Zoom Video Communications (NASDAQ:ZM) Sees Large Volume Increase – Here’s What Happened

Zoom Video Communications, Inc. (NASDAQ:ZM) shares saw unusually-strong trading volume on Tuesday . Approximately 1,832,353 shares traded hands during mid-day trading, a decline of 23% from the previous session’s volume of 2,386,979 shares.The stock last traded at $73.98 and had previously closed at $81.10.

Analyst Ratings Changes

ZM has been the topic of several recent analyst reports. Sanford C. Bernstein increased 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 report on Tuesday, November 26th. UBS Group cut their price target on Zoom Video Communications from $90.00 to $85.00 and set a “neutral” rating for the company in a report on Tuesday. Needham & Company LLC reiterated a “hold” rating on shares of Zoom Video Communications in a report on Tuesday. Wells Fargo & Company upgraded shares of Zoom Video Communications from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $70.00 to $85.00 in a research report on Tuesday, January 7th. Finally, Rosenblatt Securities restated a “buy” rating and set a $95.00 price target on shares of Zoom Video Communications in a report on Tuesday. Sixteen investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $89.81.

Zoom Video Communications Trading Down 8.4 %

The business’s 50 day moving average price is $83.13 and its two-hundred day moving average price is $76.55. The company has a market capitalization of $22.77 billion and a price-to-earnings ratio of 24.86.

Insiders Place Their Bets

In related news, CEO Eric S. Yuan sold 83,332 shares of the stock in a transaction dated Tuesday, February 4th. The shares were sold at an average price of $86.28, for a total transaction of $7,189,884.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Velchamy Sankarlingam sold 3,618 shares of Zoom Video Communications stock in a transaction dated 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 sale, the insider now directly owns 107,826 shares of the company’s stock, valued at approximately $9,158,740.44. This trade represents a 3.25 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 382,242 shares of company stock worth $31,230,938. Corporate insiders own 10.78% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Creative Planning lifted its holdings in Zoom Video Communications by 18.5% in the 3rd quarter. Creative Planning now owns 34,522 shares of the company’s stock worth $2,408,000 after buying an additional 5,396 shares during the period. Raymond James & Associates raised its holdings in shares of Zoom Video Communications by 0.7% during the third quarter. Raymond James & Associates now owns 53,089 shares of the company’s stock valued at $3,702,000 after acquiring an additional 383 shares in the last quarter. International Assets Investment Management LLC lifted its stake in Zoom Video Communications by 6,614.6% in the third quarter. International Assets Investment Management LLC now owns 499,966 shares of the company’s stock worth $34,868,000 after acquiring an additional 492,520 shares during the period. Allworth Financial LP boosted its holdings in Zoom Video Communications by 43.8% in the third quarter. Allworth Financial LP now owns 591 shares of the company’s stock valued at $41,000 after acquiring an additional 180 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in Zoom Video Communications by 93.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 36,867 shares of the company’s stock valued at $2,564,000 after purchasing an additional 17,831 shares during the period. Hedge funds and other institutional investors own 66.54% of the company’s stock.

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.