ARK Investment Management LLC Boosts Stake in Zoom Video Communications, Inc. (NASDAQ:ZM)

ARK Investment Management LLC raised its position in Zoom Video Communications, Inc. (NASDAQ:ZM) by 7.7% during the fourth quarter, Holdings Channel reports. The fund owned 10,964,576 shares of the company’s stock after acquiring an additional 781,663 shares during the period. Zoom Video Communications comprises approximately 4.7% of ARK Investment Management LLC’s investment portfolio, making the stock its 6th biggest position. ARK Investment Management LLC’s holdings in Zoom Video Communications were worth $788,463,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. AM Squared Ltd bought a new position in shares of Zoom Video Communications in the third quarter worth about $28,000. Money Concepts Capital Corp grew its position in shares of Zoom Video Communications by 821.2% during the fourth quarter. Money Concepts Capital Corp now owns 479 shares of the company’s stock worth $32,000 after purchasing an additional 427 shares in the last quarter. Global Wealth Management Investment Advisory Inc. grew its position in shares of Zoom Video Communications by 63.3% during the first quarter. Global Wealth Management Investment Advisory Inc. now owns 294 shares of the company’s stock worth $34,000 after purchasing an additional 114 shares in the last quarter. Allworth Financial LP grew its position in shares of Zoom Video Communications by 101.4% during the third quarter. Allworth Financial LP now owns 560 shares of the company’s stock worth $39,000 after purchasing an additional 282 shares in the last quarter. Finally, Neo Ivy Capital Management grew its position in shares of Zoom Video Communications by 56.8% during the second quarter. Neo Ivy Capital Management now owns 367 shares of the company’s stock worth $39,000 after purchasing an additional 133 shares in the last quarter. Institutional investors own 66.54% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on ZM. Wedbush reiterated a “neutral” rating and set a $80.00 target price on shares of Zoom Video Communications in a research report on Tuesday, February 27th. BNP Paribas cut Zoom Video Communications from a “neutral” rating to an “underperform” rating and set a $60.00 target price for the company. in a research report on Thursday, January 18th. Jefferies Financial Group initiated coverage on Zoom Video Communications in a research report on Tuesday, March 19th. They set a “hold” rating and a $70.00 target price for the company. Wells Fargo & Company cut Zoom Video Communications from an “equal weight” rating to an “underweight” rating and set a $70.00 price target for the company. in a report on Wednesday, December 20th. Finally, Mizuho cut their price target on Zoom Video Communications from $100.00 to $90.00 and set a “buy” rating for the company in a report on Tuesday, February 27th. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $77.56.

Zoom Video Communications Stock Up 0.4 %

Shares of NASDAQ ZM opened at $66.62 on Thursday. The business has a fifty day simple moving average of $66.26 and a two-hundred day simple moving average of $66.79. The firm has a market cap of $20.49 billion, a PE ratio of 32.66 and a beta of -0.06. Zoom Video Communications, Inc. has a twelve month low of $58.87 and a twelve month high of $75.90.

Zoom Video Communications (NASDAQ:ZM) last issued its earnings results on Monday, February 26th. The company reported $0.76 earnings per share for the quarter, beating analysts’ consensus estimates of $0.42 by $0.34. The business had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.13 billion. Zoom Video Communications had a return on equity of 9.68% and a net margin of 14.08%. On average, research analysts expect that Zoom Video Communications, Inc. will post 2.15 earnings per share for the current year.

Insider Activity

In other news, Director Santiago Subotovsky sold 2,067 shares of Zoom Video Communications stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $69.67, for a total value of $144,007.89. Following the transaction, the director now directly owns 159,693 shares in the company, valued at approximately $11,125,811.31. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Velchamy Sankarlingam sold 15,611 shares of the business’s stock in a transaction dated Wednesday, January 10th. The stock was sold at an average price of $67.98, for a total value of $1,061,235.78. Following the completion of the transaction, the insider now owns 70,061 shares of the company’s stock, valued at approximately $4,762,746.78. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Santiago Subotovsky sold 2,067 shares of the business’s stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $69.67, for a total value of $144,007.89. Following the completion of the transaction, the director now directly owns 159,693 shares of the company’s stock, valued at approximately $11,125,811.31. The disclosure for this sale can be found here. In the last three months, insiders have sold 67,075 shares of company stock worth $4,534,500. 11.28% of the stock is currently owned by company insiders.

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.