Private Advisor Group LLC Cuts Holdings in Zoom Video Communications, Inc. (NASDAQ:ZM)

Private Advisor Group LLC decreased its holdings in Zoom Video Communications, Inc. (NASDAQ:ZM) by 5.0% in the fourth quarter, Holdings Channel reports. The firm owned 29,286 shares of the company’s stock after selling 1,526 shares during the quarter. Private Advisor Group LLC’s holdings in Zoom Video Communications were worth $2,390,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the business. Raymond James & Associates raised its holdings in shares of Zoom Video Communications by 0.7% during the third quarter. Raymond James & Associates now owns 53,089 shares of the company’s stock valued at $3,702,000 after purchasing an additional 383 shares during the last quarter. International Assets Investment Management LLC raised its stake in Zoom Video Communications by 6,614.6% during the 3rd quarter. International Assets Investment Management LLC now owns 499,966 shares of the company’s stock valued at $34,868,000 after buying an additional 492,520 shares during the last quarter. Allworth Financial LP lifted its holdings in shares of Zoom Video Communications by 43.8% during the 3rd quarter. Allworth Financial LP now owns 591 shares of the company’s stock valued at $41,000 after buying an additional 180 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Zoom Video Communications by 93.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 36,867 shares of the company’s stock valued at $2,564,000 after buying an additional 17,831 shares during the period. Finally, Forsta AP Fonden boosted its stake in shares of Zoom Video Communications by 11.8% in the 3rd quarter. Forsta AP Fonden now owns 48,500 shares of the company’s stock worth $3,382,000 after buying an additional 5,100 shares during the last quarter. Hedge funds and other institutional investors own 66.54% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on ZM shares. Hsbc Global Res upgraded Zoom Video Communications to a “strong-buy” rating in a research report on Tuesday, November 26th. JMP Securities reaffirmed a “market perform” rating on shares of Zoom Video Communications in a research report on Tuesday, November 26th. Piper Sandler raised their price objective on shares of Zoom Video Communications from $68.00 to $89.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Stifel Nicolaus reduced their target price on shares of Zoom Video Communications from $90.00 to $85.00 and set a “hold” rating for the company in a report on Tuesday. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Zoom Video Communications in a research note on Tuesday. Sixteen 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 company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $89.81.

Insiders Place Their Bets

In other news, COO Aparna Bawa sold 9,317 shares of the stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $78.69, for a total transaction of $733,154.73. Following the completion of the transaction, the chief operating officer now directly owns 14,053 shares in the company, valued at approximately $1,105,830.57. This represents a 39.87 % decrease in their position. The transaction 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 33,751 shares of the firm’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $78.69, for a total transaction of $2,655,866.19. Following the completion of the transaction, the chief executive officer now directly owns 34,703 shares of the company’s stock, valued at approximately $2,730,779.07. This trade represents a 49.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 382,242 shares of company stock worth $31,230,938 in the last 90 days. 10.78% of the stock is currently owned by corporate insiders.

Zoom Video Communications Stock Performance

Shares of NASDAQ:ZM opened at $74.22 on Wednesday. The firm has a market cap of $22.75 billion and a price-to-earnings ratio of 24.74. The firm has a fifty day moving average price of $82.92 and a 200 day moving average price of $76.67. Zoom Video Communications, Inc. has a fifty-two week low of $55.06 and a fifty-two week high of $92.80.

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.