WT Asset Management Ltd Takes $14.75 Million Position in Zoom Video Communications, Inc. (NASDAQ:ZM)

WT Asset Management Ltd acquired a new position in Zoom Video Communications, Inc. (NASDAQ:ZM) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 180,700 shares of the company’s stock, valued at approximately $14,747,000. Zoom Video Communications accounts for 1.6% of WT Asset Management Ltd’s investment portfolio, making the stock its 16th largest position. WT Asset Management Ltd owned about 0.06% of Zoom Video Communications at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in ZM. Baker Avenue Asset Management LP lifted its position in shares of Zoom Video Communications by 82.1% in the third quarter. Baker Avenue Asset Management LP now owns 28,593 shares of the company’s stock worth $1,994,000 after purchasing an additional 12,890 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in shares of Zoom Video Communications during the 2nd quarter valued at $763,000. HighTower Advisors LLC increased its stake in shares of Zoom Video Communications by 449.4% in the third quarter. HighTower Advisors LLC now owns 63,618 shares of the company’s stock worth $4,429,000 after acquiring an additional 52,039 shares during the last quarter. Merit Financial Group LLC purchased a new stake in shares of Zoom Video Communications during the fourth quarter worth $1,072,000. Finally, Robeco Institutional Asset Management B.V. boosted its position in Zoom Video Communications by 15.4% during the third quarter. Robeco Institutional Asset Management B.V. now owns 1,257,714 shares of the company’s stock valued at $87,713,000 after purchasing an additional 167,618 shares during the last quarter. 66.54% of the stock is currently owned by hedge funds and other institutional investors.

Zoom Video Communications Stock Performance

Shares of NASDAQ:ZM opened at $86.18 on Wednesday. The business has a fifty day moving average of $83.02 and a 200-day moving average of $73.77. Zoom Video Communications, Inc. has a twelve month low of $55.06 and a twelve month high of $92.80. The firm has a market cap of $26.41 billion and a PE ratio of 28.73.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Wells Fargo & Company raised shares of Zoom Video Communications from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $70.00 to $85.00 in a research report on Tuesday, January 7th. Sanford C. Bernstein upped their price objective on shares of Zoom Video Communications from $78.00 to $89.00 and gave the stock a “market perform” rating in a report on Tuesday, November 26th. Benchmark raised their target price on Zoom Video Communications from $85.00 to $97.00 and gave the company a “buy” rating in a 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. Finally, UBS Group boosted their target price on Zoom Video Communications from $75.00 to $90.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Sixteen equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $89.10.

Insiders Place Their Bets

In other Zoom Video Communications news, CEO Eric S. Yuan sold 83,333 shares of the company’s stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $83.50, for a total transaction of $6,958,305.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Velchamy Sankarlingam sold 3,618 shares of the firm’s stock in a transaction on Tuesday, December 10th. The stock was sold at an average price of $84.94, for a total value of $307,312.92. Following the completion of the transaction, the insider now owns 107,826 shares in the company, valued at $9,158,740.44. This represents a 3.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 298,910 shares of company stock valued at $24,041,053. 10.78% of the stock is currently owned by corporate insiders.

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.