sale can be found here. Insiders have sold 369,271 shares of company stock worth $29,496,892 in the last three months. 10.78% of the stock is owned by insiders.
Institutional Trading of Zoom Video Communications
Hedge funds and other institutional investors have recently modified their holdings of the company. HighTower Advisors LLC raised its position in shares of Zoom Video Communications by 449.4% during the third quarter. HighTower Advisors LLC now owns 63,618 shares of the company's stock worth $4,429,000 after purchasing an additional 52,039 shares during the period. Merit Financial Group LLC acquired a new stake in shares of Zoom Video Communications during the fourth quarter worth $1,072,000. Eagle Asset Management Inc. acquired a new stake in shares of Zoom Video Communications during the third quarter worth $62,038,000. State Street Corp raised its position in shares of Zoom Video Communications by 2.3% during the third quarter. State Street Corp now owns 6,106,293 shares of the company's stock worth $425,853,000 after purchasing an additional 134,559 shares during the period. Finally, GSA Capital Partners LLP acquired a new stake in shares of Zoom Video Communications during the third quarter worth $712,000. Institutional investors own 66.54% of the company's stock.
Zoom Video Communications Price Performance
Shares of ZM traded up $0.81 during midday trading on Wednesday, reaching $76.26. The stock had a trading volume of 1,642,702 shares, compared to its average volume of 3,019,418. Zoom Video Communications has a 52 week low of $55.06 and a 52 week high of $92.80. The firm's 50 day moving average price is $80.20 and its 200-day moving average price is $77.80. The company has a market capitalization of $23.28 billion, a P/E ratio of 25.42, a P/E/G ratio of 5.48 and a beta of 0.26.
Analysts Set New Price Targets
A number of research firms recently issued reports on ZM. Royal Bank of Canada restated an "outperform" rating and set a $95.00 price objective on shares of Zoom Video Communications in a research report on Wednesday. Barclays reduced their price objective on Zoom Video Communications from $85.00 to $80.00 and set an "equal weight" rating for the company in a research report on Wednesday, February 26th. UBS Group reduced their price objective on Zoom Video Communications from $90.00 to $85.00 and set a "neutral" rating for the company in a research report on Tuesday, February 25th. Stifel Nicolaus reduced their price objective on Zoom Video Communications from $90.00 to $85.00 and set a "hold" rating for the company in a research report on Tuesday, February 25th. Finally, Sanford C. Bernstein boosted their price objective on Zoom Video Communications from $78.00 to $89.00 and gave the company a "market perform" rating in a research report on Tuesday, November 26th. Fifteen research analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $89.33.
Read Our Latest Research Report on ZM
Zoom Video Communications Company Profile
(
Get Free Report)
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.
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