Massachusetts Financial Services Co. MA Takes $8.45 Million Position in Zoom Video Communications, Inc. (NASDAQ:ZM)

Massachusetts Financial Services Co. MA bought a new position in Zoom Video Communications, Inc. (NASDAQ:ZM) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 103,506 shares of the company’s stock, valued at approximately $8,447,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Norges Bank purchased a new stake in Zoom Video Communications during the 4th quarter valued at about $751,908,000. State Street Corp boosted its stake 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 valued at $425,853,000 after purchasing an additional 134,559 shares during the period. Geode Capital Management LLC boosted its stake in shares of Zoom Video Communications by 0.6% during the fourth quarter. Geode Capital Management LLC now owns 4,624,160 shares of the company’s stock valued at $377,429,000 after purchasing an additional 28,725 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Zoom Video Communications by 5.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,367,055 shares of the company’s stock worth $111,565,000 after purchasing an additional 69,612 shares during the last quarter. Finally, California Public Employees Retirement System increased its stake in shares of Zoom Video Communications by 0.3% in the fourth quarter. California Public Employees Retirement System now owns 1,256,017 shares of the company’s stock worth $102,504,000 after buying an additional 3,492 shares during the period. 66.54% of the stock is currently owned by hedge funds and other institutional investors.

Zoom Video Communications Trading Up 0.4 %

ZM stock opened at $68.05 on Tuesday. The stock’s 50 day simple moving average is $78.85 and its 200 day simple moving average is $78.51. Zoom Video Communications, Inc. has a 12-month low of $55.06 and a 12-month high of $92.80. The stock has a market capitalization of $20.77 billion, a PE ratio of 22.68, a price-to-earnings-growth ratio of 5.48 and a beta of 0.67.

Analyst Ratings Changes

ZM has been the topic of a number of recent analyst reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $95.00 price objective on shares of Zoom Video Communications in a research report on Wednesday, March 19th. Cantor Fitzgerald reissued a “neutral” rating and set a $87.00 price objective on shares of Zoom Video Communications in a research report on Tuesday, February 25th. Scotiabank dropped their target price on shares of Zoom Video Communications from $85.00 to $75.00 and set a “sector perform” rating for the company in a research report on Monday, March 17th. Rosenblatt Securities reaffirmed a “buy” rating and set a $95.00 target price on shares of Zoom Video Communications in a research note on Wednesday, March 19th. Finally, Barclays decreased their price target on shares of Zoom Video Communications from $85.00 to $80.00 and set an “equal weight” rating for the company in a research note on Wednesday, February 26th. Fifteen 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 stock. Based on data from MarketBeat, Zoom Video Communications currently has a consensus rating of “Hold” and an average price target of $89.33.

Insider Activity

In other Zoom Video Communications news, insider Velchamy Sankarlingam sold 10,817 shares of the firm’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $78.69, for a total value of $851,189.73. Following the transaction, the insider now directly owns 117,760 shares of the company’s stock, valued at approximately $9,266,534.40. This trade represents a 8.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Eric S. Yuan sold 33,751 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now directly owns 34,703 shares of the company’s stock, valued at $2,730,779.07. The trade was a 49.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 371,746 shares of company stock valued at $29,689,595 over the last ninety days. 10.78% of the stock is currently owned by corporate insiders.

Zoom Video Communications 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.