CIBC Asset Management Inc Grows Holdings in Zoom Video Communications, Inc. (NASDAQ:ZM)

CIBC Asset Management Inc grew its stake in Zoom Video Communications, Inc. (NASDAQ:ZM) by 13.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,331 shares of the company’s stock after buying an additional 1,223 shares during the period. CIBC Asset Management Inc’s holdings in Zoom Video Communications were worth $843,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. FMR LLC boosted its stake in shares of Zoom Video Communications by 23.8% in the 3rd quarter. FMR LLC now owns 12,444,887 shares of the company’s stock valued at $867,906,000 after purchasing an additional 2,395,396 shares in the last quarter. Eagle Asset Management Inc. purchased a new stake in shares of Zoom Video Communications in the 3rd quarter valued at $62,038,000. Assenagon Asset Management S.A. boosted its stake in shares of Zoom Video Communications by 126.8% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,251,302 shares of the company’s stock valued at $102,119,000 after purchasing an additional 699,625 shares in the last quarter. Nordea Investment Management AB boosted its stake in shares of Zoom Video Communications by 202.8% in the 4th quarter. Nordea Investment Management AB now owns 779,051 shares of the company’s stock valued at $64,054,000 after purchasing an additional 521,778 shares in the last quarter. Finally, International Assets Investment Management LLC boosted its stake in shares of Zoom Video Communications by 6,614.6% in the 3rd quarter. International Assets Investment Management LLC now owns 499,966 shares of the company’s stock valued at $34,868,000 after purchasing an additional 492,520 shares in the last quarter. Hedge funds and other institutional investors own 66.54% of the company’s stock.

Insider Buying and Selling

In related news, COO Aparna Bawa sold 9,317 shares of the stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $78.69, for a total transaction of $733,154.73. Following the sale, the chief operating officer now directly owns 14,053 shares of the company’s stock, 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 this hyperlink. Also, CEO Eric S. Yuan sold 83,333 shares of the stock in a transaction dated Wednesday, December 4th. The shares were sold at an average price of $83.50, for a total transaction of $6,958,305.50. The disclosure for this sale can be found here. Insiders sold a total of 382,242 shares of company stock worth $31,230,938 in the last three months. 10.78% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Benchmark upped their price objective on shares of Zoom Video Communications from $85.00 to $97.00 and gave the company a “buy” rating in a research note on Tuesday, November 26th. Sanford C. Bernstein upped their price objective on shares of 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 increased their price target on shares of Zoom Video Communications from $75.00 to $90.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. JMP Securities reissued a “market perform” rating on shares of Zoom Video Communications in a research report on Tuesday, November 26th. Finally, Evercore ISI raised shares of Zoom Video Communications from an “in-line” rating to an “outperform” rating and increased their price target for the company from $70.00 to $115.00 in a research 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 issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $89.48.

Zoom Video Communications Price Performance

Shares of Zoom Video Communications stock opened at $82.50 on Friday. The company has a 50-day moving average of $83.18 and a 200 day moving average of $76.09. The firm has a market cap of $25.29 billion and a price-to-earnings ratio of 27.50. Zoom Video Communications, Inc. has a 1 year low of $55.06 and a 1 year 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.