State of Michigan Retirement System Buys 2,900 Shares of Zoom Video Communications, Inc. (NASDAQ:ZM)

State of Michigan Retirement System raised its stake in Zoom Video Communications, Inc. (NASDAQ:ZM) by 2.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 147,966 shares of the company’s stock after acquiring an additional 2,900 shares during the period. State of Michigan Retirement System’s holdings in Zoom Video Communications were worth $12,076,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in ZM. US Bancorp DE raised its stake in Zoom Video Communications by 33.5% during the third quarter. US Bancorp DE now owns 2,983 shares of the company’s stock valued at $208,000 after purchasing an additional 749 shares in the last quarter. Farther Finance Advisors LLC raised its position in shares of Zoom Video Communications by 20.6% during the 3rd quarter. Farther Finance Advisors LLC now owns 3,085 shares of the company’s stock valued at $215,000 after buying an additional 526 shares in the last quarter. Janney Montgomery Scott LLC lifted its holdings in shares of Zoom Video Communications by 17.7% in the 3rd quarter. Janney Montgomery Scott LLC now owns 18,595 shares of the company’s stock valued at $1,297,000 after acquiring an additional 2,800 shares during the last quarter. Van ECK Associates Corp grew its position in Zoom Video Communications by 1.7% in the third quarter. Van ECK Associates Corp now owns 41,984 shares of the company’s stock worth $3,045,000 after acquiring an additional 716 shares in the last quarter. Finally, National Pension Service increased its stake in Zoom Video Communications by 30.1% during the third quarter. National Pension Service now owns 655,227 shares of the company’s stock worth $45,696,000 after acquiring an additional 151,728 shares during the last quarter. Institutional investors own 66.54% of the company’s stock.

Zoom Video Communications Stock Performance

NASDAQ:ZM opened at $75.60 on Thursday. Zoom Video Communications, Inc. has a fifty-two week low of $55.06 and a fifty-two week high of $92.80. The company’s 50-day simple moving average is $81.66 and its 200-day simple moving average is $77.26. The stock has a market capitalization of $23.17 billion, a P/E ratio of 25.20, a P/E/G ratio of 5.48 and a beta of 0.26.

Insider Buying and Selling

In other Zoom Video Communications news, COO Aparna Bawa sold 9,317 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The shares were sold at an average price of $78.69, for a total transaction of $733,154.73. Following the transaction, the chief operating officer now owns 14,053 shares in the company, valued at approximately $1,105,830.57. This represents a 39.87 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Shane Crehan sold 1,551 shares of the business’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $84.94, for a total transaction of $131,741.94. Following the sale, the chief accounting officer now directly owns 3,251 shares in the company, valued at $276,139.94. This trade represents a 32.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 298,909 shares of company stock worth $24,272,632 in the last ninety days. 10.78% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms have recently issued reports on ZM. Sanford C. Bernstein raised their price objective on Zoom Video Communications from $78.00 to $89.00 and gave the company a “market perform” rating in a research note on Tuesday, November 26th. Bank of America lifted their price objective on shares of Zoom Video Communications from $75.00 to $90.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Royal Bank of Canada reissued an “outperform” rating and issued a $95.00 target price on shares of Zoom Video Communications in a research note on Tuesday, November 26th. Morgan Stanley lifted their price target on shares of Zoom Video Communications from $86.00 to $96.00 and gave the stock an “equal weight” rating in a research note on Wednesday, December 18th. Finally, Mizuho increased their price objective on shares of Zoom Video Communications from $90.00 to $105.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 26th. Fifteen investment 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 stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $90.05.

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.