Commonwealth Equity Services LLC Boosts Position in Zoom Video Communications, Inc. (NASDAQ:ZM)

Posted by on Mar 9th, 2023

Commonwealth Equity Services LLC lifted its stake in shares of Zoom Video Communications, Inc. (NASDAQ:ZM – Get Rating) by 13.4% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 54,389 shares of the company’s stock after acquiring an additional 6,448 shares during the period. Commonwealth Equity Services LLC’s holdings in Zoom Video Communications were worth $4,002,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of ZM. Baillie Gifford & Co. grew its position in Zoom Video Communications by 12.3% in the 3rd quarter. Baillie Gifford & Co. now owns 8,466,914 shares of the company’s stock valued at $623,080,000 after acquiring an additional 929,812 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of Zoom Video Communications by 21.3% during the third quarter. Renaissance Technologies LLC now owns 7,800,404 shares of the company’s stock worth $574,032,000 after buying an additional 1,371,400 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Zoom Video Communications by 20.3% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 6,341,298 shares of the company’s stock worth $466,656,000 after buying an additional 1,071,273 shares in the last quarter. State Street Corp grew its position in shares of Zoom Video Communications by 3.7% during the second quarter. State Street Corp now owns 4,947,998 shares of the company’s stock worth $534,235,000 after buying an additional 178,842 shares in the last quarter. Finally, Fisher Asset Management LLC grew its position in shares of Zoom Video Communications by 4.8% during the third quarter. Fisher Asset Management LLC now owns 4,940,357 shares of the company’s stock worth $363,561,000 after buying an additional 227,159 shares in the last quarter. Hedge funds and other institutional investors own 52.96% of the company’s stock.

Zoom Video Communications Stock Performance

Shares of NASDAQ:ZM opened at $68.91 on Thursday. The company has a market cap of $20.51 billion, a P/E ratio of 215.35, a PEG ratio of 3.97 and a beta of -0.21. Zoom Video Communications, Inc. has a one year low of $63.55 and a one year high of $127.37. The business’s 50-day simple moving average is $72.63 and its 200 day simple moving average is $75.63.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on ZM shares. Credit Suisse Group reissued a “neutral” rating and set a $83.00 price objective on shares of Zoom Video Communications in a research report on Tuesday, February 28th. Royal Bank of Canada upped their price target on Zoom Video Communications from $85.00 to $95.00 and gave the company an “outperform” rating in a report on Wednesday, February 8th. The Goldman Sachs Group lowered their price target on Zoom Video Communications from $104.00 to $90.00 and set a “neutral” rating for the company in a report on Wednesday, November 23rd. Citigroup upped their price target on Zoom Video Communications from $67.00 to $68.00 and gave the company a “sell” rating in a report on Wednesday, March 1st. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on Zoom Video Communications from $95.00 to $75.00 and set a “hold” rating for the company in a report on Tuesday, November 22nd. Two analysts have rated the stock with a sell rating, seventeen have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $93.40.

Insider Buying and Selling at Zoom Video Communications

In other Zoom Video Communications news, insider Velchamy Sankarlingam sold 2,993 shares of the firm’s stock in a transaction that occurred on Tuesday, January 10th. The stock was sold at an average price of $69.54, for a total transaction of $208,133.22. Following the completion of the sale, the insider now owns 24,395 shares in the company, valued at approximately $1,696,428.30. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Velchamy Sankarlingam sold 2,993 shares of the business’s stock in a transaction that occurred on Tuesday, January 10th. The stock was sold at an average price of $69.54, for a total transaction of $208,133.22. Following the completion of the transaction, the insider now owns 24,395 shares in the company, valued at approximately $1,696,428.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, President Gregory Tomb sold 3,752 shares of Zoom Video Communications stock in a transaction on Monday, December 12th. The shares were sold at an average price of $71.85, for a total value of $269,581.20. Following the sale, the president now directly owns 27,520 shares in the company, valued at approximately $1,977,312. The disclosure for this sale can be found here. Insiders sold a total of 51,890 shares of company stock worth $3,687,022 in the last 90 days. 11.24% of the stock is owned by corporate insiders.

Zoom Video Communications Company Profile

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Zoom Video Communications, Inc engages in the provision of video-first communications platform. The firm offers meetings, chat, rooms and workspaces, phone systems, video webinars, marketplace, and developer platform products. It serves the education, finance, government, and healthcare industries. Its platform helps people to connect through voice, chat, content sharing, and face-to-face video experiences.

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Institutional Ownership by Quarter for Zoom Video Communications (NASDAQ:ZM)

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